Bill, Syquest just issued another press release about their accounting problem:
biz.yahoo.com
<<Ernst & Young was notified on January 23 that the company desired to change its public accounting firm to Price Waterhouse. The change means that Price Waterhouse will take over responsibility for SyQuest's financial statements and is consistent with the rebuilding strategy put in place by the company's new management team last summer. "It is important that SyQuest partner with firms which provide the best opportunities for our success," said Ed Harper, President and CEO. "Price Waterhouse has been preeminent in the field of accounting for many years and we believe this decision to change firms best meets our current growth needs." Since June, 1996, SyQuest has made significant changes in management and selected service agencies and introduced two new products as part of its plan to restore SyQuest's position as an important player in the removable cartridge hard drive industry.>>
What a bunch of bull.
Anybody out there actually believe that the accountant change was part of their rebuilding strategy and master plan? In case you didn't get a chance to read it, there was another news release on Thursday that addressed this accounting problem:
biz.yahoo.com
<<The switch follows a letter Ernst & Young wrote December 11, 1996 and received by Syquest's audit committee on January 29, which noted a "material weakness" in the company's internal control structure, the filing said. The structure referred to is "relative to the preparation of accurate financial statements in a timely fashion" for the company's fiscal year ended September 30, 1996, it said. <snip> The accounting firm filed a letter on January 30 with the SEC regarding the change in certifying accountant. In the letter the firm said regarding Syquest's statement over the lack of control, "We had considered such matter in determining the nature, timing and extent of procedures performed in our audit of...1996 financial statements.">>
Just another example...
Regards - Dale |
