Syntax-Brillian likely to restate 2007, 2008 results

According to a filing with the Securities and Exchange Commission, the company said restatements to previously issued financial statements "may likely be necessary," after it evaluated its accounting treatment related to certain deposits with an Asian manufacturing partner. Syntax-Brillian also said it has reviewed certain sales transactions with its Asian distributors.

The restatements may include reports for the fiscal year ended June 30, 2007, each quarter of that year and the first fiscal quarter of 2008.

Syntax-Brillian said it was uncertain about what the impact will be on its financial statements or when its review of the accounting issues will be completed.

Shares fell 9 cents, or 9 percent, to 91 cents in morning trading. The stock has traded between 69 cents and $8.70 in the past year.