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Fremont General
Corporation (NYSE: FMT) operates as the holding company for
Fremont Investment & Loan, which engages in commercial and
residential real estate lending business in the United States.
On
February 28, 2007 the Company’s stock declined approximately 16%
after the postponed disclosure of its financial results.
The Company also announced that it will not file its Annual
Report on Form 10-K for the fiscal year ended December 31, 2006 by
March 1, 2007 and that it intends to file a Form 12b-25 with the
Securities and Exchange Commission explaining the reasons.
On April
10, 2007 Fremont General disclosed that the firm Squar, Milner,
Peterson, Miranda & Williamson, LLP will be its new
independent public accountant. Squar Milner will immediately start
auditing its financial statements for 2006.
The impact
of these developments have stunned Fremont General investors and
FMT stock has plummeted more than two thirds since the beginning
of this year.
Backdating
Woes at Sonic Solutions (NASDAQ: SNIC)
Sonic Solutions
(NASDAQ: SNIC), a digital media software company, provides various
interoperable, platform-independent software tools and
applications for creative professionals, business and home users,
and technology partners worldwide.
On February 1,
2007, the Company disclosed that it was investigating its stock
option granting practices. That day, SNIC shares declined
$1.35 per share or approximately 8% on heavier than usual volume.
Subsequently, SNIC shares dropped an additional 12% on heavier
than usual volume after the Company announced that it will restate
its financial statements for certain periods.
Affiliated
Computer Services (NYSE: ACS) Offer
Questioned
Affiliated
Computer Services
(NYSE: ACS) received an $8.2 billion offer from
its Chairman and founder Darwin Deason, with backing from Cerberus
Capital Management.
Some shareholders have taken legal action to seek the
highest possible offer for their shares
Update
re: Beazer Homes (NYSE: BZH)
Previously,
we reported a sharp drop in the stock price of Atlanta-based
Beazer Homes (NYSE: BZH). Specifically, after the close of trading
on March 27, 2007 the Company disclosed that Federal officials,
including the Federal Bureau of Investigation, were investigating
Beazer. An FBI representative stated that "There are
potentially all sorts of fraud issues associated with Beazer to
include corporate, mortgage or investments in varying degrees.''
Moreover, the Company has had significant management problems. Two
top executives have left Beazer in recent months.
In March, the CFO announced his resignation and left the
company two days later. Previously, in February 2007, the
Company disclosed that its general counsel had been terminated for
cause "for a pattern of personal conduct which includes
violations of company policies."
Now,
additional problems have surfaced.
On March 29, 2007, the Company disclosed that it had
received a subpoena from the United States Attorney's Office in
the Western District of North Carolina and was issued upon
application of the Office of Housing and Urban Development, Office
of Inspector General.
All of
these developments have been devastating to investors in Beazer
Homes and shareholder litigation has been brought against the
Company. Investors
who purchased BZH between July 27, 2006 and March 27, 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. More information is available http://securitiessleuth.typepad.com
or at www.securitiessleuth.com.
Other cases under investigation are:
LECG Corporation NASDAQ: (XPRT)
Monster
Worldwide, Inc.
(NASDAQ: MNST)
Nutrisystem
(NNASDAQ: NTRI)
Occam
Networks (NASDAQ: OCNW)
RadioShack
(NYSE: RSH)
Shuffle
Master, Inc. (NASDAQ: SHFL)
Usana
Health Sciences (USNA)
U.S.
Auto Parts Network, Inc. (NASDAQ: PRTS)
Wells
Real Estate Investment Trust, Inc. NASDAQ: WLRE)
Wireless
Facilities, Inc. (NASDAQ: WFII)
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.
Catalina Marketing Corp. (POS)
Class
Period: October 14, 1999 to August 25, 2003
Claim
Deadline: May 21, 2007
Claims
Administrator: Gilardi
Spear
& Jackson, Inc. (SJCK)
Class
Period: February 1, 2002 to April 1, 2003
Claims
Deadline: June 26, 2007
Claims
Administrator: Garden City
Information
regarding other recent settled cases, including the cases listed
below can be found at www.securitiessleuth.com.
Winstar
Communications (WCII)
Ibis
Technology Corp. (IBIS)
Astropower,
Inc. (APWR)
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 http://securitiessleuth.typepad.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 http://www.cartville.com/app/join.asp?MerchantID=47994.
Warmest regards,
Mark McNair
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