GEMS - Cheez, I'm surrounded by filings, analyst reports, charts and PRs...this one is a puzzle. What, in your mind, caused the stock to head south on Feb 26??
I know they intend to restate financials, but this was not announced until March 6. Then there's this, also from March 6"
Guidance
For 2007, the Company expects EBITDA to grow at roughly the same rate as 2006. While the Company is focused on cost reduction initiatives, EDC is directly impacted by the trend in sales of CD's and DVD's. The Company's assumptions are that CD sales globally will decline by roughly 7%. There has been an acceleration in the rate of decline since 2006 and the Company is closely monitoring these trends as a further deterioration in the month over month sales of CD's and DVD's will certainly impact EBITDA expectations for the year.
On March 6, 2007, the Company filed a Form 8-K reporting that it would restate financials for certain prior periods and that these restated financials will be included in the Form 10-K for the period ended December 31, 2006. Therefore, the Company's prior financial statements and the related reports from the Company's independent registered public accountants, earnings statements and press releases, and similar communications issued by the Company relating to the fiscal periods commencing on or after January 1, 2000 should no longer be relied upon.
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