West Marine, the Watsonville-based boating supply retailer, reported today that the Securities and Exchange Commission approved a final settlement of the federal agency’s investigation into certain of the company’s accounting practices.
The SEC alleged today in a complaint filed in a federal court in San Jose that Read the rest of this entry »
Equinix, the Foster City supplier of data-center hosting, said today in a regulatory filing that it “is not aware of any undisclosed accounting
matters affecting the company.
Several investors had contacted the company to inquire about a rumor in the market regarding Read the rest of this entry »
Immersion, the San Jose provider of hardware and software “touch” technologies used in digital devices said in a filing today that its audit committee has begun an internal investigation into “certain previous revenue transactions in its Medical line of business. The company said the investigation is being conducted “with the assistance of outside counsel”.
The company did not rule out the possibility of Read the rest of this entry »
Cisco Systems said it would be booking a one-time tax charge of about $130 million to $150 million in its current fiscal 2009 fourth quarter after a ruling Wednesday by the U.S. Court of Appeals for the Ninth Circuit in a case between Xilinx and the Internal Revenue Service related to stock-based compensation expense.
Although not named in the case decided, th Read the rest of this entry »
Selectica, the San Jose developer of contract-management software, said Wednesday that it is delaying the release of its fiscal 2009 fourth quarter and full-year financial results as the company reviews the accounting for the sale of its Indian subsidiary.
That sale, described in a press release on April 6, involved Read the rest of this entry »
Blockbuster delayed the filing of its annual 10-K report with the Securities and Exchange Commission as it seeks ways to refinance its debt to replace its current credit agreement that expires in August, and with it its access to $300 million in credit.
“The substantial time and resources dedicated to the refinancing negotiations” by Blockbuster’s management and financial staff has caused the company Read the rest of this entry »
West Marine, the boating supply retailer, received a “Wells Notice” from the Securities and Exchange Commission Monday saying that the federal regulatory agency’s staff intends to recommend that a civil action be brought against the Watsonville company related to an SEC investigation into its accounting for inventory in its 2003 fiscal year.
Those actions sometimes include recommendations that current or former employees Read the rest of this entry »
Now that earnings season is in full swing, we’re seeing some Silicon Valley companies post some whopping losses. To a degree, that’s to be expected when the economy sours.
But there’s more going on here. Companies are announcing big write-offs that are resulting in big-time losses. And while they might try to tell you these write-offs are no big deal, they’re wrong. They’re a very big deal.
Shares of Accuray plunged Friday, a day after the company said it would miss its deadline for filing financial results for its fiscal 2009 first quarter because the company was “further reviewing financial results” in response to allegations by a former employee of possible improprieties in handling and accounting for certain inventory items”.
Give the accounting firm Deloitte an A for promptness. We received an e-mail from the company with “President-elect Obama and Tax Policy” in the subject field that included a link to its paper titled “Tax Policy Decisions Ahead: President-elect Obama’s Call for Change”.
Noting that most serious observers of Washington “had long since concluded that the tax and spending commitments of the United States are unsustainable beyond the end of the next decade” when the presidential campaign began in earnest in the Spring of 2007, Deloitte reminds us that a few things have happened since, particularly in the last several weeks. Namely, ”a significant economic downturn and extraordinary government spending associated with efforts to promote recovery may have accelerated the potential day of reckoning.” Oh, right. (Wall Street, which seemed to have forgotten about that yesterday, remembered today.)
Deloitte says that the campaign “seems to have given structure to the debate over spending and taxes in four important respects:” Read the rest of this entry »
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