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On July 16, 2007, LJ
International, which is reported to be one of the fastest growing
jewelry companies in the world and, through its ENZO brand, the
largest foreign jewelry retailer in China, announced a delay in
the filing of its annual report for the fiscal year ended December
31, 2006, with the Securities and Exchange Commission.
The Company indicated that
the delay in the filing is principally the result of the need for
additional time by the Company's new independent registered
accounting firm to complete its audit of the Company's 2006
financial statements. The Company appointed its new
independent registered accounting firm on June 1, 2007.
Pall, Inc. (PLL)
Initiates Inquiry
On July 19, 2007, after the
close of trading, Pall, the East Hills, New York based maker of
water filtration and purification products, disclosed that a board
committee began an inquiry into a possible material understatement
of U.S. income tax payments and of its provision for income taxes
in certain prior periods beginning with fiscal 1999. The
Company stated that it notified the Internal Revenue Service and
the Securities and Exchange Commission of the inquiry.
The market reacted strongly
to this news. On July 20, 2007, Pall shares declined $7.67
per share or approximately 16% from the stocks closing price on
July 19, 2007.
Troubling Disclosures at
W Holding Company, Inc. (WHI)
Puerto Rico-based W Holding
Company disclosed that on June 19, 2007 it determined that one of
its larger asset-based loans originated by its asset-based lending
division is impaired. The Company also disclosed that there
is a significant collateral deficiency with respect to this
impaired loan.
The Company stated that, on
a preliminary basis, management believes the collateral deficiency
to be at least $80 million.
The Company's Audit
Committee decided to have an independent firm retained to review
the impaired loan as well as the complete asset-based lending
portfolio and the asset-based lending divisions systems of
internal controls.
We are investigating these
three situations and if you are an affected investor in any of
these companies you may wish to contact us.
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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