BVSN Now Toast - Wells Notice Purgatory
BroadVision gets Wells Notice from U.S. SEC
Wed Jul 21, 2004 04:53 PM ET
LOS ANGELES, July 21 (Reuters) - BroadVision Inc. (BVSN.O: Quote, Profile, Research) , a maker of Web applications, said on Wednesday it has received a notice from the U.S. Securities and Exchange Commission indicating it may be subject to civil action over an accounting error from late 2001. The Redwood City, California-based company said in a statement it received a "Wells Notice," indicating that SEC staff have made a preliminary decision to recommend action against the company to the full commission. BroadVision said the notice was connected to its restatement of results for the third quarter of 2001 and revisions to its fourth-quarter and full-year 2001 results. The company said in April 2002 it would change the treatment of a licensing agreement, recognizing it over four years instead of all at once as it did originally. BroadVision said the SEC has been investigating the restatement since, and it said it is cooperating fully with the probe. Shares in BroadVision fell to $2.70 in after-hours trade on INET from a close of $3.19 on the Nasdaq.
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