WASHINGTON, Feb. 11, 2001 (PRIMEZONE) -- The Securities Sleuth, http://www.securitiessleuth.com, has just completed a review of Cornell Companies (NYSE:CRN), examining recent corporate announcements in light of the company's filings with the SEC.
According to a Company press release on February 6, concerns have been raised about a series of transactions that the Company entered into during August and September of last year. To resolve these concerns, the Company's Board of Directors established a Special Committee to review these issues.
At first glance, this might appear to merely be the result of "Enron" hysteria. However, the Sleuth has spotted several serious inconsistencies between recent Company press releases, quarterly financial reports and filings with the Securities & Exchange Commission regarding its recent secondary offering. It appears, to the Sleuth, that this Special Committee has its work cut out for it.
As new financial irregularities and securities frauds emerge, the Securities Sleuth, http://www.securitiessleuth.com, keeps its readers up to date by looking "behind-the-scenes" to examine how they took place, and to gauge their long-term impact on investors. More about this story can be found on the Sleuth's Web site, at www.securitiessleuth.com.