Reuters: Regulatory News: UPDATE 1-JDA Software to restate results, shares slip

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UPDATE 1-JDA Software to restate results, shares slip Apr 10th 2012, 22:03 April 10 | Tue Apr 10, 2012 6:03pm EDT April 10 (Reuters) - JDA Software Group Inc said it will restate its results for fiscal years 2008 to 2010 and the first three quarters of 2011 based on an ongoing review of its revenue recognition policies. Shares of the company fell more than 14 percent to $22.99 after the bell. They had closed at $26.86 on Tuesday on the Nasdaq. In January, the company received a notice from U.S. regulators seeking information about the way it recognizes revenue and some other accounting practices. JDA, which makes software to help manage store operations and inventory, said its previously stated results for the periods should no longer be relied upon. The company said it believes the restatement will change the time period during which revenue was recognized, and not the existence of the reported revenue. "To date, the company has not identified any instances of intentional wrongdoing, and is continuing to cooperate with the Corporation Finance and Enforcement divisions of the U.S. Securities and Exchange Commission as work continues," it said in a statement. JDA also said it will be unable to report its first-quarter results by the May 9 deadline.

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