Dow Jones Newswires -- April 27, 1998
Transcrypt Intl Says Coopers & Lybrand Resigns As
Auditors
LINCOLN, Neb. (Dow Jones)--Transcrypt International Inc. (TRIIE) said
Coopers & Lybrand LLP resigned as the company's independent auditors.
Coopers & Lybrand said it would withdraw Transcrypt's financial
statements for the years ended Dec. 31, 1995, and Dec. 31, 1996.
In a press release Monday, Transcrypt said it is in the process of retaining
new accountants.
The company, which makes information security and wireless
communication products, said until it retains new auditors and new reports
are issued, previously issued financial statements shouldn't be relied upon.
Transcrypt International said the investigation by the audit committee's
independent counsel is continuing.
The company said a report and review by another accounting firm is
expected later Monday.
Transcrypt said Nasdaq plans to temporarily halt trading in the company's
common stock through at least May 7.
Nasdaq has scheduled a hearing for May 7 to determine whether
Transcrypt will continue to be listed on the Nasdaq National Market.
At the hearing, Transcrypt expects to present its timetable for filing its
annual report for the year ended Dec. 31, 1997, and amending its prior
reports filed with the Securities and Exchange Commission. |
