Bell Microproducts, the San Jose electronics distributor whose shares were delisted from Nasdaq because the company was persistently delinquent in filing required financial documents with the SEC, became current with its annual financial filings Monday when it published results for fiscal years 2007 and 2008.
Turns out that 2007 was Read the rest of this entry »
Bell Microproducts revealed in a filing Wednesday that James Ilson, its chief operating
officer and former chief financial officer, informed the company on May 12 that he intended to resign, the same day the company reported that a special committee of its board found that accounting errors that are forcing it to restate past results were partly a result of efforts to manipulate financial results so that they might be “consistent with external estimates.” Read the rest of this entry »
A special committee of the board of directors at Bell Microproducts found that “accounting errors and irregularities” it determined to have occurred at the company were caused by, among other things, “accounting decisions and entries that appear to have been directed at achieving financial results consistent with external estimates,” according to a release the company issued Monday.
Bell Microproducts, the San Jose distributor of high-tech gear that had its Nasdaq listing
yanked last month for failure to file a string of financial reports with the SEC, last week modified the bonus plan for its principal financial officer, William Meyer.
The plan, set up in January, was modified so that the plan now “provides that for each of the four quarters in the 2008 calendar year, the payments under the Plan would be made at 100% of target. Mr. Meyer’s target for 2008 is $200,000,” according to a filing with the SEC Monday. That sounds like Meyer is being guaranteed a $50,000 bonus payment per quarter.
Shares of Bell Microproducts will be suspended from trading on the Nasdaq stock market as of Wednesday, March 19. Nasdaq refused to give Bell Micro yet another extension on its deadline for filings its delinquent financial reports with the SEC, according to a filing the company made with the regulatory agency today. Trading in its shares will move to the Pink Pink Sheet Electronic Quotation Service under the ticker symbol BELM.PK.
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