Actually it's sad that you tout such a POS: "Aremissoft Shares Remain Halted For News; Co Unavailable
2001-07-31 14:14 (New York)
By Marcelo Prince
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--Trading in the shares of Aremissoft Corp. (AREM)
remains suspended Tuesday, more than 29 hours since they were first halted, as
investors await a material announcement from the software company.
Aremissoft, which is at the center of controversy surrounding overseas
contracts, has said it would report second-quarter earnings some time this
week. Investors are also awaiting a regulatory decision on its proposed
recapitalization.
Company officials didn't return requests for comment.
Trading was halted Monday at 9:03 a.m. EDT after Nasdaq regulators determined
the pending news was material. A Nasdaq spokesman declined to comment on the
trading halt, other than to say there is no limit on how long it can remain in
place.
This marks the sixth time this year that trading in Aremissoft shares has
been suspended. The stock was twice halted for about 20 minutes to disseminate
earnings releases in February and April.
In mid-May trading was stopped for about 27 hours at the company's request so
it could formulate a rebuttal to a critical New York Times article.
And trading was suspended twice last month: on June 5 for less than two hours
so Aremissoft could respond to a second Times article and then for five hours
on June 15 so it could announce a share repurchase and recapitalization plan.
But the lack of an explanation for this week's trading halt has begun to irk
those on Wall Street that follow Aremissoft - both its critics and supporters.
"Whether the pending news is good or bad, halting the stock for this long
with no stated reason is a grave injustice to shareholders," wrote one person
on a Yahoo message board.
Aremissoft, which sells business management software, has been under scrutiny
since news reports began questioning the value of a contract in Bulgaria.
Minneapolis investor Irwin L. Jacobs, who has amassed a 9% stake in the
company and has become its most outspoken defender, hasn't posted any remarks
on his Web site since trading was halted Monday. He didn't return requests for
comment.
Shares of Aremissoft, which has its U.S. headquarters in Westmont, N.J., last
changed hands at $11.09 apiece. The stock is down 48% this year.
-Marcelo Prince, Dow Jones Newswires; 201-938-5244;
marcelo.prince@dowjones.com
(END) DOW JONES NEWS 07-31-01
02:14 PM- - 02 14 PM EDT 07-31-01 |
