Nasdaq halts trading of L&H shares

Troubles continue for voice recognition technology provider Lernout & Hauspie (HNN 10/18/00). With the U.S. Securities and Exchange Commission and the Easdaq stock exchange both investigating accusations of questionable accounting practices by L&H, Easdaq and Nasdaq have halted trading of the company's shares. Trading will not resume on either exchange until the firm has fully satisfied Nasdaq's request for additional information.

L&H, which is also facing a number of class action lawsuits, is in the process of restating its financial results from the past two and a half years. The beleaguered VR vendor is considering measures including staffing cuts and pulling back product lines to speed its return to profitability.

© 2000 Miller Freeman Inc.
11/29/00, Issue # 117, page 5.