- Co initiated the review after preliminarily determining during its regular review of its third quarter results that approximately $24M of revenue relating to these contracts was recognized during the first quarter of 2008, but should have been recognized ratably over the duration of the contracts commencing in the second quarter of 2008.
- Co expects to restate its financial statements for the Q1 of 2008 and the H1 of 2008 to correct the revenue recognition with respect to these contracts.

Other headlines for [CDNS]

• CDNS Yesterday 04:36pm
  Cadence Design Systems, Inc. Appoints Lip-Bu Tan President and CEO, effective immediately- Lip-Bu Tan, 49, has been a member of Cadence''s Board of Directors since 2004, and serves as a member of the Finance and Technology more...
  
• CDNS 1/6/2009 10:40pm
  Cadence Design Systems, Inc. Insiders acquired more than $1M of stock in the company in Dec - WSJ- The insider purchases came as the company's shares traded near a 52-week low.
  
• 12/19/2008 08:32am
  Premium Content. More available for TTN clients only. Click here for a free trial
  
• 12/17/2008 02:32pm
  Premium Content. More available for TTN clients only. Click here for a free trial
  
• CDNS 12/11/2008 06:16am
  Cadence Design Systems, Inc. Price Target lowered to $4.50 from $5.50 at Merrill, maintains underperform rating
  

Technology sector headlines

• SIE.GE Today 04:08am
  Siemens AG Price target raised to €51 from €46 at WestLB
  
• MOR.GE Today 03:17am
  Morphosys Commerzbank Cuts MOR.GE to Hold from Buy
  
• TRIL.UK Today 02:58am
  Thomson Reuters Plc Update: CFO notes that firm expects Quarterly and Annual revenue growth to slow on the back of global financial crisis- Sees professional unit growth to slow throughout 2009 - Have seen drop in more...
  
• 6762.JP Today 02:40am
  TDK Corp Ratings cut by S&P to "A+" from "AA-"- These downgrades reflect deterioration in TDK's financial base due to an increase in its financial burden stemming from the EPCOS acquisition, as well as the more...
  
• ASM.NV Today 02:30am
  ASM International Plans major restructuring, to cut 200 jobs (about 1.6% of total workforce)- Plan involves the transfer from Almere, the Netherlands, of the remaining manufacturing and operational procurement more...