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Gold/Mining/Energy : YBM Magnex Intl Sees Revenue Growth 30-35%/Yr In MagnetOp
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To: Adrian du Plessis who wrote (203)6/29/1998 11:57:00 AM
From: Mr Metals  Read Replies (3) of 314
 
YBM Magnex International Inc -

WSJ says Wayne Deans writes YBM down to zero

YBM Magnex International Inc YBMShares issued 44,222,9011998-05-13 close $14.35Monday Jun 29 1998The Wall Street Journal reports in its Monday edition that YBM Magnex International, whose operations are under criminal investigation, says that its auditor, Deloitte & Touche LLP, resigned and refused to approve the company's 1997 financial statements. Reporter Mark Heinzl says that Deloitte's resignation hampers the industrial magnet maker's efforts to resolve the investigation and lift a trading ban on its once-popular stock. A senior Pinkerton Investigation Services official declined to discuss his firm's YBM report. YBM released a short summary of the report but declined to provide the full report, and company spokesman Guy Scala says he has only read the summary. YBM lawyer Joseph Groia says the company has "nothing to hide" and is hopeful that finding a new auditor will satisfy most, if not all, of the concerns of securities regulators. Shareholder Wayne Deans of Deans Knight Capital Management says he has written the value of YBM shares down to zero. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com

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