Wave Systems delays filing financial report

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LEE, Mass. (AP) ? Wave Systems Corp. said Wednesday it has delayed reporting 2011 financial results after finding accounting errors in statements of subsidiary that it acquired in September.

The mistakes covered results at Safend Ltd. from 2009 through the first half of 2011, Wave said.

The company was scheduled to report results and hold a conference call with investors on Wednesday. It did not set a new date. Wave said it also expected to file a 15-day extension for filing its annual report due March 15.

The shares fell 9 cents, or 5.2 percent, to $1.65 in after-hours trading. They had closed unchanged at $1.74 before news of the delay.

Wave, which sells digital-security products, paid $12.8 million for Safend, which makes data-protection products.

Lee-based Wave had a 2010 net loss of $4.1 million on revenue of $26.1 million.