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Strategies & Market Trends : Anthony @ Equity Investigations, Dear Anthony, -- Ignore unavailable to you. Want to Upgrade?

To: Bear Down who wrote (88909)	12/21/2004 7:17:40 AM
From: moonie	Respond to of 122087

Yeah Secord's a real powerful guy! LOL 2 links here. One is what his company (COIB.ob) says about the investigation. The other is a link to his recent letter to the FDA threatening to sue the FDA after they rejected his application. Truth is stranger than fiction! ONGOING INVESTIGATIONS BY THE SEC AND U.S. ATTORNEY ARE CAUSING US TO INCUR SIGNIFICANT LEGAL EXPENSES, WHICH HAVE NEGATIVELY AFFECTED OUR WORKING CAPITAL, OPERATIONS AND BUSINESS PROSPECTS. Both the Securities and Exchange Commission (the "SEC") and the U.S. Attorney's Office for the Southern District of New York are conducting investigations involving possible violations of proscriptions on insider trading by our Chairman and Chief Executive Officer. Although we believe CTI is not currently a target of the investigations, we are incurring substantial legal expenses in responding to requests for information and documents from the SEC and the U.S. Attorney, preparing for and attending depositions by our officers, conducting investigations of our own affairs, and advancing legal fees on behalf of officers who are or may be entitled to indemnification in connection with these investigations. As of June 30, 2004, we had incurred expenses of approximately $825 thousand associated with these investigations. The expenses we have incurred to date have substantially and adversely affected our limited working capital and have negatively impacted our operations and limited our efforts to raise badly-needed capital. The investigations (although slowed in fiscal year 2004) are ongoing; and we anticipate that the expenses we will incur in the future will continue to adversely affect our working capital, distract management from day-to-day operations and limit our capital-raising activities, any of which may result in us having to materially reduce or terminate our operations. sec.gov Threatens to sue FDA Sep 2004 .pdf format fda.gov