Hey SeaRay - too much of a coincidence! A friend suggested that I take a look at this stock, and Voila - here you are again. This must be a great stock???
Have earnings been released? Where's the best place to go for some dd on this company? Can't find much in my usual places.... Stuff on this thread seems sparse and aged.
EDIT ------------------------------------
NEVER MIND! Just went to Edgar and found this - Arthur resigned as their accounting firm, that's scary - any comments?
ITEM 4. CHANGES IN THE REGISTRANT'S CERTIFYING ACCOUNTANT.
On September 30, 1998, the Company's auditors, Arthur Andersen LLP ("Andersen"), resigned as the Company's independent accountants. The change in accountant is a result of Andersen's resignation and was not recommended or approved by the Board of Directors, nor was such approval required in order to give effect to the resignation. The Company has not yet appointed a new independent accountant.
Andersen had issued an unqualified report, dated September 1, 1998, on the consolidated financial statements of the Company and its subsidiary as of and for the year ended December 31, 1997. That report, however, was not released by the Company and on September 30, 1998, Andersen withdrew the report. Andersen's resignation and withdrawal was not related to the financial statements. Further, there were no disagreements between the Company and Andersen on any matter of accounting principles or practices, financial statement disclosure, or auditing scope of procedure or reportable events during such periods or through the interim period ended September 30, 1998 (date of resignation).
Andersen has advised the Company that at the time of its resignation, it was preparing to issue a management letter with comments and suggestions for consideration related to the Company's internal controls. This letter was to contain a reference to material weaknesses in the Company's internal controls over financial reporting for the year ended December 31, 1997. However, Andersen had expanded the scope of its audit to take account of the weaknesses in internal control so as to be able to issue an unqualified report and its resignation and withdrawal of the report were unrelated to the Company's financial reporting for the year ended December 31, 1997. Management of the Company believes that it has begun to address the issues during 1998 with the employment of qualified personnel in key financial reporting positions.
On September 17, 1998, the Company became aware that persons affiliated with the Placement Agent used by the Company during its Series B and C stock offerings in 1998 are currently under Federal indictment concerning matters unrelated to the Placement Agent's relationship with the Company.
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