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Ixia (XXIA) Will Delay 10-Q Filing Following Resignation of CEO Alston

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November 13, 2013 4:46 PM EST
Ixia (Nasdaq: XXIA) filed for a delayed 10-Q submission today. The company offered the following reason for the delayed filing: As a result of the recent resignation of Victor Alston, the former President and Chief Executive Officer of Ixia (“Ixia” or the “Registrant”), the Registrant’s Audit Committee, with the assistance of independent counsel, is conducting an email review and performing additional procedures to ensure the accuracy of its recording of financial information and appropriateness of its financial reporting. These procedures need to be completed prior to the filing of the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2013 (the “Quarterly Report”). Accordingly, the Registrant is unable to file the Quarterly Report by the prescribed due date without unreasonable effort or expense. Based on the review and procedures conducted to date, the Registrant has not identified any material adjustments to its financial results for the third quarter ended September 30, 2013, as previously announced on October 29, 2013, or any other prior period. However, the review is ongoing and there can be no assurance that Ixia will not determine that material adjustments are appropriate. The Registrant is proceeding with the review and procedures as quickly as possible and will attempt to file the Quarterly Report within the extension period of five calendar days provided under Rule 12b-25 of the Securities Exchange Act of 1934, as amended.

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