VeriFone says restatement process ongoing

Source: VeriFone

VeriFone Holdings (NYSE: PAY) previously announced that it would restate its historical financial statements for the first three quarters of its fiscal year ended October 31, 2007.

Since the original announcement, VeriFone's audit committee has been working with independent counsel, Simpson Thacher & Bartlett LLP, and a forensic accounting team from Navigant Consulting, to investigate the events leading to the required restatement.

VeriFone intends to complete the restatement and file amended quarterly reports on Form 10 Q, as well as its annual report on Form 10 K, as promptly as practicable following completion of the audit committee investigation and completion of the restatement and audit process. Although VeriFone today filed a Form 12b-25 with the Securities and Exchange Commission that would extend the due date for its Annual Report on Form 10-K to January 14, 2008, it does not expect that it will complete this process and make the required filings prior to March 2008. VeriFone cannot, however, be certain how much time will ultimately be required for it to complete the restatement process. VeriFone does not expect to report further on the restatement process, other than possibly to provide updates as to the timing of the process, until the process is complete and its restated financial statements have been published.

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