NCI's Restatement Just Part of a Market Pattern According to SecuritiesSleuth

Apr 16, 2001, 01:00 ET from SecuritiesSleuth

    WASHINGTON, April 16 /PRNewswire/ -- The Year 2000 Millennium celebrations
 are long over, but its music still lingers on ... in the form of accounting
 systems problems that are only now becoming visible.
     An article in today's SecuritiesSleuth (http://www.securitiessleuth.com)
 points out that in 1999 many companies hastily implemented new "Y2K compliant"
 accounting systems.  As a result, a wave of financial restatements has
 emerged, resulting from implementation problems, combined with inadequate
 auditing of the resulting financial statements by outside auditors.
     Today's SecuritiesSleuth article focuses on last Thursday's announced
 financial restatement by NCI Building Systems, Inc. (NYSE:   NCS).  However,
 this article takes you behind the press releases, and shows you the likely
 accounting and systems problems that underlie the need for this restatement.
      The SecuritiesSleuth website is designed to uncover fraud and protect
 investors.  When investors think of stock market fraud, they often focus on
 pump & dump scams or shady brokers.  However, corporate restatements have a
 more dramatic impact, as they often wipe out tens of millions of dollars of
 market capitalization in a single day.  In addition, the possibility of
 unexpected future restatements has added a whole new level of investment
 uncertainty, and one that could rapidly destroy investor confidence in the
 market.
 
     CONTACT:  Bob Davis, rmdavis1@bellatlantic.net; or Mark McNair,
 877-511-4717, or email: wmmcnair@justice4investors.com both of
 SecuritiesSleuth.
 
 

SOURCE SecuritiesSleuth
    WASHINGTON, April 16 /PRNewswire/ -- The Year 2000 Millennium celebrations
 are long over, but its music still lingers on ... in the form of accounting
 systems problems that are only now becoming visible.
     An article in today's SecuritiesSleuth (http://www.securitiessleuth.com)
 points out that in 1999 many companies hastily implemented new "Y2K compliant"
 accounting systems.  As a result, a wave of financial restatements has
 emerged, resulting from implementation problems, combined with inadequate
 auditing of the resulting financial statements by outside auditors.
     Today's SecuritiesSleuth article focuses on last Thursday's announced
 financial restatement by NCI Building Systems, Inc. (NYSE:   NCS).  However,
 this article takes you behind the press releases, and shows you the likely
 accounting and systems problems that underlie the need for this restatement.
      The SecuritiesSleuth website is designed to uncover fraud and protect
 investors.  When investors think of stock market fraud, they often focus on
 pump & dump scams or shady brokers.  However, corporate restatements have a
 more dramatic impact, as they often wipe out tens of millions of dollars of
 market capitalization in a single day.  In addition, the possibility of
 unexpected future restatements has added a whole new level of investment
 uncertainty, and one that could rapidly destroy investor confidence in the
 market.
 
     CONTACT:  Bob Davis, rmdavis1@bellatlantic.net; or Mark McNair,
 877-511-4717, or email: wmmcnair@justice4investors.com both of
 SecuritiesSleuth.
 
 SOURCE  SecuritiesSleuth