MUMBAI (Thomson Financial) - Moody's Investors Service said it has placed
the 'B1' corporate family rating and the senior secured debt ratings of Verifone
Inc under review for possible downgrade following the company's announcement it
will restate financial statements for the first three quarters of 2007, due to
accounting errors associated with its valuation of inventories.
In addition, Verifone also said it will delay announcement of its fourth
quarter results.
Moody's said the review reflects the uncertainty surrounding the possible
financial restatements, indicating the weaknesses in the company's disclosure
and internal control over financial reporting, as well as the potential impact
on its liquidity position.
TFN.newsdesk@thomson.com
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