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Report to the Ranking Minority Member, Committee on Banking, Housing, 
and Urban Affairs, U.S. Senate: 

July 2006: 

Financial Restatements: 

Update of Public Company Trends, Market Impacts, and Regulatory 
Enforcement Activities: 

On March 5, 2007, this report was reissued to amend our economic 
analysis and selected company shares outstanding (see next page for 
more details). It also incorporates our August 2006 correspondence (GAO-
07-1053R) as appendix V. 

GAO-06-678: 

March 5, 2007: 

The Honorable Christopher J. Dodd: 
Chairman: 
Committee on Banking, Housing, and Urban Affairs: 
U.S. Senate: 

Dear Mr. Chairman: 

We are reissuing Financial Restatements: Update of Public Company 
Trends, Market Impacts, and Regulatory Enforcement Activities (GAO-06-
678), July 25, 2006, to reflect revisions in our market impact 
calculations. In addition, we are incorporating our August 2006 
supplemental report, Financial Restatement Database (GAO-06-1053R), 
which updated the restatement database through June 2006, into this 
reissued report as Appendix V. The associated electronic database (GAO-
06-1079SP) has also been reissued. We have recalculated the dollar 
impact calculations in this study, which has resulted in a lower 
calculation of cumulative market impact for 2002–2005; however, these 
revisions do not change the report’s findings, conclusions, or 
recommendations. That is, the impact on stock prices in the days 
surrounding a restatement announcement continues to be much lower than 
we found in our 2002 report (GAO-03-138). 

The revisions to this report are generally concentrated in the second 
objective of the report, which discusses the impact of restatement 
announcements on the restating company’s stock price in the immediate-, 
intermediate-, and longer-term. The revisions were prompted because the 
shares outstanding for several foreign companies reflected American 
Depositary Receipts (ADR) that had not been converted to equivalent 
ordinary shares outstanding.[Footnote 1] As a result, the market 
capitalization calculations for these companies used in our impact 
analysis for a few companies resulted in the market capitalization 
calculations being higher than they should have been. 

This reissued report reflects the appropriate conversions for foreign 
companies and amends our market capitalization calculations and impact 
analysis. We also conducted an additional comprehensive review of our 
database and calculations in the report and are making a number of 
other technical revisions. 

Sincerely yours, 

Signed by: 

Orice M. Williams: 
Director, Financial Markets and Community Investment: 

Enclosure: 

GAO Highlights: 

Highlights of GAO-06-678, a report to the Ranking Minority Member, 
Committee on Banking, Housing, and Urban Affairs, U.S. Senate

Why GAO Did This Study: 

In 2002, GAO reported that the number of restatement announcements due 
to financial reporting fraud and/or accounting errors grew 
significantly between January 1997 and June 2002, negatively impacting 
the restating companies’ market capitalization by billions of dollars. 
GAO was asked to update key aspects of its 2002 report (GAO-03-138).  
This report discusses (1) the number of, reasons for, and other trends 
in restatements; (2) the impact of restatement announcements on the 
restating companies’ stock prices and what is known about investors’ 
confidence in U.S. capital markets; and (3) regulatory enforcement 
actions involving accounting- and audit-related issues.  To address 
these issues, GAO collected restatement announcements meeting GAO’s 
criteria, calculated and analyzed the impact on company stock prices, 
obtained input from researchers, and analyzed selected regulatory 
enforcement actions.   

What GAO Found: 

While the number of public companies announcing financial restatements 
from 2002 through September 2005 rose from 3.7 percent to 6.8 percent, 
restatement announcements identified grew about 67 percent over this 
period. Industry observers noted that increased restatements were an 
expected byproduct of the greater focus on the quality of financial 
reporting by company management, audit committees, external auditors, 
and regulators.  GAO also observed the following trends: (1) cost- or 
expense-related reasons accounted for 35 percent of the restatements, 
including lease accounting issues, followed in frequency by revenue 
recognition issues; and (2) most restatements (58 percent) were 
prompted by an internal party such as management or internal auditors. 
In the wake of increased restatements, SEC standardized disclosure 
requirements by requiring companies to file a specific item on the Form 
8-K when a company’s previously reported financials should no longer be 
relied upon. However, between August 2004-September 2005, about 17 
percent of the companies GAO identified as restating did not appear to 
file the proper disclosure when they announced their intention to 
restate. These companies continued to announce intentions to restate 
previous financial statements results in a variety of other formats.   

