There doesn't seem to have been any disagreements on the financial reporting. Maybe, it was a cost issue. From the 8-K filing:
CTIC says:
Item 4.01. Changes in Registrant’s Certifying Accountant
On August 31, 2005, Grant Thornton LLP informed Cell Therapeutics, Inc. that Grant Thornton LLP had resigned as Cell Therapeutics’ independent registered public accounting firm.
The report of Grant Thornton LLP on Cell Therapeutics’ consolidated financial statements for the year ended December 31, 2004 did not contain any adverse opinion, or disclaimer of opinion, nor was it qualified or modified as to uncertainty, audit scope or accounting principles. Grant Thornton LLP was engaged by Cell Therapeutics on October 18, 2004.
In connection with its audit of Cell Therapeutics’ consolidated financial statements for the year ended December 31, 2004, through the interim periods during its engagement both prior and subsequent to the year ended December 31, 2004, through to the date of Grant Thornton LLP’s resignation, there were no disagreements with Grant Thornton LLP on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of Grant Thornton LLP, would have caused it to make reference thereto in its report. There were no “reportable events” as that term is defined in Item 304(a)(1)(v) of Regulation S-K.
Cell Therapeutics has requested Grant Thornton LLP to furnish it a letter addressed to the U.S. Securities and Exchange Commission stating whether it agrees with the above statements. A copy of that letter dated September 1, 2005 is filed as Exhibit 16.1 to this Form 8-K. Grant Thornton LLP did not seek Cell Therapeutics’ consent to its resignation. As a result, Cell Therapeutics’ audit committee did not recommend or approve the resignation of Grant Thornton LLP.
Grant Thornton says:
September 1, 2005
U.S. Securities and Exchange Commission
Office of the Chief Accountant
100 F Street, NE
Washington, DC 20549
Re: Cell Therapeutics, Inc.
File No. 001-12465
Dear Sir or Madam:
We have read Item 4.01 of Form 8-K of Cell Therapeutics, Inc. dated September 1, 2005 and agree with the statements concerning our Firm contained therein.
Very truly yours,
/s/ Grant Thornton LLP < |
