Riverstone to Restate 2002 & 2003 Financial, Trading Halted

Riverstone Networks will restate its financial statements for the fiscal year ended March 2, 2002, and the first three quarters of fiscal year 2003. The company cited certain accounting irregularities that called into question the appropriateness and timing of revenues recognized from certain customers. In some cases, it appears that sales to customers in which the company made investments were subject to rights of return and other contingencies that were not accounted for at the time the transactions were originally recorded. The Nasdaq Stock Market halted trading in RSTNE and requested additional information from the company.
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