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Thursday, June 2, 2011

Acer Tumbles After Audit Finds ‘Abnormalities’ in Inventory, Receivables

Acer Tumbles After Audit Finds ‘Abnormalities’ in Inventory, Receivables
"The world’s second-largest maker of laptops, tumbled the most in more than 13 years in Taipei trading after the company said an audit found abnormalities in its inventory and account receivables.
The shares fell by the daily limit of 7 percent to NT$51.90, pushing the stock past Lead Data Inc. (2443) as the worst performer on the island’s benchmark index this year.
The findings, which will result in a $150 million one-time charge, further undermined investor confidence in a company that had cut its sales forecast twice and ousted its chief executive officer since late March. Last quarter, Acer posted its lowest profit in six years after the company lost sales to Apple Inc. (AAPL)’s iPads and HTC Corp. (2498)"

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