I've seen a few of these and 100% of the time it is because things are even worse than expected. The lawyers are waiting in the wings, believe me. I don't think the stock will go the way of Enron as someone suggested, but I think we will find that some very bad management decisions have been made which will permanently alter this company. Unless you are a nimble day trader, take the tax loss and get on with it.
We're down 80% since last Friday. Yes, on Sunday, they announced they expect fourth quarter sales of $145 million, below the First Call estimate of $154.2 million. The charges under review that were mentioned today are non-recurring. All this does not warrant an 80% haircut!!