Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Joe Copia's daytrades/investments and thoughts -- Ignore unavailable to you. Want to Upgrade?

To: mike mulhearn who wrote (24648)	5/26/2002 4:03:32 PM
From: Rocket Red	Read Replies (1) \| Respond to of 25711

Special Master Hearing Set in Carnegie's $2.1 Billion Suit vs. Grant Thornton Special Master Hearing Set in Carnegie's $2.1 Billion Suit vs. Grant Thornton BALTIMORE, May 20, 2002 (BUSINESS WIRE) -- Carnegie International Corporation (OTC BB: CGYCE) said today that a two-day hearing is scheduled to begin before the Special Master in the Circuit Court for Baltimore City on May 31 in its $2.1 billion law suit against Grant Thornton LLP, its former auditor. Carnegie said it will present expert testimony and cross-examine Grant Thornton's expert regarding alleged fraudulent conduct of partners in the firm's audit practice, who allegedly mishandled the financial audit, leading to charges of fraud, breach of contract and malpractice in the lawsuit. The company filed a motion in Circuit Court in November 2001 alleging willful and intentional destruction of evidence by Grant Thornton, and that, among other things, Grant Thornton "willfully, knowingly and intentionally destroyed Carnegie documents with the full understanding that litigation was imminent," and a senior Grant Thornton partner admitted destroying the documents in a deposition given in July 2001 in Chicago. Carnegie Shares Move to OTC Pink Sheets Carnegie President Lowell Farkas also said that work is now being completed on a financial audit for fiscal 2001, which he expects will be filed within the next five to seven business days. The company had until close of business today to file in order to maintain compliance for continued trading on the OTC Bulletin Board. Carnegie shares will temporarily trade on the OTC Pink Sheets, but the company said it fully expects to return to the OTC BB when the audit is completed and filed. Price quotes and news about Carnegie are available at www.pinksheets.com as well as on the company Web site (www.carnegieint.com).