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Technology Stocks : OmniVision Technologies (OVTI) -- Ignore unavailable to you. Want to Upgrade?

To: Elroy who wrote (848)	12/10/2004 9:25:15 PM
From: straight life	Read Replies (1) \| Respond to of 2273

he's wearing his deerstalker hat and got his magnifying glass out; yes, rockin' herbie's on the case... "Omnivision focus of SEC inquiry Follows internal investigation and restatement By Herb Greenberg, CBS MarketWatch.com Editor's note: Corrects typo in fourth paragraph. SAN DIEGO (CBS.MW) -- Omnivision disclosed in its 10-Q filed Friday that the Securities and Exchange Commission has launched an inquiry into its accounting. The inquiry started, the company said, after an independent investigation by its audit committee "together with its special counsel, informed the SEC of the matters reviewed during the independent investigation, including the matters related to the company's accounting, its internal accounting controls and the reporting of its financial results." The company says it's "continuing to cooperate" with the SEC. This, however, is the first time Omnivision (OVTI: news, chart, profile) has disclosed an SEC inquiry. There was no mention as recently as November 30, when the company reported earnings and held an earnings conference call. As reported here previously, Omnivision is on its fourth CFO in four years -- not usually a good sign. The investigation stems from a restatement announced on June 23 regarding financial results for the quarters ending July 31, 2003, October 31, 2003 and January 31, 2004. At the time, Omnivision said the restatements occurred after an internal review in the wake of issues raised by an employee. According to its 10-Q, "The management of the Company notified the Audit Committee of the Board of Directors of the issues raised, and the Audit Committee, with assistance from special legal counsel, conducted its own independent investigation." The company said it found certain errors, but its investigation "concluded that there was no evidence of wrongdoing in connection with these errors." Omnivision, which previously said it's in the process of improving internal controls, did not explain in its filings why it alerted the SEC if it found no wrongdoing."