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Technology Stocks : Corel Corp.

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To: TOXIC who wrote (4874)	2/28/1998 5:30:00 PM
From: B. Carrington	Read Replies (2) of 9798

A piece of information for anyone on the thread. The latest rumour going around the legal and financial community in Ottawa is that Corel is planning to sue its auditor KPMG Peat Marwick Thorne for breach of duty ie. the auditors did not follow GAAP with regards to the preparation of the financial statements and was negligent in incorrectly reporting the revenue recognition basis used by Corel. Obviously, Corel will also be changing auditors. KPMG has been the auditors of Corel since day one. It is a strategic move by Corel management to attempt to deflect some of the pressure from the U.S. investor lawsuit. KPMG Peat Marwick Thorne has deep pockets and can take the hit. KPMG also got hit with a $100 million lawsuit from Bramalea this week. This, ladies and gentlemen is a very desperate and potentially dangerous move.

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