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Technology Stocks : The Learning Company (TLC)

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To: paul richards who wrote (6127)	12/4/1998 10:46:00 AM
From: paul richards	of 6318

another one bites the SEC dust: Lernout shares may fall on SEC review By Bloomberg News Special to CNET News.com December 4, 1998, 5:40 a.m. PT Lernout & Hauspie Speech Products, whose shares have fallen about 50 percent from a high of 68 for the year, may drop further on fears it will have to restate earnings because of a Securities and Exchange Commission review, according to reports. Lernout, which makes software that responds to the human voice, could see its earnings cut nearly in half this year if it accounted for all of the research and development write-offs it took with its acquisitions as goodwill, said analyst Robert Smithson of Goldman Sachs. Brussels-based Lernout has said the SEC review is a routine part of an industry-wide trend, and that its underlying business is healthy and won't be affected by an accounting change, the Wall Street Journal reported in its "Heard on the Street" column. Lernout said this week the SEC is reviewing its purchases of Kurzweil Educational Systems in September and Tiksoft in October, with some of the agency's concerns stemming from the company's calculations of research-and-development charges for acquisitions as far back as 1996.

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