UFood Restaurant Group, Inc. (fka UFFCQ)

[naiachamp]

As CFO for this company, why does she still have a job? On March 12, 2012, the Audit Committee of UFood Restaurant Group, Inc. re-assessed the equity versus liability categorization of the 2009 Investor and Placement Agent Warrants based upon the "indexed to an entity's own stock" criteria specified within ASC 815-40, and concluded that the Warrants should have been classified as a liability upon issuance. This classification change will affect both the balance sheets and statements of operations previously reported by the Company. The Audit Committee of the Company concluded that the financial statements previously filed with Forms 10-K, 10-Q and S-1 since June 2009 should no longer be relied upon due to an error in such financial statements. http://www.crmz.com/Report/ReportPreview.asp?BusinessId=10934166