PRLog - May 8, 2012 - SAN DIEGO -- Certain of its officers and directors at JDA Software Group are under investigation over potential wrongdoing in connection with certain accounting and financial reporting matters.
Investors who purchased shares of JDA Software Group Inc (NASDAQ:JDAS)
The investigation by a law firm for NASDAQ:JDAS stockholders focuses on whether certain officers and directors breached their fiduciary duties in connection with a series of statements regarding by JDA Software Group’ business, its prospects and its operations that were materially false and misleading at the time they were made.
On April 10, 2012, JDA Software Group Inc announced that it intends to restate certain financial statements. JDA Software Group said that “based on the ongoing review of its revenue recognition policies and the application of these policies during the fiscal years 2008 to 2011, the Audit Committee of the Company’s Board of Directors has made a determination that the Company’s annual and quarterly results within such fiscal periods should be restated.”
JDA Software Group said that the financial results for 2008 through 2010 and its first, second and third quarter financial results for 2011 should no longer be relied upon and should be restated.
According to JDA Software Group, it anticipates making adjustments to its software license revenue for certain transactions linked to services agreements that should have been recognized when the services agreements were signed, as opposed to at the time that the license agreement was signed.
This announcement follows JDA Software Group 's January 31, 2012 announcement that it received a notice from the U.S. Securities and Exchange Commission ("SEC") indicating that the SEC wanted to review "information related to revenue recognition and other accounting and financial reporting matters for certain past fiscal years."
NASDAQ:JDAS shares closed on April 13, 2012 at $27.61, down from over $33 per share in December 2011
Those who purchased shares of JDA Software Group Inc (NASDAQ:JDAS)