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Tech Industry

Research firm probes its accounting

Silicon Valley Research plans to resubmit fiscal second-quarter results after discovering backdated financial records.

Silicon Valley Research (SVRI) will submit a new balance sheet for its fiscal second quarter due to the discovery of backdated financial records.

The integrated circuit design software maker said in a statement that an auditing committee has begun an investigation into the company's accounting procedures. Company president Glenn Abood resigned from the company early this month along with Silicon Valley Research's CFO. Company chairman Robert Anderson was recently named as the new CEO.

The company originally reported a $2.4 million loss for its fiscal second quarter, which ended September 30. The restatement means third-quarter results will be delayed.