CANTON, Mass., March 28 (Reuters) - Robotic Vision Systems Inc. said on Thursday the Securities and Exchange Commission had launched a formal investigation into accounting practices that resulted in a restatement of the firm's earnings last May.

Robotic Vision, which makes vision-based technology inspection equipment, restated its financial results for the fiscal year ended September 30, 2000 and the quarter ended December 31, 2000.

The restatement came after a review by its audit committee along with outside counsel and auditors, the company said in a statement.

It said it then installed ``new procedures and other safeguards ''to cut down on the possibility of further ``revenue recognition errors''.

Canton, Massachusetts-based Robotic Vision said it believed it had taken whatever remedial actions necessary, and planned to cooperate with the SEC in its inquiry.

The company reported $107.8 million in revenue for 2001, a loss of $2.94 per share, down sharply from a $227.8-million profit in 2000, or earnings of 31 cents per share, Thomson Financial/First Call data showed.

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-- Anonymous, March 30, 2002