Although representing about 0.2 percent of the market capitalization of 
the major exchanges, which was $17 trillion in 2005, the market 
capitalization of companies announcing restatements between July 2002 
and September 2005 decreased over $36 billion when adjusted for market 
movements (nearly $18 billion unadjusted) in the days around the 
initial restatement announcement. Researchers generally agree that 
restatements can negatively affect overall investor confidence, but it 
is unclear what effects restatements had on confidence in 2002–2005.  
Some researchers noted that investors might have grown less sensitive 
to the announcements. Others postulated that investors had more 
difficulty discerning whether restatements represented a response to 
aggressive or abusive accounting practices, complex accounting 
standards, remediation of past accounting deficiencies, or technical 
adjustments.  Although researchers generally agree that restatements 
can have a negative effect on investor confidence, the surveys, 
indexes, and other proxies for investor confidence that GAO reviewed 
did not indicate definitively whether investor confidence increased or 
decrease since 2002.

As was the case in the 2002 report, a significant portion of SEC’s 
enforcement activities involved accounting- and auditing-related 
issues.  Enforcement cases involving financial fraud- and issuer-
reporting issues ranged from about 23 percent of total actions taken to 
almost 30 percent in 2005. Of the actions resolved between March 1, 
2002, and September 30, 2005, about 90 percent were brought against 
public companies or their directors, officers, and employees, or 
related parties; the other 10 percent involved accounting firms and 
individuals involved in the external audits of these companies.

What GAO Recommends: 

GAO recommends that SEC investigate potential noncompliance with 
current Form 8-K filing requirements and make consistent the guidance 
to registrants concerning required disclosures regarding certain 
restatements.  SEC stated that it would examine the instances of 
potential non-compliance and carefully consider harmonizing guidance 
concerning Form 8-Ks.

[Hyperlink, http://www.gao.gov/cgi-bin/getrpt?GAO-06-678. 

To view the full product, including the scope
and methodology, click on the link above.
For more information, contact Orice M. Williams at (202) 512-5837 or 
williamso@gao.gov.

[End of section] 

Contents: 

Letter: 

Results in Brief: 

Background: 

The Number of Restatements Has Continued to Grow and New Trends Have 
Emerged: 

Market Capitalization of Restating Companies Decreased by Billions in 
the Days Surrounding Restatement Announcements, but Was Less Severe 
Than in Our Prior Report: 

Certain Restatements Appear to Affect Investor Confidence but Trends in 
Restatements Complicate Analysis: 

Accounting-and Auditing-Related Enforcement Actions Have Continued to 
Grow: 

Conclusions: 

Recommendations: 

Agency Comments and Our Evaluation: 

Appendixes: 

Appendix I: Objectives, Scope, and Methodology: 

Appendix II: Comments from the Securities and Exchange Commission: 

Appendix III: Comments from the Public Company Accounting Oversight 
Board: 

Appendix IV: Summary of Selected Sarbanes-Oxley Act Provisions 
Affecting Public Companies and Registered Accounting Firms: 

Appendix V: GAO-06-1053R: 

Appendix VI: Comparison of Our Restatement Database to Those of Glass, 
Lewis & Co. LLC and the Huron Consulting Group: 

Appendix VII: SEC Enforcement Process: 

Appendix VIII: Case Study Overview: 

Business Overview: 

Restatement Data: 

Accounting/Audit Firm: 

Stock Prices: 

Securities Analysts' Recommendations: 

Credit Rating Agency Actions: 

Legal and Regulatory Actions Taken: 

Appendix IX: American International Group, Inc. Case Study: 

Business Overview: 

Restatement Data: 

Accounting/Audit Firm: 

Stock Prices: 

Securities Analysts' Recommendations: 

Credit Rating Agency Actions: 

Legal and Regulatory Actions Taken: 

Appendix X: Dynacq Healthcare, Inc. Case Study: 

Business Overview: 

Restatement Data: 

Accounting/Audit Firm: 

Stock Prices: 

Securities Analysts' Recommendations: 

Credit Rating Agency Actions: 

Legal and Regulatory Actions Taken: 

Appendix XI: Federal National Mortgage Association (Fannie Mae) Case 
Study: 

Business Overview: 

Restatement Data: 

Accounting/Audit Firm: 

Stock Prices: 

Security Analysts' Recommendations: 

Credit Rating Agency Actions: 

Legal and Regulatory Actions Taken: 

Appendix XII: Qwest Communications International, Inc. Case Study: 

