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Technology Stocks : Digital Lava Inc. (DGV) -- Ignore unavailable to you. Want to Upgrade?

To: Bob Walsh who wrote (340)	2/12/2001 12:58:05 AM
From: RockyBalboa	Read Replies (1) \| Respond to of 343

N A S D A Q T R A D I N G H A L T E D is the underwriter required to repurchase the shares he sold in the IPO some time ago? public.wsj.com Digital Lava Delays Earnings Report Amid Firestream Accounting Probe A WSJ.com News Roundup WASHINGTON -- Digital Lava Inc. said it has postponed the release of its fourth-quarter and full-year results until it completes a probe of the way revenue was recorded for its Firestream software. The software maker also said it has placed its executive vice president of sales, Peter Webb, on administrative leave, but didn't offer more details. The company was slated to release results on Thursday. The Nasdaq Stock Market halted trading in Digital Lava's shares before the market open pending additional information from the company. Digital Lava, which makes streaming-video software, said it had identified a recognition issue affecting third-quarter revenue from its Firestream unit. The company had reported revenue of $1.7 million for the quarter, with $718,200 coming from Firestream sales. Digital Lava's board formed a special committee, which tapped an independent auditor and outside counsel to investigate the Firestream matter and determine whether revenue from other sources might also be affected. Depending on the results, Digital Lava said it may revise its previous revenue-growth estimates for 2000. Last month Digital Lava lowered its revenue-growth projection for 2000, citing a general slowdown in information-technology purchasing patterns and less-than-expected product sales. The company at the time said it expected a revenue increase of 400%, compared with the 450% it projected in October.