WASHINGTON, July 30, 2002 (PRIMEZONE) -- The Securities Sleuth has just completed an article covering HPL Technologies Inc. (Nasdaq:HPLA), a San Jose, California software start-up. A complete article regarding this subject and other matters are available on the Sleuth Web site http://www.securitiessleuth.com.
The Sleuth believes that HPLA is one of the latest cases of companies reporting fictitious transactions. The Company recently announced that through the actions of its CEO and Chairman David Lepejian its revenues had been inflated. The Securities Sleuth believes that perhaps, they did a little more than just inflating. The Company stated that much of the money reported as cash on its balance sheet, "is not now, and may never have been, in the company's possession." According to Elias Antoun, a Company director and acting CEO, "The central player in these acts appears to have been Mr. Lepejian."
As new financial irregularities and securities frauds emerge, the Securities Sleuth 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 and other corporate irregularities can be found on the Sleuth's Web site at http://www.securitiessleuth.com.