Ceo stated the discovery of this issue was from a planned EXTERNAL audit of subsidary books. Would they not do this at the end of the year and why not done within the past 4 years? Halt there earnings...they know this will be over reacted to....fishy???? The other point since the company has not made a profit in the past 4 years....what's the reason to restate...the company losses cash this year and has to restate privious year effect....what for. absolutely nothing material here, to require. Believe this is smoke and mirrors so a suitor can grab some cheap stock!
I am not sure that this action for suitors to acquire cheap stock, but I do find it interesting the way this came out. There has to be a reason for delaying earnings for what would normally be a non-material issue. There has to be something else driving this to get cleaned up and to take any charges in this quarter prior to announcing earnings. We can all speculate but at this point, all I can see is very positive activity from SUPG at this time and I think that will all be exposed when they do announce.
No!. It was the Internal Controls which discovered the Issue in the third week of October. Being a responsible company; they brought in Ernst&Young the audit firm to make sure there is no material weakness which could have a financial impact in the company accounting structure. It was determined this issue involved only with an ex-employee from Eurogen and there's no impact what so ever with the company present and future financial health.
Billy, you are wasting your energy again responding to bashers. I listened twice to the CC and they are working feverishly to have the matter resolve. Having an audit firm like Ernst&Young is a big plus and Mr. Micheal is staying on top of the matter. Upper management is also very aware of the SEC regulatory filling of their 10Q (deadline is November 9th with 5 days of grace period) so we will know if the matter will be resolved by then. On another note Dacogen has captured 34% of market share from Pharmion. For a drug which saw its debut in May of 2006; this is outstanding. The Progress in MP-470 and MP-529 is on schedule and are the most advanced anti-cancer compounds Supergen has going. Just before the conclusion of the last Q&A; Mr.Manuso said that there will be another CC regarding the Co. third Q and probably will have addition 'thing' to report to the investment community and Institutions. I will buy more on any weakness.