Cognos, the business intelligence software supplier, has delayed releasing its annual results following a federal investigation into its sales in the US.
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Cognos, headquartered in Canada, said this week that it was the subject of an ongoing investigation by the US Securities and Exchange Commission (SEC).
News of the investigation and the delayed results led to Cognos’ share price plummeting by 15%.
The annual results cover the 12 months to 28 February. Cognos said the the SEC investigation could have a material impact on how it allocates some sales in its accounts.
The software firm said the probe is related to the way the company allocates sales from customer support in contracts, including software licences.
Cognos said, “While Cognos is working with the SEC to conclude this review, it cannot provide any assurances as to its outcome.”
It is not known how long the investigation will take, and when the annual results will finally be released.