Defendant Name: Ixia

Defendant Type: Public Company
SIC Code: 3825
CUSIP: 45071R10

Initial Case Details

Legal Case Name In the Matter of Ixia and Victor Alston
First Document Date 03-Feb-2017
Initial Filing Format Administrative Action
File Number 3-17825
Allegation Type Issuer Reporting and Disclosure
AAER 3858

Violations Alleged

Exchange Act
• Rule 12b-20
• Sec 13(a)
• Rule 13a-1
• Sec 13(b)(2)(A)
• Sec 13(b)(2)(B)
Additionally, Victor Alston is alleged to have caused Ixia's violation of Rule 12b-20 of the Exchange Act.
Victor Alston is alleged to have caused Ixia's violation of Sec 13(a) of the Exchange Act.
Victor Alston is alleged to have caused Ixia's violation of Rule 13a-1 of the Exchange Act.
Victor Alston is alleged to have caused Ixia's violation of Sec 13(b)(2)(A) of the Exchange Act.
Victor Alston is alleged to have caused Ixia's violation of Sec 13(b)(2)(B) of the Exchange Act.

Resolutions

First Resolution Date 03-Feb-2017
Headline Total Penalty and Disgorgement $850,000

Related Documents:

33-10302 03-Feb-2017 Administrative Proceeding
Order Instituting Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933 and Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
On February 3, 2017 the SEC instituted a settled proceeding against Ixia and Victor Alston for "material misrepresentations and omissions concerning the internal controls of Ixia [...] resulting from a directive by Victor Alston [...] to improperly accelerate the recognition of revenue in contravention of not only those controls but also well-established accounting rules and principles." According to the SEC: "This directive resulted in Alston's fraudulent misrepresentations, omissions, and certifications concerning Ixia's internal controls, namely Internal Control over Financial Reporting ("ICFR"), as well as concerning Ixia's compliance with those accounting rules and principles in Ixia's filings with the Commission in 2012. In addition, Alston's misconduct resulted in misleading representations and omissions to Ixia's auditors, circumvention of internal accounting controls, and falsification of books and records."

Other Defendants in Action:

Victor Alston

Related Actions:

SEC v. Thomas Miller and William Liang
Thomas Miller
William Liang