JDN, ALYD very recently did switch their CPA firm to one local to them in Charlotte. I'm not sure of the name, but I know it's not one of the Big 6 (or is it Big 8?). The explanation I got was that it just made sense to have someone local.
I doubt we will ever know what role, if any, the old firm contributed to the fact that so many S-10s have been filed. However, if you compare them, you'll see that in one instance only a single word was changed, and in the other, a letter from an old accountant was added. Also, each time they announced earnings they issued a new one.
As for the latest one -- and this is just a guess -- since the up until recently "proposed" NASDAQ criteria are now in force, I presume ALYD had to refile to apply under them. Recall that the previously in-force rules required companies to show a profit for two years, which would have meant small-cap for ALYD, not NMS. ALYD (and everyone else for that matter) had always assumed the "proposed" criteria would have been approved months ago, but, in retrospect, it doesn't matter so long as the necessary guidelines were in-force after the SEC had signed off.
As an aside, I think it ironic that companies that just got approved as small-cap, but would have qualified for NMS had the proposed guidelines been in effect at the time, must all reapply!
- Jeff |
