Symbol Technologies Under SECs Microscope
U.S. Securities and Exchange Commission is investigating revenue the wireless hardware manufacturer reported in 2001.Wireless hardware manufacturer Symbol Technologies Inc. on Tuesday said that the U.S. Securities and Exchange Commission is investigating revenue the company reported in calendar 2001. The Holtsville, N.Y., company has produced documents in response to the SEC inquiries, according to an SEC filing that Symbol filed Tuesday. In addition, Symbol has launched its own investigations with an outside law firm and independent accounting firm.
"It is anticipated that the companys investigation will be concluded in Fall of 2002," says the statement to the SEC. "Since both the commissions investigation and the companys investigation are continuing, there can be no assurance that the outcome will not require the company to restate the reported revenue for some or all of the periods in question."