Only the new California operation involved...WHO DONE IT???
It appears to me that IEC was a victim themselves; no malice or intent ON iEC'S PART, and that means everything. Was this new operation doing tnis type of accounting when IEC bought them or did IEC inniate the problem. If it was this way when iEC bought them then IEC is a victim too and the lawsuits are wrongly applied. Why would they suddenly turn into fancy acccountants . I don't think they are culpable and all will be OK. You can't commit a crime without intent... Am I wrong or is this all an effort to buy shares cheap... I really don't know at this point, but then neither do yoy. DO YOU???
There is no lawsuit as of now. The lawyers run around chasing possibilities of future earnings for the lawyers. As far as shareholders are concerned, it will all boil down to the company earnings. The earnings is going to drive the stock price. I believe May 7th is the big day. The rest is non concerning. Good earning is all that counts.
So many stocks get beat up by emotions and recover or go up with earnings. This company will do well in the long run. They have an excellent product and at the end of the day that is what matters. I bought more on friday and i will watch for more opportunities. I buy companies not emotional stock trades. Engineers is what this country needs, and this company provides that. Good luck on tuesday.
Agree that it will come down to company earnings. Another miss and management will have lost all credibility. A good earnings report and outlook would go a long way towards convincing investors that this was a one time event and the company is back on track.
Gotta disagree about IEC being a victim. They should have done due diligence during acquisition and they should have been reviewing valuation of WIP inventory ever since. Forget about SCB accountants. What about Topel-Samek, Leo, and Rotenberg? I assume they are not all incompetent. Valuation might have depended on assumptions of saleability that turned out to be untrue. What did management know in this regard? That's what the law firms are investigating.
Cash bonuses, equity awards, and salary increases were based on overstated earnings. Will any of that be recovered? Probably not from Topel-Samek or Schlarbaum.
Earnings are NOT on Tuesday, unless they are no longer preannouncing a release date. If you are looking at the Yahoo earnings date it is just an estimate based on when it was last year. Looks like it could be the following week. This company is currently in disarray.