|
Fremont General Corporation (NYSE: FMT) is a nationwide
residential and commercial real estate lender doing business
primarily through its wholly-owned industrial bank, Fremont
Investment & Loan. The past week has been a devastating
one for its investors who are still reeling.
On February 27, 2007, the Company announced that it will
postpone the release of its fourth quarter and full-year 2006
results of operations and that it will not file its Annual Report
on Form 10-K for the fiscal year ended December 31, 2006,
by March 1, 2007. The Company subsequently disclosed that,
on February 27, 2007, it received a Proposed Cease and Desist
Order from the Federal Deposit Insurance Corporation. Among
other things, it calls for the Company to make a variety of
changes designed to restrict the level of lending in its sub-prime
residential mortgage business.
Another Case of Backdating Woes for Investors
Transaction Systems Architects, Inc. (NASDAQ: TSAI) provides
enterprise e-payments software and services. Its principal
operating unit, ACI Worldwide, provides solutions for consumer
and wholesale payments, and application infrastructure. On
March 2, 2007, the Company disclosed that it will restate several
years of financial statements due to backdating of stock options.
It appears that investors who purchased TSAI between
October 25, 2005 and March 1, 2007, are affected.
The Latest Restatement
Louisiana-based Gulf Island Fabrication, Inc. (NASDAQ: GIFI),
through its subsidiaries, engages in the fabrication and
refurbishment of drilling and production platforms, and other
specialized structures used in the development and production
of offshore oil and gas reserves. On March 1, 2007, after the close
of trading, the Company disclosed that that the amount of revenue it had recognized on a contract during the first three quarters of
2006 was overstated and it will restate its financial statements for
those periods. Not surprisingly, its stock plummeted on this news.
It appears that investors who purchased GIFI between April 26, 2006
and March 1, 2007, are affected.
We are investigating the situations discussed above and if you
are an affected investor in any of these cases or the other cases
listed below under investigation, you may wish to contact us at
info@securitiesleuth.com or 877 511 4717.
Other cases under investigation are:
Active Power, Inc. (NASDAQ: ACPW)
Coast Financial Holdings, Inc. (NASDAQ: CFHI)
CTS Corporation (NYSE: CTS)
Globalstar, Inc. (NASDAQ: GSAT)
LECG Corporation NASDAQ: (XPRT)
Nutrisystem (NNASDAQ: NTRI)
Quanta Capital Holdings, Ltd (NASDAQ: QNTA)
Shuffle Master (NASDAQ: SHFL)
Now with respect to securities cases that have recently settled. If
you are an affected investor – you purchased any of these stocks
during the relevant class period - you may wish to contact the claims administrator to obtain additional information. Remember,
if you don’t submit your claim form, you won’t receive your share
of any settlement.
Wilbros Group, Inc. (WG)
Class Period: May 6, 2002 to May 16, 2005
Claims Deadline: February 28, 2007
Claims Administrator: Garden City
Krispy Crème Doughnuts (KKD)
Class Period: March 8, 2001 to April 18, 2005
Claims Deadline: March 5, 2007
Claims Administrator: Gilardi
Information regarding other recent settled cases, including the
cases listed below can be found at www.securitiessleuth.com.
Adelphia Communications (ADELQ)
Advanced Neuromodulation Systems, Inc. (ANSI)
Amerigroup Corp. (AGP)
Philip Services Corp. (PHV)
Again you should contact the claims administrator (rather than us).
However, if you are an affected investor in any of the companies under investigation, you many wish to contact us so that you can
consider your options. Likewise, if you happen to be aware of corporate restatements or other financial fraud -- especially if
you're a victim -- you're encouraged to contribute to the Sleuth by giving your own tip-offs at www.securitiessleuth.com or by
e-mailing info@securitiessleuth.com. You can also call Mark McNair at 877-511-4717. If you have a friend or colleague you
think would benefit from The Sleuth, please pass along this issue and
ask them to sign up at www.cartville.com/app/join.asp?MerchantID=47994.
Warmest regards,
Mark McNair
|