Business Overview: 

Restatement Data: 

Accounting/Audit Firm: 

Stock Prices: 

Securities Analysts' Recommendations: 

Credit Rating Agency Actions: 

Legal and Regulatory Actions Taken: 

Appendix XIII: Starbucks Corporation Case Study: 

Business Overview: 

Restatement Data: 

Accounting/Audit Firm: 

Stock Prices: 

Securities Analysts' Recommendations: 

Credit Rating Agency Actions: 

Legal and Regulatory Actions Taken: 

Appendix XIV: Sterling Bancshares, Inc. Case Study: 

Business Overview: 

Restatement Data: 

Independent Auditor: 

Stock Prices: 

Securities Analysts' Recommendations: 

Credit Rating Agency Actions: 

Legal and Regulatory Actions Taken: 

Appendix XV: GAO Contact and Staff Acknowledgments: 

Glossary: 

Tables: 

Table 1: Number of Listed Restating Companies as a Percentage of 
Average Listed Companies, 2002-September 2005: 

Table 2: Financial Restatement Category Descriptions: 

Table 3: Summary of Immediate Impact of Restatement Announcements on 
Restating Companies' Market Capitalization, July 2002-September 2005: 

Table 4: Summary of Immediate Impact on Restating Company Market 
Capitalization as a Percentage of Total Market Capitalization, July 
2002-September 2005: 

Table 5: Summary of Intermediate Impact of Restatement Announcements on 
Restating Companies' Market Capitalization, July 2002-September 2005: 

Table 6: Summary of Longer-Term Impact of Restatement Announcements on 
Restating Companies' Market Capitalization, July 2002-September 2005: 

Table 7: Summary of Selected Sarbanes-Oxley Act Provisions Affecting 
Public Companies and Registered Accounting Firms: 

Table 8: Six Case Studies of Public Companies That Announced 
Restatements from July 2002 through September 2005: 

Table 9: Selected Financial Data for AIG, 2000-2004: 

Table 10: Selected Financial Data for Dynacq, Fiscal Years 1999-2002: 

Table 11: Selected Financial Data for Qwest, 2000 and 2001: 

Table 12: Selected Reported Financial Data for Starbucks, 2002-2004: 

Table 13: Selected Financial Data for Sterling Bancshares (Fiscal Year 
2002, the First Two Quarters of Fiscal Year 2003): 

Figures: 

Figure 1: Existing System of Corporate Governance and Accounting 
Oversight Structures: 

Figure 2: Total Number of Restatement Announcements Identified, January 
1997-September 2005: 

Figure 3: Percentage of Listed Companies Restating, 2002-September 
2005: 

Figure 4: Restatements by Reason, January 1997-June 2002 and July 2002- 
September 2005: 

Figure 5: Who Prompted Restatements, January 1997-June 2002 versus July 
2002-September 2005: 

Figure 6: Immediate Market-Adjusted Impact on Market Capitalization of 
Restating Companies by Restatement Reason, July 2002-September 2005: 

Figure 7: UBS/Gallup Investor Optimism Index, October 1996-May 2006: 

Figure 8: Effect of Accounting Concerns on Investor Confidence in the 
Stock Market, March 2002-May 2006: 

Figure 9: Number of SEC Enforcement Actions and Financial Reporting and 
Issuer Disclosure Issues Initiated, Fiscal Years 1998-2005: 

Figure 10: Total Market Capitalization by Trading Market, 2005: 

Figure 11: Number of Restatements, by Research Study: 

Figure 12: Number of Companies Restating, 2003-2004, GAO versus Glass 
Lewis: 

Figure 13: Flowchart of SEC's Enforcement Process: 

Figure 14: Daily Stock Prices for AIG, July 1, 2004-February 28, 2006: 

Figure 15: Daily Stock Prices for Dynacq, January 2, 2002-May 31, 2005: 

Figure 16: Daily Stock Prices for Fannie Mae, October 1, 2002-February 
28, 2006: 

Figure 17: Daily Stock Prices for Qwest, January 2, 2001February 28, 
2004: 

Figure 18: Daily Stock Prices for Starbucks, June 1, 2004-April 28, 
2006: 

Figure 19: Daily Stock Prices for Sterling Bancshares, April 1, 2003- 
April 30, 2004: 

Abbreviations: 

AAER: Accounting and Auditing Enforcement Release: 

AIG: American International Group, Inc. 

