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Technology Stocks : MACROVISION -- Ignore unavailable to you. Want to Upgrade?

To: afrayem onigwecher who wrote (181)	6/27/2003 5:56:38 PM
From: Sir Auric Goldfinger	Read Replies (2) \| Respond to of 201

Drexler Shares Fall After Company Discloses SEC Investigation June 26 (Bloomberg) -- Shares of Drexler Technology Corp., a maker of permanent-resident identity cards, fell as much as 6.3 percent after the company said the U.S. Securities and Exchange Commission is reviewing its accounting. The shares fell $1.09 to $16.12 at 4:28 p.m. New York time in after-hours trading. The shares closed at $17.21 as of 4 p.m. in Nasdaq Stock Market trading. The SEC has requested further information from the company, Mountain View, California-based Drexler said in a regulatory filing. The company's net income for fiscal 2002 and 2003 may have to be adjusted in light of the SEC's concerns. The SEC is questioning the company's accounting for its read/write drive inventory and deferred tax assets as well as the quarterly timing of Drexler's recognition of $875,000 of license revenue during fiscal 2003, according to the filing. Drexler will delay filing its annual report for the fiscal year ended March 31 until it resolves the issues with SEC.