Here’s to You, Accredited, You’re “Arguably the Best” Of the Subprime Lenders
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Wall Street Spin: Analyst Michael Youngblood is quoted as calling Accredited ‘arguably the best’ of the publicly traded companies focused on sub-prime lending.
Let’s look quickly at what it means to be ‘arguably the best’ in sub-prime lending:
March 15 2007: Accredited fails to file 2006 annual report in time to meet SEC deadline
March 19 2007: Accredited tells shareholders its stock is subject to NASDAQ delisting because of failure to meet SEC filing deadline.
March 19 2007: Accredited also tells shareholders of a class action lawsuit alleging the company issued false and misleading financial statements. Says lawsuit has no merit
April 2 2007: Accredited tells shareholders the company’s auditor has quit, and says it is looking to hire another auditor.
May 15 2007: Accredited tells shareholders it has received another notice from NASDAQ, this time for failing to file 1Q 2007 information.
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