Calm DownHello everyone,
I could not agree more with Gringotts, Hiccup, and Papi. People need to read the press release regarding the accounting restatement and understand the implications, which I believe are very minor in nature. The effect of the restatement does not impact the company’s cash position nor the amount oshares outstanding. Given the new auditors are settling into the function, they clearly are assuming a more conservation interpretation of GAAP prior to signing off on the financial statements on a go forward basis. This process is standard when changing auditors, nothing new. Also, this should be greeted as GOOD news fellow longs! It speaks to the INTEGRITY of the new auditors and CMC management. Why the after market close release one may ask? Easy answer. To avoid misinterpretation and panic trading by ill-informed investors who often hit the sell button before actually digesting the content of the release. Easy to see how that could happen given the nature of some of the posts I’ve read on the board. Again, nothing wrong with allowing investors time to understand the release and make INFORMED trading decisions. Speak of integrity, the MANAGEMENT cease trade order only serves to instill confidence that the company wishes to ensure compliance with regulations.....guess what? Another good move. For those that still do not read press rleases in detail note the emphasis on MANAGEMENT. That means MANAGEMENT can’t trade, all others can.
So what will happen in tomorrow’s trading? I have no answer to that other than to say if some panic selling happens I would expect shrewd longs will scoop up cheaper shares. By the end of this week I expect good upside in the share price.
GLTA longs.
Carter