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New Era of Networks Defends Financial Statements

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New Era of Networks

(NEON) - Get Neonode Inc. Report

, left reeling from a

Wit Soundview

downgrade, said after the market closed that its financial statements are consistent and correct, both as reported in its Oct. 18 earnings release and its Nov. 14 quarterly report filed with the

Securities and Exchange Commission

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The company said the results have been reviewed by its audit committee and outside auditors and "fully comply with generally accepted accounting principles."

New Era said it has formed a number of new strategic relationships, including equity investments, in companies having complementary products or services, and which provide access to additional customers and markets. In the SEC filing, New Era disclosed the aggregate transaction values from companies in which it had made private equity investments and companies from which New Era had committed to purchase goods and services.

The company reported third-quarter earnings of 8 cents a share, before charges, and revenue of $55.2 million.

Shares of New Era took a beating today, losing more than half their value as the company was downgraded by Wit Soundview to hold from strong buy. Shares of New Era were recently quoted at $10.23 in after-hours trading on the