Where are the insider buyers? I went and looked at the proxy, the mgmt owned darn few shares. They all got paid in cash. Why would that be? Again, if you think mgmt wants to make you rich, you're wrong. Management has one goal - get rich fast using somebody else's cash. Wiping out the existing shareholders is one the easiest ways to do that.
"In connection with the internal review and based on the recommendation of the Audit Committee, the Company also announced the termination of Kevin McClelland, Controller and Chief Accounting Officer, as well as the terminations of Michael Hayford, President of the Pinnacle Wireless division, several other employees of Pinnacle Wireless and an employee of the UniTek finance department."
So basically it wasn't limited to Pinnacle - not only did it go all the way to the top. including the CFO and controller, but it encompassed everybody from "several other employees" of PW and some lonely "employee of the Unitek finance department" who no doubt thought he/she was just doing the job. In other words: complete complicity at all levels. Not isolated. What other departments of Unitek were reporting bogus numbers, with the cooperation of the finance department? Clearly Rocky is not going to minimize the damage, he's going to maximize the damage (he already has). The one thing UNTK needs is more cash, and I think the most likely outcome here is a selling preferred stock plus warrants or the like that strike at $1 or below.