AIGFP: American International Group Financial Product: 

Amex: American Stock Exchange: 

AOL: AOL Time Warner Inc. 

CAO: chief accounting officer: 

CEO: chief executive officer: 

CFO: chief financial officer: 

CPA: certified public accountant: 

DOJ: Department of Justice: 

E&Y: Ernst & Young, LLP: 

EDGAR: Electronic Data Gathering, Analysis, and Retrieval system: 

EITF: Emerging Issues Task Force: 

ERISA: Employment Retirement Income Security Act of 1974: 

FAF: Financial Accounting Foundation: 

FASB: Financial Accounting Standards Board: 

GAAP: generally accepted accounting principles: 

HCG: Huron Consulting Group: 

IPR&D: in-process research and development: 

NYSE: New York Stock Exchange: 

NYSOAG: Office of the Attorney General for the State of New York: 

OFHEO: Office of Federal Housing Enterprise Oversight: 

OTC: over-the-counter: 

PCAOB: Public Company Accounting Oversight Board: 

SAS: Statement on Auditing Standards: 

SEC: Securities and Exchange Commission: 

SFAS: Statement of Financial Accounting Standards: 

SIA: Securities Industry Association: 

TAQ: Trade and Quote: 

July 24, 2006: 

The Honorable Paul S. Sarbanes: 
Ranking Minority Member: 
Committee on Banking, Housing, and Urban Affairs: 
United States Senate: 

Dear Senator Sarbanes: 

Public confidence in financial reporting is critical to the effective 
functioning of the securities markets. However, restatements have 
resulted in billions of dollars of lost market capitalization, as 
markets react to news that companies plan to restate their prior 
financial statements or earnings reports. For example, in a 2002 
report, we estimated that restatements of financial statements or other 
financial information resulted in approximately $100 billion decline in 
market capitalization in the days surrounding the restatement 
announcement.[Footnote 1] Moreover, we found that from January 1997 
through June 2002, 845 public companies announced the need to restate 
their financial information because of financial reporting fraud and/or 
accounting errors.[Footnote 2] 

Responding to corporate failures and the financial reporting fraud that 
resulted in substantial losses to institutional and individual 
investors, Congress passed the Sarbanes-Oxley Act in 2002 (Sarbanes- 
Oxley Act).[Footnote 3] The act contains provisions affecting the 
financial reporting of public companies, including management 
assessment and auditor attestation about the effectiveness of internal 
controls. Industry observers expected that the number of public 
companies restating their financial statements would increase for some 
period of time because of increased scrutiny of internal controls over 
financial reporting, and then eventually level off as companies 
improved their controls. 

You asked that we update our 2002 report on restatements. In this 
report, we (1) determine the number of, reasons for, and other trends 
in restatements of previously reported financial information; (2) 
analyze the impact of restatement announcements on the restating 
companies' stock market capitalization; (3) research available data to 
determine the impact of restatements on investors' confidence in the 
existing U.S. system of financial reporting and capital markets; and 
(4) analyze Securities and Exchange Commission (SEC) enforcement 
actions involving accounting-and audit-related issues. 

To identify restatements, we used Lexis-Nexis, an online information 
service, to systematically search for restatement announcements using 
variations of "restate" and other relevant words. We then identified 
and collected information on 1,390 restatements announced by 1,121 
public companies--984 of which were listed companies on the New York 
Stock Exchange (NYSE), Nasdaq, and American Stock Exchange (Amex)--from 
July 1, 2002, to September 30, 2005, that involved corrections of 
previously reported financial results.[Footnote 4] Throughout the 
report, we refer to the subset of companies with stock listed on NYSE, 
Nasdaq, and Amex as "listed." Our database generally excludes 
announcements involving stock splits, changes in accounting principles, 
and other announced restatements that were not made to correct errors 
in the application of accounting principles.[Footnote 5] We classified 
each of the 1,390 announced restatements we identified into one of nine 
categories: revenue recognition; cost-or expense; acquisitions and 
mergers; in-process research and development (IPR&D); reclassification; 
related-party transactions; restructuring, assets, or inventory; 
securities related; and "other" restatements. This classification 
process involved some degree of judgment and other researchers could 
interpret certain restatements differently. While several other studies 
have used a similar methodology, we know of no publicly available 
restatement list against which to compare the completeness of our list. 
However, we did review companies' SEC filings and Web sites to verify 
the accuracy of particular restatement announcement dates and reasons. 
We also compared some qualitative features of our database with 
proprietary information provided by financial consulting firms. We also 
compared companies in our database with a list of companies that had 
filed Form 8-K, Item 4.02, disclosures with SEC between August 2004 and 
September 2005 to identify companies that warranted further review 
concerning how they disclosed their restatement announcements. 

