- 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
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