Shares in Belgian speech recognition software company Lernout & Hauspie (L&H) shot up 17 per cent to $35.06 on Thursday, after the company said it would release its fourth quarter results on Monday.
The news that it is to finally announce its figures for the quarter ended December 31 is being interpreted as a sign that L&H has reached an agreement with the US Securities and Exchange Commission (SEC)
The SEC has objected to the way the company accounted for its acquisitions of Kurzweil Educational Systems and Tiksoft because it took a large one time charge rather than dilute its future earnings ? a common practice, but one the SEC has been cracking down on.
As a result, on 1 December, L&H warned that it might be forced to restate earlier earnings, which landed it with several shareholder lawsuits.
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