To determine the immediate impact on stock prices, as in our prior 
report, we used the standard event study methodology, which is widely 
accepted in the academic literature. We were able to analyze 1,061 of 
the 1,390 restatements that were announced from July 1, 2002, through 
September 30, 2005; we also collected information on other 
characteristics of restatement trends. We were unable to include 329 in 
our primary analysis because (1) they involved stocks not listed on 
NYSE, Nasdaq, or Amex; or (2) they were missing data for the relevant 
period for causes including trading suspensions, bankruptcies, and 
mergers. For the 1,061 cases, we analyzed the company's stock price 
from the trading day before through the trading day after the 
announcement date to assess the immediate impact and calculate the 
change in market capitalization. We analyzed the intermediate impact 
(20 trading days before and after the restatement announcement date) 
for 991 of the 1,390 restatements to capture any potential information 
leakage concerning potential restatements.[Footnote 6] We also analyzed 
the longer-term impact (60 trading days before and after the 
restatement announcement date) for 928 of the 1,390 restatements to 
gauge whether the company's stock prices rebounded over time.[Footnote 
7] In the immediate-, intermediate-, and longer-term calculations, we 
adjusted for overall market movements. Additionally, we performed a 
separate immediate impact analysis of the 329 announcements that we 
were unable to analyze in the primary event study, which was limited to 
a simple assessment of any changes in unadjusted market capitalization. 
To analyze the impact of restatements on investor confidence, we 
identified a number of indexes, reviewed quantitative research on the 
issue, conducted structured interviews with (and collected information) 
from experts in accounting and financial markets, and collected data on 
a variety of proxy measures. 

To obtain information about the recent enforcement actions SEC has 
taken involving accounting-and auditing-related issues, which may or 
may not involve a restatement, we collected information on SEC's 
enforcement process, reviewed available SEC information, and collected 
enforcement case data from over 800 Accounting-and Auditing-Related 
Enforcement Releases (AAER) issued from March 1, 2002, through 
September 30, 2005 posted on SEC's Web site as of July 1, 2006. We also 
interviewed officials from SEC and the Public Company Accounting 
Oversight Board (PCAOB), which was established by the Sarbanes-Oxley 
Act to oversee the audits of public companies subject to the securities 
laws. 

We conducted our work between June 2005 and August 2006 in accordance 
with generally accepted government auditing standards. For additional 
information on our scope and methodology, see appendix I. 

Results in Brief: 

While the number of companies announcing financial restatements from 
2002 through September 2005 rose from 3.7 percent to 6.8 percent, 
restatement announcements identified grew about 67 percent over this 
period. Of the restatements identified, cost-or expense-related issues 
were the primary reason for restatements during this period and most 
were prompted by internal parties, such as management or internal 
auditors. Some industry observers commented that increased restatements 
were the expected byproduct of the greater focus--by company 
management, audit committees, external auditors, and regulators--on the 
quality of financial reporting. The cumulative totals were 919 
restatements over a 66-month period that ended June 30, 2002, and 1,390 
restatements over the 39-month period that ended September 30, 2005. 
Over the period of January 1, 2002, through September 30, 2005, the 
total number of restating companies (1,084) represents 16 percent of 
the average number of listed companies from 2002 to 2005, as compared 
to almost 8 percent during the 1997-2001 period. The median size (by 
market capitalization) of restating companies increased from $277 
million in 2002 to $682 million in 2005. For the July 2002 through 
September 2005 period, the 1,121 restating companies we identified 
(accounting for 1,390 restatement announcements) announced that they 
would restate their financial information for many reasons--for 
example, to adjust revenue, costs or expense, or address securities- 
related issues. Cost-or expense-related issues were the primary reason 
for restatements, which included numerous lease accounting issues in 
early 2005; overall cost-or expense related issues accounted for 35 
percent of the 1,390 announced restatements during this period. 
Internal parties (e.g., management or internal auditors) prompted a 
majority (58 percent) of the announced restatements, while external 
parties (e.g., external auditors or regulators) prompted nearly one- 
quarter (24 percent) of them; we were unable to identify the prompter 
in the remaining 18 percent. 

