The Rosen Law Firm, P.A. announces that it is investigating potential
securities fraud claims against Ixia (Nasdaq: XXIA) resulting from
allegations that the company may have issued materially misleading
business information to the investing public.
On October 24, 2013 Ixia disclosed that Victor Alston resigned as its
President, CEO and a member of its board of directors following a
determination by the Ixia audit committee that he had misstated his
academic credentials at Standford University, age and employment history.
On November 14, 2013, the Wall Street Journal revealed that as the
Company’s stock price rose in the two months following its announcement
on January 14, 2013, that its revenue for the fourth quarter of 2012
would exceed earlier guidance, eight of its senior executives, including
former CEO Victor Alston, its chairman and its general counsel, sold a
total of more than $18.4 million of stock at an average price of $20.96
a share. This exceeded what its executives had sold during the previous
seven years. Subsequently, the Company lowered its guidance for the
first quarter on April 11, 2013 due to revenue recognition problems and
stated its earnings for the second quarter would likely miss analyst
expectations on April 30, 2013. A Wall Street Journal analysis
determined that if Ixia’s insiders had sold their shares on May 1, 2013,
when the stock price had fallen to $14.51, rather than when they did
earlier in the year, they would have collected $5.7 million less.
The Rosen Law Firm is preparing a class action lawsuit as a result of
this adverse information. If you purchased Ixia securities, you may
visit the website at http://rosenlegal.com
to join the action. You may also contact Phillip Kim, Esq. or Kevin
Chan, Esq. of The Rosen Law Firm toll free at 866-767-3653 or via e-mail
at pkim@rosenlegal.com or kchan@rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe,
concentrating its practice in securities class actions and shareholder
derivative litigation.
Attorney Advertising. Prior results do not guarantee a similar outcome.
Copyright Business Wire 2013