WASHINGTON, Sept. 7, 2001 (PRIMEZONE) -- The Securities Sleuth (http://www.securitiessleuth.com) takes a "behind the scenes" look at various securities "irregularities" and their impact on investors.
Wednesday morning, Hayes Lemmerz Int'l. (NYSE:HAZ) suddenly cancelled its earnings conference call, scheduled to begin only three hours later, and announced a delay in releasing its second quarter results. That afternoon, shortly after the Close, it announced a restatement of its financial results for fiscal 2001 and the first quarter of fiscal 2002. Reportedly, "accounting errors occurred because of a failure within certain parts of the Company to comply with sound and well-established accounting policies."
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 HAZ's current stockholders. New information about the nature of these "accounting errors" can be found in an article published earlier today on the Sleuth's web site.
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.