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Strategies & Market Trends : Shorting stocks: Broken stocks - Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Mama Bear who wrote (1002)	4/29/1998 4:30:00 AM
From: Q.	Read Replies (1) \| Respond to of 2506

If anyone is following SWSH, which now trades as SWSHE due to being 3 months late in filing a 10k, I called the co. to ask when they will file. They said their 1996 10k audit is nearly done, and then it will be another month before the 1997. For those who don't know, SWSH is the toilet-cleaning franchiser with the same name as a cigar company. Auditor McGladrey & Pullen (reputable second tier auditor) pulled out while auditing the 1997 end of year statement, and withdrew its opinion about the 1996 forms as well, citing the co. for issuing warrants and options without telling the auditor, and for accounting irregularities re. related party transactions. So the co. hired a local nobody to audit its forms. I asked the co. if the NASD will continue to list them for another month, and they said yes, they have that much time. I was surprised, since I thought NASD would delist somebody who was 3 months delinquent in filing an annual report.