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A stock listing is a privilege…not a right…and if a company doesn’t
meet certain standards and requirements, the Company can be
delisted. When a delisting occurs, it is seldom good news for shareholders.
Just ask the shareholders of Virginia-based Tier Technologies, Inc.
(TIER.PK) which, as you can tell from the ticker symbol is not traded
on the Pink Sheets. Tier Technologies, Inc. provides transaction
processing services, and software and systems integration services
primarily to federal, state, and local government, as well as to other
public sector clients in the United States.
On December 14, 2005, the Company announced that its financial
statements for fiscal years ended September 30, 2002 through
September 30, 2004 and quarterly periods through June 30, 2005,
should no longer be relied upon. They also announced that a
restatement of those financial statements would be required.
On April 19, 2006, the Company announced that an internal
investigation revealed a "number of serious new allegations relevant
to the restatement-related issues." On May 24, 2006, the Company
announced that its stock would be de-listed from NASDAQ.
Investors who purchased stock between November 29, 2001 and
October 25, 2006, are affected.
Key Management Resignations at HCC Insurance Holdings (NYSE: HCC)
If delisting is a bad sign for shareholders; another bad sign, surely, is
the “resignation” of key corporate officers. An example is Houston-based
HCC Insurance Holdings (NYSE: HCC). The Company provides property
and casualty, surety, group life, and accident and health insurance
products; and related agency and reinsurance brokerage services in
the United States, the United Kingdom, Spain, Ireland, and Bermuda.
On November 17, 2006, after the close of trading, the Houston-based
Company disclosed that the investigation of the Company’s stock
option granting practices revealed that the Company used incorrect
measurement dates for certain stock option grants covering a
significant number of employees during the period from 1995 through
2006. The Company also disclosed that the Company’s CEO and
founder had resigned as well as the Company’s General Counsel.
The Company also disclosed that the SEC is conducting an informal
inquiry into this matter. It appears investors who purchased HCC
stock between October 1, 2005 and November 17, 2006, are affected.
If you’re an affected investor in Tier Technologies, Inc. (TIER.PK),
HCC Insurance Holdings (NYSE: HCC), or any of the cases under
investigation listed below, you may wish to contact us
info@securitiessleuth.com or 877-511-4717 to discuss your options.
Other cases under investigation:
Affiliated Computer Services, Inc. (NYSE: ACS)
HCC Insurance Holdings (NYSE: HCC)
Power Integrations Inc. (NASDAQ: POWI)
Quest Software (NASDAQ: QSFT)
TOP Tankers, Inc. (NASDAQ: TOPT)
Trident Microsystems (NASDAQ: TRID)
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.
Ask Jeeves (ASKJ)
Class Period: November 18, 1999 to May 16, 2000
Claims Deadline: February 5, 2007
Claims Administrator: Rust Consulting
Broadwing, Inc. (BRW)
Class Period: January 17, 2001 to May 21, 2002
Claims Deadline: November 30, 2006
Claims Administrator: Garden City
Information regarding other recent settled cases, including the cases
listed below can be found at www.securitiessleuth.com.
Advanced Marketing Services
King Pharmaceuticals, Inc.
MasTec, Inc.
McLeodUSA, Inc.
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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