World Surveillance Group Inc (fka WSGI)

[coastiretired]

First off. . .where does the JV 8K say anything about adhering to silence in the matter of their financial reporting requirements.

The whole purpose of the internal investigation is to say to the SEC: You think we made a mistake, we'll doublecheck our numbers and get back to you. If we find a mistake, we'll make the changes. Its pretty standard for this step to be complete before the SEC moves on with their investigation.

Its Globetel's responsibility as a public company to get timely financial information out to the public to ensure an orderly market. A company should have adequate internal controls in place so that they can release their fiancials with confidence. Going over their books a second time with external auditors and a lawyer firm hired just for that purpose should give them all the information they need to release the financials with added confidence.

Why, exactly, would the company need to wait on the results of the SEC investigation to complete their own or report their financials?