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  • buylowsellhigh2009 buylowsellhigh2009 Aug 7, 2009 4:35 PM Flag

    Change of Auditors

    CMED has changed from KPMG to PWC today. PWC is regarded as the biggest auditor in the US and is a good transition for CMED. They are seeking to improve their relationship with their shareholders and by switching to the biggest of the big four they are seeking the best.

    I view the move as good and a step in a better direction (even though KPMG was not a bad auditor).

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    • $37. And the change in auditors is not so bad compared to some of the prior stuff. I am not bitter about that. Normally I would have cut my losses long ago. The way they went about the sale of hifu pissed me off, as did the convert deal.

    • If you do not mind me asking, what price did you buy in at? I bought after the big drop in the low $16s/high $15s. I suppose that's why I am not as "bothered" by the change in auditors, and recent problems, because it got me to my buy point.

      I'm sorry you have suffered losses, but believe a lot of bad stuff is already priced in and as long as the company and guide well and turnaround we will be back in the $20s within the next 6 months.

    • Sorry, I meant read carefully the next earnings release. Apologies for beating a dead horse. I agree, can't drive looking through the rear view mirror. Good luck.

    • I have read carefully, again you say a lot without saying anything at all.

      Two factors matter... revenue and earnings.

      If you invest based solely on what happened in the past you will always be behind the curve my friend.

    • no evidence?

      I am not saying there was fraud.

      Anyway, speculating they had some spat with KPMG is like speculating it is raining outside because if you look outside everyone is carrying umbrellas.

      OK, not so cut and dried. But let's see, forensic accountants hired to investigate, earnings delayed, regular accountants fired just before earnings released...

      Doesn't matter. It is merely another thred to the fabric. Yup, actual earnings are what count. Read carefully.

    • Yes, the releases always say no disagreement. There almost always was a disagreement of some kind, often benign, just that the disagreement was resolved before KPMG felt compelled to say otherwise. Read through to the end of the sentence.

    • Change of auditor is pretty normal in many cases. The wording used -- "no disagreement etc" -- is standard language used in such cases. You will find many statements for change of auditor have exactly the same wording, if you do a google search. Here is one example when Apple dismiss KPMG as its auditor...

    • You have your eyes open.

    • the sales shortfall was not caused by HPV which is not on sale yet. My best guess is ECLIA. Like my previous posts suggest. I don't buy that the internal investigation is the cause for revenue shortall. But that's my own speculation. I hope this is just a short term bump. Whatever that is.
      Since the sale of HIFU. They have gradually leave doubts to investors while raise many new questions:

      (1) the abrupt switch of HIFU prospect opinion from management.
      (2) Sell that business to the boss at cheap price.
      (3) delay and delay of filing ( or about everything)
      (4) no word of that HPV business progress lately. The price tag makes us scared.
      (5) a bombshell about internal investigation.
      (6) switch of auditor.
      (7) admit slow down of business

      It is Sep that they report the update. By then they should have a clear picture about their business prospect in the 3rd q. I hope they give us more info about the HPV progress as well.

      Bit by Bit they are making people increasing uneasy.

    • Perhaps a fight was there because of price, or perhaps no fight existed, etc.

      Again you are simply speculating with no evidence.

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