Veeco (NASDAQ:VECO), which provides process equipment for the manufacture of LEDs, power electronics and wireless chips, announced that it has filed form 12 B-25 notifying late filing of form 10-Q for the period ended September 30. The company has requested additional time to evaluate the timing of recognition of revenue on the sale of its MOCVD systems and their related upgrades. John R. Peeler, Veecos Chairman and Chief Executive Officer: “The systems which are the subject of these transactions were delivered, accepted and paid for in full by our customers. Our review focuses on determining whether revenue was recognized in the appropriate accounting periods.”
General Motors (NYSE:GM) CEO Dan Akerson reassures staff at the German headquarters that it intends neither to sell the loss-making Opel unit, nor will it just close shop and leave. “Recommendations that we ‘cut and run’ show you that some people simply do not see how important Opel is to our success,” he said.
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Yet another computer failure at United Air Lines (NYSE:UAL) left thousands of its passengers stranded at airports and in planes around the world. This is at least the third such major computer outage at the airline since June.
IMAX (NASDAQ:IMAX) and Warner Bros. (NYSE:TWX) announce a renewal of their partnership that began in 2003. They have agreed to release up to 20 Warner Brothers films in the coming three years via the large-screen IMAX Experience.