WASHINGTON, Sept. 5, 2001 (PRIMEZONE) -- The Securities Sleuth, http://www.securitiessleuth.com, takes a "behind-the-scenes" look at various securities "irregularities" and their impact on investors.
Yesterday, Clarent Corp. (Nasdaq:CLRN) announced an internal investigation into a possible overstatement of its revenues for the first half of the current year, but provided almost no additional information. Of course, Nasdaq immediately halted trading in the stock, pending "Additional Information Requested."
Since it may be some time before the company completes its internal investigation, the Securities Sleuth has reviewed the company's SEC filings to provide whatever interim information is available to CLRN's current stockholders. New information about the nature of this overstatement can be found in an article published earlier today on the Sleuth's Website.
The Securities Sleuth is co-edited by Bob Davis and Mark McNair, the team that previously produced a site named by Forbes magazine as its favorite "Guard Dog" on its "Best of the Web" list. (http://www.forbesbest.com/asp/category.asp?category=Guard+Dogs)
Davis is also the editor of The Napeague Letter (http://www.napeague.com), whose "Suspicious Stocks" column profiled "excessively-promoted" stocks. Bob's column has earned kudos for its analyses from Forbes, The Financial Times, Online Investor, Money Magazine and the San Francisco Chronicle. Mark McNair is an attorney in Washington, D.C., who previously worked for the SEC and whose practice focuses on securities class action litigation.