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Microcap & Penny Stocks : ABTX - Agribiotech -- Ignore unavailable to you. Want to Upgrade?

To: sherine elgohary who wrote (4522)	8/25/1998 4:09:00 PM
From: TokyoMex	Respond to of 8359

Big friggin deal ... I am going for the take over,, AgriBioTech Falls on Concern Earnings May Have to Be Restated Las Vegas, Aug. 25 (Bloomberg) -- AgriBioTech Inc. shares fell as much as 35 percent on investor concern that the turf and forage seed company will have to restate some earnings after a U.S. Securities and Exchange Commission review. AgriBiotech fell 5 1/4 to 10 1/16 in late trading of 4.65 million shares, about five times the three-month daily average. Earlier, the shares touched 10. Shares in the Las Vegas-based company have been falling since it released the results of the five-month review Wednesday. There's lingering concern that now the company will have to restate some of its earnings, said Stephens Inc. analyst Berry Summerour. The company said last week it wouldn't have to do that. ''In my opinion, people are misunderstanding what that release is about and reading too much into it,'' said Summerour, who reiterated his ''buy'' rating on the stock. The company said last week that as a result of the review, it needs to change the way it records acquisitions. AgriBioTech has historically used an agreed-upon ''effective'' date to begin operations of an acquired company, while the SEC said it must now use the closing date. While this change does create a delay in when the company will be able to recognize revenue of future acquisitions, it won't result in a restatement of any numbers, Summerour said. 15:44:32 08/25/1998 Any redistribution of Bloomberg content, including by framing or similiar means, is expressly prohibited without the prior written consent of Bloomberg L.P. Any reference to the material must be properly attributed to Bloomberg News. The information herein was obtained from sources which Bloomberg L.P. and its suppliers believe reliable, but they do not guarantee its accuracy. Neither the information, nor any opinion expressed, constitutes a solicitation of the purchase or sale of any securities or commodities.(C) Copyright 1998 Bloomberg L.P. BLOOMBERG, Bloomberg News, Bloomberg Financial Markets, Bloomberg Television, Bloomberg News Radio are trademarks, tradenames and service marks of Bloomberg L.P.