Tag: earnings restatements

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Comverse files a 10-K for the ages …
October 6, 2010—Remember Comverse Technology (CMVT), the billing-software company that became a poster-child for stock-options back-dating? It’s the one whose former CEO fled to Namibia and has managed not to be extradited to the U.S. Well, on Monday, amid reports that the company’s assets will soon be snapped up by circling tech companies, Comverse filed its first […]

Scholastic puts the blame on “Do Not Call Registry”…
July 31, 2008—Of all the creative excuses that companies tend to come up with when earnings disappoint, or when earnings are restated, the one that Scholastic (SCHL) came up with in the 10K it filed yesterday is definitely up there: The decline in profitability of the DTH business was primarily a result of the federal Do Not […]

Lots and lots of reading material at Dell…
November 2, 2007—So you think your week was hectic? Dell Computer (DELL) has you beat. This week the company filed – count ’em – five 10-Qs (here and here and here and here and here), a proxy statement and last year’s 10-K. As explained in this press release, the filings contain restated financial information stretching all the […]

Suffering from deja vu…
November 1, 2007—A decade ago, I edited a bunch of stories about a company called WellCare, a fast-growing HMO that was based in Kingston, N.Y. Just looking at this press release from Feb. 1995 — the presence of the words “record results” are one of the simplest, yet best contra-indicators around — makes me kind of misty. […]

Till death do us part?
October 24, 2007—BearingPoint (BE) is, as the euphemism goes, facing challenges. The company, a bit of a frequent flyer here at footnoted (see here and here), has seen its stock price plunge from around $7.50 to $4.50 in the past 6 months as it struggles to catch up on its SEC filings, thanks to accounting errors dating […]

Musical chairs in the RV…
October 22, 2007—On Friday, RV manufacturer Thor Industries (THO) issued this press release announcing that it had named a new Chief Operating Officer, Richard “Dicky” Riegel III. Missing from the release, but included in the 8-K filed later that day was the fact that Riegel, 41, is the son-in-law of Thor’s Chairman, CEO and President, Wade F.B. […]

Life is so unfair, says Rambus!
October 19, 2007—Back at you, SEC bureaucrats. That’s more or less what Rambus Inc. (RMBS) said in two 10-Qs filed Wednesday. In both filings (first quarter and first 6 months), the company chose to list as a risk factor the “uncertainty” created by changing standards of corporate governance and disclosure. In particular, it griped that many “new […]

Lots of big questions at Int’l Rectifier…
October 4, 2007—When International Rectifier (IRF) announced late Tuesday that its long-time CEO, Alex Lidow, who had been placed on leave just before Labor Day, had resigned “effective immediately”, it left many questions unanswered. As the LA Times reported, Lidow, pictured ringing the bell at the NYSE two years ago, was the third high-ranking executive to leave […]