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Lernout & Hauspie Shares Down 29%

September 22, 2000|Associated Press

Shares of Lernout & Hauspie skidded after the speech recognition and translation software maker said the Securities and Exchange Commission is investigating its financial statements. Its shares were down nearly 29%, or $6.13, to close at $15.13 on Nasdaq. The company, which has headquarters in Belgium and Burlington, Mass., makes products that, among other things, allow people to use their normal speaking voice to dictate documents and control their computers. In mid-August, the company announced it would commission an audit after concerns were raised about its Korean division's financial results during the first two quarters of 2000.

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