From the 8-K filed after close of market today … note that Grant Thornton reportedly gave verbal notice last TUESDAY. The company reports that written notice was received last Friday, yet the letter attached to the 8-K was dated March 27.
On March 27, 2007, Grant Thornton LLP (“Grant Thornton”), the registered independent public accounting firm for Accredited Home Lenders Holding Co. (the “Company”), verbally advised the Company and the Audit Committee of the Board of Directors of the Company (the “Audit Committee”) of its resignation as the Company’s independent auditors. Grant Thornton further advised that it declined to complete the audit of the Company’s financial statements for the year ended December 31, 2006. On March 30, 2007, Grant Thornton provided the Audit Committee with a letter dated March 27, 2007 regarding its resignation as the Company’s independent auditors. A copy of that letter is attached as Exhibit 16.1 hereto.
The Audit Committee did not request or approve the resignation of Grant Thornton. The Audit Committee has voluntarily reported Grant Thornton’s resignation to the SEC. In addition, the Audit Committee is reviewing the circumstances relating to Grant Thornton’s resignation. The Audit Committee has begun the process of searching for a new registered public accounting firm and will file a Current Report on Form 8-K upon the engagement of a new auditing firm. No assurance can be given as to when a new auditing firm might be selected.
I neglected to sell my LEND puts when the stock BRIEFLY plunged to 3 and change a few weeks ago – I wasn’t even watching the market that week. Maybe there will be a nice drop before they expire!
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