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Securities Sleuth: Accounting Deficiencies

Mark McNair
0 Comments|April 25, 2007

LCA-Vision has accounting discrepancies



LCA-Vision has accounting discrepancies

Is there some type of surgery that will correct accounting irregularities? Perhaps, but such surgery isn't offered by LCA-Vision Inc. (NASDAQ: LCAV, BullBoards). The company provides laser vision correction under the LasikPlus brand. On April 18, the company disclosed that due to accounting discrepancies it would restate financial results dating back to 2004, and the restatement would reduce net income and revenue from 2006.. LCA indicated that the discrepancy was related to the way it accounted for revenue from the separately priced, extended warranties that it offers patients.

Investors who purchased LCA shares between April 27, 2004 and April 18, 2007 may have been affected.

Gaming Partners International Corp. reports accounting deficiencies

Gaming Partners International Corp. (NASDAQ: GPIC, BullBoards) makes and supplies casino table game equipment to casinos worldwide. On March 28, the company disclosed that it was delaying the filing of its full-year 2006 report due to deficiencies in accounting control procedures. Gaming Partners stated that the deficiencies were discovered while its year-end financial statements were being prepared. The company also said that it expects to identify certain of these deficiencies as material weakness when the report is filed and that it is working to resolve and remedy them.

Investors who purchased Gaming Partners between May 15, 2006 and March 28, 2007 may have been affected.

Stunned Cutera, Inc. investors

Great expectations followed by unpleasant surprises appears to be story for investors in Cutera, Inc. (NASDAQ: CUTR, BullBoards). So what happened? On January 31, the company asserted that positive factors would lead to 25% revenue growth for the first quarter of 2007 and for the full year and 33% growth in net income for the first quarter of 2007. As you might expect, the market reacted positively. However, Cutera's CEO Kevin Conners was selling stock at the same time.

On April 5, 2007, the company stunned the market by announcing that instead of revenues increasing 25% they would materially decrease. On this news, Cutera's stock plummeted $11.72 per share on heavy volume.

Investors who purchased Cutera between January 31, 2007 and April 4, 2007 are affected.


Mark McNair is an attorney in private practice who represents investors in securities litigation and was formerly an attorney at the Securities and Exchange Commission. For additional information, go to securitiessleuth.com


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