Clarent Updates Financial Review.Business Editors/High-Tech Writers REDWOOD CITY Redwood City, city (1990 pop. 66,072), seat of San Mateo co., W Calif., on San Francisco Bay; inc. 1868. Manufactures include commmunications, electrical, electronic, and medical equipment. , Calif.--(BUSINESS WIRE)--Oct. 23, 2001 Clarent Corporation (Nasdaq:CLRN CLRN California Learning Resource Network CLRN Community Legal Resources Network CLRN Chemical Laboratory Response Network ) said today that the company is continuing its investigation into the previously announced overstatement o·ver·state tr.v. o·ver·stat·ed, o·ver·stat·ing, o·ver·states To state in exaggerated terms. See Synonyms at exaggerate. o of historical revenues. The results of this investigation indicate that there have been financial irregularities that materially affect the previously reported results for fiscal year 2000, as well as the first two quarters of fiscal year 2001. Furthermore, Clarent said that its auditors, Ernst & Young LLP LLP - Lower Layer Protocol , notified the company that its previously issued report on the company's financial statements for the year ended December 31, 2000 should no longer be relied upon. Clarent also said that Ernst & Young remains its auditor of record and is assisting with the investigation. About Clarent Clarent Corporation (Nasdaq:CLRN) is a leading provider of voice solutions for next generation networks. Clarent's solutions enable service providers to deploy a converged network The integration of the telephone system with IP-based data networks. See softswitch. (networking) converged network - A single network that can carry voice, video and data. (voice, data and applications). Clarent solutions reduce costs and increase operating efficiencies while delivering innovative new services that allow end users to manage their communications. Founded in 1996, Clarent is headquartered in Redwood City, Calif. and has offices in Asia, Europe, Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. and North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . For more information please visit www.clarent.com. Forward-Looking Statements This release contains forward-looking statements that involve risks and uncertainties, including statements about the investigation and its potential outcome and the effect of the investigation on the Company's financial statements. These statements involve risks and uncertainties, including but not limited the effectiveness of the Company's management during the investigation and the Company's ability to successfully achieve acceptable gross margins, retain customers, the ability of customers to pay Clarent, the regional concentration of revenue, ability to retain key employees, as well as uncertainties associated with the future development of the markets for IP-based communications and changes in the global economic market. Certain of these risks and uncertainties are described further in our periodic filings with the SEC. Trademarks Clarent, the Clarent logo, Clarent OpenAccess, NetPerformer, DynaStar, Clarent Command Center, Clarent ThroughPacket, Clarent CPG CPG central pattern generators. , PowerCell, SkyPerformer, ACTview and ServiceXchange are trademarks or registered trademarks of Clarent Corporation in the United States and other jurisdictions. All other trademarks, registered trademarks and service marks are the property of their respective owners. |
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