VeriFone to Restate Some Results; Shares Plunge

VeriFone Holdings on Monday said it will restate some financial statements due to errors in accounting related to inventory, which affect the company's reported costs of revenue.

VeriFone shares plunged as much as 48 percent Monday on the New York Stock Exchange.

The electronic payment technology provider said it will restate results for the first three quarters of 2007.

The company said it expects to report fourth-quarter revenue of about $238 million and added it will delay full results for the quarter pending completion of the assessment of errors and the restatements.