I've found that I can opt out of auto-renewals if I want to. As the reply above notes, it seems to me that if you are sophisticated enough to be picking stocks you ought to be keeping track of your credit card expenses.
"Auto-renewals" are very common these days. I don't believe it has anything to do with Best Buy or Geek Squad.
I'm not a lawyer (Are you?) but I would have thought that a company is entitled to rely on an auditor's opinion unless they've made an attempt to mislead the auditor. It seems unlikely that there was an attempt to mislead, since the error was discovered after the audit in an internal review. If I've got it right, GLPW might hope to be indemnified for any payout in an upcoming class action, if there is one.
That's a somewhat dangerous mind set, refusing to sell your shares. I opened a position yesterday because on a first look I figured the selloff had to be overdone, but I sold about half of it today. I'm a value investor, and when I discovered that most of TTM earnings were not operating earnings I realized it wasn't for me. Of course the increased debt load doesn't help either.
I'm not an accountant, but it's hard to see how timing of costs of sales would affect book value. Of course as someone pointed out here, if the accounts had one kind of error they may have another.
I think you're right -- the only issue is timing. I think I'll wait until Monday.
It's interesting to note that some companies intentionally lump all the bad stuff into the current quarter so that the following quarter looks like a big improvement; GLPW did the opposite, apparently through error.
True. I would have sold it myself had I been able to do so at what I considered a reasonable loss. One thing that was unusual about this restatement was that they described the problem in enough detail to allow investors to guess at its significance.
Well, that was exciting. It seems to me that while the restatement doesn't say much for the company's accounting skills, the implications are likely minor. Costs that should have been recognized in Q4 were recognized in Q1 -- so what, really? Of course, I'm assuming that timing is the only issue. Any thoughts?