Seeking Alpha

Ixia completes internal audit; CFO resigns

  • Ixia (XXIA) has finished the internal investigation that it launched in October, following the resignation of CEO of Vic Alston in response to the discovery he had misstated his credentials.
  • Ixia's audit committee has found timing-related errors in the company's revenue recognition practices, and says its financial statements for 2012 and the first half of 2013 could be affected.
  • The committee found no intentional wrongdoing on the part of Alston or CFO Tom Miller regarding Ixia's financial results/statements. But it did conclude Alston set "an aggressive tone;" that Miller showed "a lack of leadership in terms of tone;" and that internal resources/controls with regards to revenue recognition were "insufficient."
  • Miller has resigned. Finance VP Brent Novak has been named acting CFO.
  • XXIA +1.6% AH
Comments (1)
  • Nettligent
    , contributor
    Comments (1350) | Send Message
     
    Stay away from IXIA. If you see cockroach at IXIA, most likely there are more rats and cockroaches. Do not catch a falling knife. Perfect time to short XXIA
    11 Jul 2014, 09:52 PM Reply Like
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