Novatel wraps review, says no restatements needed

Novatel Wireless Inc. said Wednesday that it finished an independent accounting review, and the wireless modem maker won't need to restate any of its financial statements.

Additionally, Novatel said it does not expect to report any material weaknesses in its Form 10-Q filings for the first and second quarters of 2008. The company had delayed these filings pending completion of the accounting review.

Novatel said it will file the delayed quarterly reports with the Securities and Exchange Commission as soon as it can.

Novatel also said the audit committee that conducted the accounting review found there was no misconduct by the company's senior management team in relation to the accounting issues being reviewed.

The audit committee _ which was comprised of members of Novatel's board, independent counsel and accountants _ made suggestions to improve the company's revenue cut-off policies and procedures. It also suggested extra training in relation to these new policies and procedures, Novatel said.

Novatel shares were unchanged at $5.89 in afternoon trading.