The market capitalization of the companies--those we were able to 
analyze from among the listed companies that we identified as 
announcing restatements of previously reported information between July 
2002 and September 2005--decreased an estimated $36 billion when 
adjusted for overall market movements (nearly $18 billion unadjusted) 
in the days around the initial restatement announcement.[Footnote 8] 
For the restating companies we analyzed, stock prices fell almost 2 
percent on average (market adjusted) from the trading day before 
through the trading day after an initial restatement announcement. This 
short-term impact ($36 billion), if realized, may have been significant 
for the companies and shareholders involved, but represents about 0.2 
percent of the combined total market capitalization of NYSE, Nasdaq, 
and Amex, which was $17 trillion in 2005. Although capturing the impact 
of a restatement announcement over intermediate and longer periods (20 
and 60 trading days before and after the event, respectively) is more 
difficult, our analyses suggest that restatement announcements have had 
a somewhat negative effect on stock prices beyond their immediate 
impact. The announced reasons for restatements also were a factor in 
how great an impact a restatement announcement had on stock prices. In 
a change from our previous report, cost-or expense-related issues were 
the most frequently cited reasons for restating and had the greatest 
impact on market capitalization in dollar terms, but as was the case in 
our previous report, restatements involving revenue issues and 
financial reporting fraud and/or accounting errors generally led to 
greater market losses than restatements for other reasons. 

Although researchers generally agree that restatements can have a 
negative effect on investor confidence, the surveys, indexes, and other 
proxies for investor confidence that we reviewed did not indicate 
definitively whether investor confidence increased or decreased since 
2002. To illustrate, some researchers noted that, since 2002, investors 
may have had more difficulty discerning whether a restatement 
represented a response to: aggressive or abusive accounting practices, 
the complexity of accounting standards, the remediation of past 
accounting deficiencies, or technical adjustments. However, several 
survey-based indexes and other proxies for investor sentiment did not 
indicate a consensus on the direction of investor confidence since 
2002. For example, a periodic UBS/Gallup survey, aimed at measuring 
investor confidence indicated that while concerns over corporate 
accounting practices still existed, overall investor confidence 
remained low primarily because of concerns such as high energy prices 
and the federal budget deficit. In contrast, the Yale confidence 
indexes, which found investor confidence levels were largely unaffected 
by the accounting scandals prior to 2003, more recently showed that 
institutional investors have slightly more confidence in the stock 
market--but results for individual investors were unclear.[Footnote 9] 
Finally, other measures and proxies for investor confidence indicated 
that increased financial restatements may not have had a negative 
impact on overall confidence or, if they had, any negative impact had 
been counterbalanced by other, more positive forces. 

The number of SEC enforcement cases involving financial fraud and 
issuer reporting issues increased from 79 in fiscal year 1998 to 185 in 
fiscal year 2005--a more than a 130 percent increase. Moreover, in 
fiscal year 2005, cases involving financial fraud and issuer reporting 
issues constituted the largest category of enforcement actions. The 
resources SEC devoted to enforcement grew as well. The financial 
debacles of the late 1990s and early 2000s spurred Congress to increase 
SEC's resources to help SEC better manage its increased workload. This 
resulted in a 22 percent increase in SEC's enforcement resources 
between fiscal years 2002 and 2003. Of the enforcement actions SEC 
resolved between March 1, 2002, and September 30, 2005, SEC brought 
about 90 percent against public companies or their directors, officers, 
and employees; the other 10 percent of the cases involved accounting 
firms and individuals affiliated with accounting firms. To address such 
violations, SEC sought a variety of penalties against these companies 
and individuals, including monetary sanctions, cease-and-desist orders, 
and bars on individuals appearing before SEC or serving as officers or 
directors in public companies. In addition, the newly created PCAOB 
also has broad investigative and disciplinary authority over public 
accounting firms that have registered with it and persons associated 
with such firms; PCAOB has initiated several enforcement actions since 
its inception. 

This report includes recommendations to SEC to help ensure compliance 
with its Form 8-K reporting requirements and make consistent existing 
SEC guidance on public company disclosures of restatements that result 
in non-reliance on previously issued financial statements. This would 
include investigating the instances of potential noncompliance that we 
identified and take any necessary actions to correct them. Moreover, to 
improve the consistency and transparency of information provided to 
markets about restatements, we recommend that SEC harmonize existing 
instructions and guidance concerning Item 4.02 by amending the 
instructions to Form 8-K and other relevant periodic filings to clearly 
state that an Item 4.02 disclosure on Form 8-K is required for all 
determinations of non-reliance on previously issued financial 
statements (Item 4.02), irrespective of whether such information has 
been disclosed on a periodic report or elsewhere. 

