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  • jimmygoduh jimmygoduh Aug 31, 2010 12:55 PM Flag

    wow - only lost $20 million dollars

    Well Zeph,

    We're waiting for you to man up.
    I think we'll be waiting a long time.

    Ha ha ha ha ha!

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    • jimmygoduh: Did you read the 10K? Maybe zeph doesn't have to apologize after all.

      Here is what the auditors had to say (my CAPS):

      We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), Energy Conversion Devices, Inc. and subsidiaries’ internal control over financial reporting as of June 30, 2010, which did not include an audit of internal control over financial reporting of Solar Integrated Technologies, Inc. which was acquired on August 19, 2009. Our audit was based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) and our report dated August 31, 2010 expressed an ADVERSE opinion.


      The Company utilizes a standard cost model to record inventory movements and periodically adjusts its inventory to actual costs. The control ensuring the accuracy of the adjustment to value inventory at actual cost in the financial statements did not operate effectively. The FAILURE OF THIS CONTROL results in a reasonable possibility that a MATERIAL MISSTATEMENT of the annual or interim financial statements will NOT BE PREVENTED OR DETECTED.

      Gamer over!