Nice Systems

(NICE) - Get Report

was down 24.6% in midmorning after hitting a 52-week low of $10.56.

The Israeli multimedia systems maker said it said it would restate some 1999 and 2000 revenue and cut 1,100 jobs, or 20% of its work force.

The company also said Chairman Benny Levin had resigned but would remain a board member.

Nice said some sales related to a recently acquired distributor had been improperly recorded and that additional revenue-recognition changes are the result of its decision to adopt U.S. accounting standards.