We requested comments on a draft of this report from the Chairmen of 
SEC and PCAOB. SEC and PCAOB provided written comments. In response to 
our recommendations, SEC noted that it would (1) continue its practice 
of examining instances of potential noncompliance and take appropriate 
actions, and (2) carefully consider our recommendation that it 
harmonize certain instructions and guidance related to restatements. 
PCAOB noted that as the overseer of the audit of public companies, it 
is very interested in the trends in financial restatements identified 
in the report and the impact on public companies and investors and 
thinks that the report will advance an understanding of this important 
issue. We reprinted SEC's and PCAOB's written comments in appendixes II 
and III, respectively, and discuss them in greater detail near the end 
of this report. Both SEC and PCAOB provided technical comments that 
were incorporated into the report as appropriate. We also obtained 
comments from officials at several of the companies selected as case 
studies in this report and have incorporated their comments as 
appropriate. 

Background: 

Public confidence in the reliability of financial reporting is critical 
to the effective functioning of the securities markets, and various 
federal laws and entities help ensure that the information provided 
meets such standards. Federal securities laws help to protect the 
investing public by requiring public companies to disclose financial 
and other information. SEC was established by the Securities Exchange 
Act of 1934 (the Exchange Act) to operationalize and enforce securities 
laws and oversee the integrity and stability of the market for publicly 
traded securities. SEC is the primary federal agency involved in 
accounting requirements for publicly traded companies. Under Section 
108 of the Sarbanes-Oxley Act, SEC has recognized the accounting 
standards set by the Financial Accounting Standards Board (FASB)-- 
generally accepted accounting principles (GAAP)--as "generally 
accepted" for the purposes of the federal securities laws. SEC reviews 
and comments on registrant filings and issues interpretive guidance and 
staff accounting bulletins on accounting matters. 

To issue securities for trading on an exchange, a public company must 
register the securities offering with SEC, and to register, the company 
must meet requirements set by the Exchange Act, as amended, including 
the periodic disclosure of financial and other information important to 
investors. The regulatory structure of U.S. markets is premised on a 
concept of corporate governance that makes officers and directors of a 
public company responsible for ensuring that the company's financial 
statements fully and accurately describe its financial condition and 
the results of its activities. Company financial information is 
publicly disclosed in financial statements that are to be prepared in 
accordance with standards set by FASB and guidance issued by SEC. The 
integrity of these financial statements is essential if they are to be 
useful to investors and other stakeholders. 

In addition to the requirements and standards previously discussed, the 
securities acts and subsequent law set requirements for annual audits 
of the financial statements by registered public accounting firms to 
help ensure the integrity of financial statements. The applicable 
standards under these laws require that auditors plan and perform the 
audit to obtain reasonable assurance about whether the financial 
statements are free of material misstatement. An audit includes an 
examination, on a test basis, of evidence supporting the amounts and 
disclosures in the financial statements; an assessment of the 
accounting principles used and significant estimates made by 
management; and an evaluation of the overall financial statement 
presentation. The purpose of the auditor's report is to provide 
reasonable assurance about whether the financial statements present 
fairly, in all material respects, the financial position of the 
company, the results of its operations, and its cash flows, in 
conformity with U.S. GAAP. 

The Sarbanes-Oxley Act reinforces principles and strengthens 
requirements (established in previous law), including measures for 
improving the accuracy, reliability, and transparency of corporate 
financial reporting. Specifically, Section 302 requires that the chief 
executive officer (CEO) and chief financial officer (CFO) must certify 
for each annual and quarterly report filed with SEC that they have 
reviewed the report; the report does not contain untrue statements or 
omissions of a material fact; and the financial information in the 
report is fairly presented. In addition, Section 404 requires company 
management to annually (1) assess its internal control over financial 
reporting and report the results to SEC and (2) have a registered 
public accounting firm attest to and report on management's assessment 
of effectiveness of internal control over financial reporting. While 
larger public companies have implemented Section 404, most companies 
with less than $75 million in public float--about 60 percent of all 
public companies--have yet to complete this process.[Footnote 10] (See 
app. IV for further discussion of the act.) 

