Shares of business intelligence vendor Cognos Inc. on Tuesday plummeted following a company announcement that it had delayed filing its annual report because of an ongoing federal investigation.
Cognos shares fell by more than 15 percent to a day low of $29.29, before recovering a bit. By afternoon trading, the stock was down about 12 percent to $30.41.
Cognos, Canada's largest software maker, said Monday that it had delayed filing its annual report for the fiscal year ended Feb. 28, because of an investigation by the Securities and Exchange Commission. The company said the probe could have an impact on how it allocates revenue.
The investigation is related to the way in which Cognos allocates revenue from customer support in contracts that also include software licenses, the company said.
"While Cognos is working with the SEC to conclude this review, it cannot provide any assurances as to its outcome," the company said in a statement.
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