Could be the auditors refused to sign off. I am sure they will resign in the AM if thats the case. This will now likely be the disaster de jour for the markets tommorow. If its an auditor resigns and such story this could trade below 4 in the AM. If its we screwed up and need to delay again they will get the scarlet letter and be put in the 7-8 range. Either way its nasty. If its the big nasty 2 to 3 dollars is possible by friday because no one will believe they actually have any cash on the books. The "new" cfo did obfuscate when he said they had "no debt"...actually they had over 138 million in payables and it greatly exceeds BOTH cash on hand and recievables...so in effect they cant even pay off the CURRENT liabilites. This could end up being the biggest retail debacle in more than a decade.
I just cant believe they lied to the public so blatantly about releasing the 10K today. I havent seen such a screw over in at least 10 years.
If its even worse (as if that was possible) and that the auditors told shrp to go f themselves and we wont sign off well 3 to 5 is very realistic within 2 trading days.