STEVENSON, Md., Nov. 18, 2013 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Central District of California on behalf of purchasers of Ixia ("Ixia" or the "Company") (Nasdaq: XXIA ) securities during the period between April 29, 2010 and October 24, 2013, inclusive (the "Class Period").
If you have suffered a net loss from investment in Ixia securities purchased on or after April 29, 2010, and held through any of the revelations of negative information on March 19, 2013, April 3, 2013, and/or October 24, 2013, as described below, at no cost to you, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com , by email at hoffman@browerpiven.com , by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than January 14, 2014 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that the Company improperly recognized revenues related to its warranty and software maintenance contracts and that the Company's Chief Executive Officer ("CEO") had misstated his academic credentials and employment history. According to the complaint, following the Company's March 19, 2013 disclosure that it needed to delay the filing of its Annual Report to correct an error related to the manner in which it recognized revenues for its warranty and software maintenance contracts, the Company's April 3, 2013 disclosure that the Company's management recommended that the Company restate several of its previously issued financial statements and that these financial statements should no longer be relied upon, and the Company's October 24, 2013 disclosure that Vic Alston, the Company's President and CEO, had resigned after the Company's audit committee determined that he had misstated his academic credentials and employment history, the value of Ixia shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
Charles J. Piven Brower Piven, A Professional Corporation Stevenson, Maryland 410/415-6616
