By: frisky
Reply To: 22820 by onewhoknows Friday, 16 Jun 2000 at 8:00 PM EDT
Post # of 22827
In April 1999, ZSUN announced its 1998 EPS for $.43 and sales revenue of $2,289,155. ZSUN posted the figures in its web site and claimed that the financial statements were audited by Jones & Jensen. In September 1999, when ZSUN filed its first version of 10sb, it also stated that the 1998 EPS was $.43 and 1998 sales was $2,289,155. ZSUN later revised the 1998 EPS from $.43 to $.04 and revised its 1998 sales from $2,289,155 to $760,529. If the earlier announcements are not false and misleading, then what are they?
ZSUN has not issued any explanations or apologies regarding the revision. How can ZSUN forgive itself of issuing false and misleading information to the general public?
On June 14, 2000, SEC brought charges against seven former Cendant executives for issuing false and misleading financial information. Changing the financial figures is a serious crime.
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