The "original audit" wouldn't "have to be done".... I have seen companies be real stupid and announce earnings for companies they are buying, even though they have not done an audit.
Case in point: LAMN's acquisition of Ad Art earlier this year. Look it up if you don't believe me...
<<<< March 20 /PRNewswire/ -- La-Man Corporation (Nasdaq: LAMN - news) today announced that the audited financial statements for Electronic Sign Corporation (d/b/a Ad Art), which was acquired by La-Man as of February 18, 1998, will reflect net income for the year ended December 31, 1997, of approximately $475,000 as opposed to the unaudited results of $1,061,000 previously reported.>>>>
FAMH wouldn't be the first company to buy another without an audit. I don't see a shred of proof that any audit of Myriad was ever done, although, according to Arif, they have begun working on one now.
I don't see the "big material change" between the beginning of the year and when they were acquired. Perhaps someone can explain.
What if the latest audit shows Myriad is losing money? Can FAMH give it back somehow?
Regards,
L.E.
P.S. If I want to see lies, I can go to PR Newswire and type in "Firamada". |
