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Technology Stocks : IFMX - Investment Discussion -- Ignore unavailable to you. Want to Upgrade?

To: Lee L. who wrote (10940)	5/22/1998 5:33:00 PM
From: bsl113	Respond to of 14631

Does this seem like revenge? <Ernst & Young raised its concerns about Informix's current accounting practices a day after it was dismissed as the company's auditor. Ernst & Young served as Informix's auditors during the period in which Informix was forced to restate its results from prior years. > news.com Opinions? Holding long, Bryan

To: Lee L. who wrote (10940)	5/23/1998 8:05:00 PM
From: SemiBull	Respond to of 14631

Lee, I once invested in a company named Centennial. Much to my luck I made a boatload on complete fraud. I believe Coopers and Lybrand were the accountants, but it might have been E&Y for all I can recall. I just know I got out before the bottom fell out because of accounting irregularities and fraud. In this case, the CEO was responsible for the fraud, but there can be no question that the accounting firm was negligent in catching the "cooked books." While this might seem like an oversimplification of an entirely different accounting issue re IFMX's restatement, it is in my view quite similar. E&Y screwed up here. Maybe some senior to middle level accounting manager is to blame at IFMX as well. This is not insurmountable particularly given the changes in accounting rules, and the turnaround issue at bay. Just one man's spin...SemiBull