According to a press release a law firm is currently investigating Cadence Design Systems (Nasdaq: CDNS) following the announcement that Cadence was indefinitely delaying its third-quarter earnings report and expected to restate its financial reports for the first half of 2008. According to the press release in reaction to this news, Cadence Design Systemss share price decreased almost 25% on October 23, 2008.

According to the company profile Cadence Design Systems is the worlds leading EDA (electronic design automation) company. Cadence customers use their software, hardware, and services to overcome a range of technical and economic hurdles. Cadence reported 2007 revenues of approximately $1.6 billion, and has approximately 5,100 employees.
According to multiple news organizations the Shares of Cadence Design Systems Inc. tumbled on Thursday, October 23, 2008, after the electronic design software maker delayed its third quarter earnings pending a review of its first quarter.

Cadence Design Systems said in a news release from Wednesday, October 22. 2008, that Cadence initiated the review after preliminarily determining during its regular review of its third quarter results that approximately $24 million of revenue relating to these contracts was recognized during the first quarter of 2008, but should have been recognized ratably over the duration of the contracts commencing in the second quarter of 2008. Cadence expects to restate its financial statements for the first quarter of 2008 and the first half of 2008 to correct the revenue recognition with respect to these contracts.'