newman They may have or not misrepresented the revenues by mistake or deliberately, we don't know at this point. It may appear that GTEMs closing of Centerlines operations is related to the coincidental SEC investigation, but we don't know.
We know that the SEC was/is looking into the operations of GTEM ,but everything else is conjecture at this point. When the SEC concludes it's investigation into GTEMs accounting practices, amongst other things, then we will know - maybe.
GlobeTel Communications Corp.(Pink Sheets: GTEM) (the "Company") today announced that it reported on Form 8-K to the U.S. Securities & Exchange Commission that the Company will restate its financial statements for the years ended 2004 and 2005, as reported on Form 10-K, and for the interim periods in fiscal 2005 and the first two fiscal quarters of 2006 for which the Company filed reports on Form 10-Q. Accordingly, the Company advises that prior financial statements for such periods should no longer be relied upon.
With the price plummeting from the $4 range it would seem the whole Co. was a shell game ? Mgt. will have to prove otherwise to advance the stock price !
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