IXIA (NASDAQ:XXIA) Files An 8-K Other EventsItem 8.01 Other Events.
On February 3, 2017, Ixia, a California corporation (the “Company”), reached a final settlement with the Securities and Exchange Commission (the “SEC”) that resolved matters related to the Company’s reporting, books and records, and internal controls in 2012 and the first two quarters of 2013. The Company has previously disclosed its discussions with the Staff of the SEC’s Division of Enforcement concerning settlement of the SEC’s investigation. The matters addressed in the settlement first came to light as the result of an investigation conducted by the Audit Committee of the Company’s Board of Directors, which informed the SEC Staff of its investigation. The SEC also reached a settlement related to these matters with Victor Alston, the Company’s former Chief Executive Officer, who left the Company in 2013.
Under the terms of the Company’s settlement, the Company, without admitting or denying the findings of the SEC, consented to the entry of an administrative order (the “Settlement Order”) to cease and desist from future violations of the reporting, books and records, and internal controls provisions of the Securities Exchange Act of 1934, as amended, and certain rules adopted thereunder, and to pay a fine of $750,000. The Company had previously established a $750,000 reserve in its financial statements related to this matter. The SEC noted in the Settlement Order that it had taken into consideration the Company’s cooperation with the SEC’s investigation as well as remedial actions undertaken by the Company. The SEC did not allege fraud by the Company.
About IXIA (NASDAQ:XXIA)
Ixia is a provider of physical and virtual network application performance and security resilience solutions. The Company’s product solutions consist of its hardware platforms, software applications and services, including warranty and maintenance offerings and professional services. The Company helps its customers to validate the performance and security resilience of their applications and networks. The Company offers network test hardware platforms with interchangeable interfaces, using a common set of applications and Application Programing Interfaces (APIs). The Company provides its solutions to network equipment manufacturers (NEMs), service providers, and enterprise and government organizations. The Company’s product solutions consist of its hardware platforms, such as chassis, interface cards and appliances, software application tools, and services, including its warranty and maintenance offerings and professional services. IXIA (NASDAQ:XXIA) Recent Trading Information
IXIA (NASDAQ:XXIA) closed its last trading session up +0.10 at 19.50 with 1,295,650 shares trading hands.