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Non-Tech : Auric Goldfinger's Short List -- Ignore unavailable to you. Want to Upgrade?

To: StockDung who wrote (10357)	8/29/2002 4:47:10 PM
From: StockDung	Respond to of 19428

Bristol-Myers Says It Now Faces Formal SEC Probe (Update2) By Joe Richter New York, Aug. 29 (Bloomberg) -- Bristol-Myers Squibb Co., the world's fifth-largest drugmaker, said the U.S. Securities and Exchange Commission intensified an investigation into wholesalers' overstocking of its products. The SEC opened a formal investigation of drug discounts that boosted Bristol-Myers' sales last year, resulting in bloated customer inventories that forced the drugmaker to reduce 2002 forecasts, the drugmaker said in a statement. A formal investigation, which requires a vote of the commission, allows the SEC to subpoena documents and may lead to a restatement of earnings, fines or criminal prosecution. The probe comes as Bristol-Myers shares have dropped 52 percent this year, hurt by drug-development failures and competition from cheaper generic medicines. ``Maybe this will be the catalyst to get everything cleaned up over there,'' said Shelly Meyers, chief executive officer of Meyers Capital Management LLC, which owns about 100,000 Bristol- Myers shares. ``The other shoe has dropped.'' Bristol-Myers relied on the sales incentives to sustain growth until new heart and cancer medications were ready to sell this year, analysts said. The strategy backfired, though, when those drugs encountered setbacks. The U.S. Food and Drug Administration refused to accept partner ImClone Systems Inc.'s application to sell the experimental cancer drug Erbitux. The heart-drug Vanlev, once projected to have $1 billion in yearly sales, failed to show advantages over a generic medicine in a company study. Bristol-Myers said in a statement that it believes its accounting was appropriate. New York-based Bristol-Myers, which initially disclosed the inventory problem in April, has said it expects costs for reducing inventory to cut earnings by 53 cents a share this year and 8 cents next year. Shares of Bristol-Myers fell 77 cents, or 3.1 percent, to $24.29 as of 4:01 p.m. in New York Stock Exchange composite trading. PricewaterhouseCoopers LLp is Bristol-Myers's auditor. ``I'm more concerned about the inventory buildup from an economic standpoint,'' said Meyers. ``Drugs have an expiration date, and I don't know whether there's a danger here in terms of write offs.''

To: StockDung who wrote (10357)	8/29/2002 5:11:24 PM
From: Joe Copia	Read Replies (3) \| Respond to of 19428

MSMJ new scam in progress? Isaac Nussen ALERT: Issaac Nussen is starting another scam with MSMJ, the old AMJW. Alert all people that he is at it again and warn them about this flagrant scam in progress. I hope the SEC is watching this and nail the idiot promoter(Kevin do not do it) and Nussen on this scam go around. REPORT NUSSEN FRAUD • US Attorney's Office Southern District One Saint Andrew's Plaza New York, NY 10007 CALL NOW! Contact: Richard Krause 212-637-2422 or 718-422-5442 If you don't know what to say @ least demand that they do an investigation. Be sure to mention all 3 companies: American Jewelry Corp. - symbol - AMJC MTN Holdings, Inc. - symbol - MTND Intrac, Inc. - symbol - IRAC add MSMJ