HOLTSVILLE, N.Y.-Symbol Technologies Inc., which builds wireless and mobile devices for businesses, again delayed the filing of its 2002 annual report due to a Securities and Exchange Commission investigation into its finances, and announced the restatement of its revenues will be greater than was previously expected.
The announcement comes just a few weeks after the company’s former chief accounting officer pleaded guilty to fraud.
Symbol said it now expects that 12 percent of its revenues for 1999 and 2000 will be restated, up from its previously expected 10 percent. Further, the company said it will reduce its 2002 net assets by $200 million, instead of the $50 million to $150 million it previously expected. The company’s stock dropped significantly after the news, but later recovered to about $13.28 per share.
