Novell postpones financial results amid SEC concerns
Just hours before it was due to announce its financial results for the fourth quarter and full year 2007, Novell has postponed the announcement pending a review by the Securities and Exchange Commission. The SEC’s concerns, it appears, relate to the company’s previous financial results.
“Novell received a comment letter from the Securities and Exchange Commission (”SEC”), dated Aug. 7, 2007, regarding Novell’s Form 10-K for the fiscal year ended Oct. 31, 2006, and its Form 10-Q for the quarterly period ended April 30, 2007. Novell delivered a response letter to the SEC on Sept. 20, 2007. On Oct. 18, 2007, Novell received a second comment letter from the SEC indicating that the SEC had reviewed Novell’s response to the Aug. 7, 2007 letter. The second comment letter was limited to certain accounting matters. Novell responded to the SEC’s second comment letter on Nov. 7, 2007 and is awaiting a response,” the company stated.