Accounting questions face 3D; new concerns on real estate. (Wall Street West).AN ongoing investigation into the timing of revenue recognition for certain transctions has caused 3D Systems Corp. to delay its year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. audit. Valencia-based 3D Systems placed its chief financial officer, James Selzer, on administrative leave in February and lowered earlier estimates of fourth quarter sales to $31 million from $33 million to $34 million. The revised figures placed the company in non-compliance with some of its bank loan covenants A loan covenant is a condition in a commercial loan or bond issue that requires the borrower to fulfill certain conditions or forbids the borrower from undertaking certain actions, or possibly restricts certain activities to circumstances when other conditions are met. . Last week, the company said the audit committee of its board had retained the law firm Morgan Lewis People named Morgan Lewis include:
BDO Seidman, LLP was founded as Seidman and Seidman in New York City in 1910 by Maximillian L. Seidman. LLP to review certain sales transactions. The company said it seeks to complete its annual audit by the deadline (including extensions) of April 15, but can't make any assurance that it will be successful. 3D Systems, a maker of imaging products used in making prototypes, has seen its stock slide 42 percent this year, to a recent price of $4.54 a share last week. |
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