Look like this company is in deep shit. We are going to get slaughtered. Certainly looks like it may be wise to put our names on the rolls with these law firms because they may just pay on this one if the company has performed illegal accounting procedures.
Now, that being said, am I over reacting?????? Here's the news.
Vari-L says auditors resign, sees adjustments
July 7, 2000 06:25 AM
DENVER, July 7 (Reuters) - Vari-L Co. Inc. VARL , a provider of advanced wireless telecommunications components, said on Friday that Haugen, Springer & Co. resigned as the company's auditors and independent accountants.
Haugen Springer said in resigning that it was not certain it could rely on management's representations and that financial reports for 1997 through 1999 should not be relied on because the firm did not complete its investigation into revenues, capitalisation of certain expenses and depreciation and amortization policies for those periods, Vari-L reported.
Haugen Springer also said it knew of information indicating that one or more illegal acts, within the meaning of Section 10A of the Securities Exchange Act, has or may have occurred, Vari-L said.
Vari-L said it was "very likely" that adjustments will be made in some areas highlighted by Haugen Springer, but the company could not estimate the amount of total adjustments.
The company has retained KPMG LLP to assist its board's audit committee with an internal investigation into prior financial statements. Vari-L expects to report quarterly results and the results of its investigation in mid-August. |
