Financial Accounting Blog

Tuesday, February 17, 2004

The Street reports the effects over the shares prices of Micromuse after revealing that the 10-K annual report is delayed
The muse has spoken: Sell. That's the case with shares of Micromuse Tuesday, after the business software company said it is delaying the filing of its 10-K annual report and will incur additional costs because of an internal accounting inquiry. Recently, shares were down 20 cents, or 2.9%, to $6.70, after falling more than 8% in early trading. The San Francisco-based company also said it will restate earnings for the fiscal years 2000 to 2003 and incur about $2 million in "previously unanticipated professional fees and expenses related to the accounting inquiry." The company said the inquiry involves "the accounting for accrued expenses and expense recognition."