Wave Systems Corp. (fka WAVXQ)

[player1234]

That's the auditor, not the accountants. Apparently the auditor noted they don't have enough accounting resources and called them on it. It seems obvious, of course, given they couldn't file the 10Q on time. But it is a SOX issue.

Between the screwy bridge loan deal, the massive layoffs and the inevitable resignations, they had lots of tricky accounting to do and minimal resources to do it.

I guess Solms' leadership through lying philosophy didn't sit well with the internal people either. Cypher called it.