INX Delays Q3 Financial Report As Lawsuit Threats Mount

The Dallas-based solution provider, which recently agreed to be purchased by Presidio Network Solutions for $8.75 per share, said in a statement Tuesday that the delay was due to its "improvement efforts around its accounting systems and processes and remediation efforts of material weaknesses" as well as the transition of the company's accounting and finance personnel to Dallas.

INX received a five-day extension and expects to file its financials by Nov. 19. "The filing delay is not the result of the need to restate any prior period financial results," said the company in a statement.

Earlier this year, INX restated previous financial results for the 2009 fiscal year.

Meanwhile, INX's troubles don't end with the delayed 10-Q statement. More than a dozen law firms said they are investigating INX for a possible class-action lawsuit on behalf of investors. The law firms alleged that INX failed to adequately shop the company around before agreeing to be purchased by Presidio for a 13-percent premium on INX's stock based on the price on the date the sale was announced.