Accounting irregularities lead to restatement for microwave and RF company.
Anaren, Inc.(NASDAQ: ANEN, BullBoards), together with its subsidiaries, designs, develops, and manufactures microwave and radio frequency components, assemblies, and subsystems that receive, process, and transmit radar, wireless communications, and other wireless signals and microwave transmissions.
On August 29, 2007, the company's stock dropped 16% after it disclosed that it will restate its financial statements for its second and third quarters of 2007. Anaren is restating because income was overstated during these periods as a result of accounting errors. The errors were caused by "unapproved and undetected changes in procedures over accounting for the reconciliation of inventory and recording of vendor payables for materials received, but not yet invoiced at the China subsidiary."
It appears that investors who purchased Anaren between February 1, 2007 and August 28, 2007 are affected.
Investors Take Action Against Scholastic Corp.
A securities class action case has been brought against Scholastic Corp. (NASDAQ: SCHL), BullBoards) on behalf investors who purchased the company's stock between March 18, 2005 and March 23, 2006. It is alleged that during the Class Period defendants misrepresented and failed to disclose, among other things, that the company's Educational Publishing division was suffering from a variety of adverse factors which were causing it to experience declining results and that the company's operations in the United Kingdom were not performing well and would have to be reorganized.
Two announcements in the Class Period led to significant drops in the company's share price. First, on December 16, 2005, Scholastic issued a press release announcing its financial results for the fiscal second quarter of 2006. It was a very disappointing earnings announcement and the price of Scholastic declined from $33.10 per share to $29.30 per share. Subsequently, on March 23, 2006, Scholastic issued a press release announcing its financial results for the third quarter of 2006. Specifically, the publisher reported a net loss of $15.5 million. In response to this announcement, the price of Scholastic common stock declined from $29.42 per share to $26.04 per share on heavy trading volume.
If you are an affected investor in either of these companies or other companies we are investigating including The Children's Pace Retail Stores, Inc. (NASDAQ: PLCE, BullBoards), Luminent Mortgage Capital (NYSE: LUM, BullBoards), Heelys, Inc. (NASDAQ: HLYS, BullBoards), or Tween Brands (NYSE: TWB, BullBoards) you may wish to contact us at 646 752 9861 or [email protected]
Mark McNair is an attorney in private practice who represents investors in securities litigation and was formerly an attorney at the Securities and Exchange Commission. For additional information, go to securitiessleuth.com
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