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The scandal involving the backdating of options by companies
continues to expand. Investors in Jabil Circuit Inc. (NYSE: JBL)
are among those investors most recently affected.
Florida-based Jabil Circuit provides electronic manufacturing
services and solutions worldwide. When the truth about the
Company’s stock options backdating emerged publicly, JBL’s stock
fell as a result. It appears that investors who purchased JBL stock
between September 19, 2001 and June 21, 2006, are affected.
Double Trouble for Connetics Investors
Palo Alto-based Connetics Corp. (NASDAQ: CNCT), a specialty
pharmaceutical company, engages in the development and
commercialization of products for the medical dermatology
market. Recently, Connetics shareholders have been stunned
twice. First, the Company’s stock dropped after allegations that
the Company did not disclose troubling test results. Second, the
Company’s stock dropped again after the Company announced
that it would restate its financials.
It is alleged that the Company made false statements about its
most important new drug (Velac) concerning findings that would
likely prevent FDA approval. Specifically, it is alleged that the
Company concealed the carcinogenicity study of Velac had
indicated that 89 out of 160 mice treated with Velac developed
tumors. It is further alleged that Connetics had been informed
by a panel of toxicology experts that they were unaware of any
drug with similar results to Velac ever being approved by the FDA.
On May 3, 2006, Connetics announced it could not file its quarterly
report on time due to a restatement of its financial results. These
revelations have seriously impacted Connetics shareholders.
Investors who purchased CNCT between June 6, 2004 and
May 3, 2006, are affected.
Aspen Technologies Will Restate
Aspen Technology Inc. (AZPN) provides software and professional
services that enable process companies to model, manage, and
control their operations.
On September 6, 2006, after the close of trading, Aspen disclosed,
among other things, that a subcommittee of independent directors
concluded that errors were made in the accounting for certain
historical stock options granted during and prior to fiscal 2004,
and previously issued financial statements will require restatement
as a result of these errors. The Company also disclosed that
certain of the Company's previously issued financial statements
and the related reports of its independent registered public
accounting firm should not be relied upon. Not surprising,
Aspen shares dropped the following day. It appears that investors
who purchased Aspen between February 8, 2006 and
September 6, 2006 are affected.
If you are an affected shareholder in any of the companies listed
above or listed below (details available at www.securitiessleuth.com),
you may wish to contact Mark McNair at info@securitiessleuth.com or
877.511.4717 to discuss your options.
ADVO, Inc. (NYSE:AD)
Affiliated Computer Services (ACS)
CNET Networks (CNET)
F5 Networks Inc. (FFIV)
McAfee Inc. (MFE)
Michael Stores (NYSE: MIK)
Power Integrations (POWI)
Semtech (SMTC)
The Shaw Group (SGR)
Stage Stores, Inc. (SSI)
Tier Technologies Inc. (TIERE)
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.
Symbol Technology, Inc. (SBL)
Class Period: March 2, 2000 to October 17, 2002
Claims Deadline: October 31, 2006
Claims Administrator: A.B. Data
Tellium, Inc. (TELM)
Class Period: May 17, 2001 to July 1, 2002
Claims Deadline: October 18, 2006
Claims Administrator: Analytics
Information regarding other recent settled cases, including the
cases listed below can be found at www.securitiessleuth.com.
Imperial Chemical Industries PLC (ICI)
Vistacare, Inc. (VSTA)
ARM Financial Group (ARMGQ)
Carreker Corp. (CANI)
Loewen Group Inc. (LWN)
Razorfish, Inc. (RAZF)
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
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