To oversee the auditing of publicly traded companies, the Sarbanes- 
Oxley Act established PCAOB, a private-sector nonprofit organization. 
Subject to SEC oversight, PCAOB sets standards for, registers, and 
inspects the independent public accounting firms that audit public 
companies and has the authority to conduct investigations and 
disciplinary proceedings and impose sanctions for violations of law or 
PCAOB rules and standards. Specifically, Section 105 of the Sarbanes- 
Oxley Act granted PCAOB broad investigative and disciplinary authority 
over registered public accounting firms and persons associated with 
such firms. In May 2004, SEC approved PCAOB's rules implementing this 
authority. According to the rules, PCAOB staff may conduct 
investigations concerning any acts or practices, or omissions to act, 
by registered public accounting firms and persons associated with such 
firms, or both, that may violate any provision of the act, PCAOB rules, 
the provisions of the securities laws relating to the preparation and 
issuance of audit reports and the obligations and liabilities of 
accountants with respect thereto, including SEC rules issued under the 
act, or professional standards. Furthermore, PCAOB's rules require 
registered public accounting firms and their associated persons to 
cooperate with PCAOB investigations, including producing documents and 
providing testimony. The rules also permit PCAOB to seek information 
from other persons, including clients of registered firms. See figure 1 
for the existing system of corporate governance and accounting 
oversight structures. 

Figure 1: Existing System of Corporate Governance and Accounting 
Oversight Structures: 

[See PDF for image] - graphic text: 

Source: GAO. 

[A] SEC has delegated front-line regulation of broker-dealers to the 
self- regulatory organizations. NASD was previously known as the 
National Association of Securities Dealers. 

[B] FAF refers to the Financial Accounting Foundation. 

[C] SEC has recognized the accounting standards set by the Financial 
Accounting Standards Board (FASB) to be "generally accepted" for the 
purposes of the securities laws. 

[D] EITF refers to FASB's Emerging Issues Task Force. 

[End of figure] - graphic text: 

The Number of Restatements Has Continued to Grow and New Trends Have 
Emerged: 

Although the number of public companies restating their publicly 
reported financial information due to financial reporting fraud and/or 
accounting errors remained a relatively small percentage of all 
publicly listed companies, the number of restatements has grown since 
2002. For example, 314 companies announced restatements in 2002 and 523 
announced restatements in 2005 (through September). In addition, of the 
1,390 announced restatements we identified, the percentage of large 
companies announcing restatements has continued to grow since 
2002.[Footnote 11]While large and small companies restate their 
financial results for varying reasons, change in cost-or expense- 
related items, which includes lease accounting issues, was the most 
frequently cited reason for restating. While both internal and external 
parties could prompt restatements, internal parties such as company 
management or internal auditors prompted the majority of restatement 
announcements. Finally, we found that, despite SEC's efforts to create 
a more transparent mechanism for disclosing restatements through 
revisions to Form 8-K, some companies had not properly filed such 
disclosures and continued to announce intentions to restate previous 
financial statements results in a variety of other formats. 

The Number of Restatement Announcements Grew since 2002, as Did the 
Number of Listed Companies Restating: 

The number of annual announcements of financial restatements generally 
increased, from 314 in 2002 to 523 in 2005 (through September)--an 
increase of approximately 67 percent (see fig. 2). This constituted a 
nearly five-fold increase from 92 in 1997 to 523 in 2005. Furthermore, 
from July 2002 through September 2005, a total of 1,121 public 
companies made 1,390 restatement announcements.[Footnote 12] Some 
industry observers noted that several factors may have prompted more 
U.S. publicly traded companies to restate previously reported financial 
results, including (1) the financial reporting requirements of the 
Sarbanes-Oxley Act, especially the certification of financial reports 
required by Section 302 and the internal controls provisions of Section 
404; (2) increased scrutiny from the newly formed PCAOB through its 
inspections of registered public accounting firms; and (3) increased 
staffing and review by SEC. 

Figure 2: Total Number of Restatement Announcements Identified, January 
1997-September 2005: 

[See PDF for image] - graphic text: 

Source: GAO analysis of relevant press releases and SEC filings. 

Notes: Includes restatement announcements by larger public companies 
traded on the Over-the-Counter (OTC) Bulletin Board and on the National 
Quotation Service Bureau's Pink Sheets (Pink Sheets). 

[End of figure] - graphic text: 

As the number of restatement announcements rose, the numbers of listed 
companies making the announcements increased as well. While the average 
number of companies listed on NYSE, Nasdaq, and Amex decreased about 10 
percent from 7,144 in 2002 to 6,473 in 2005, the number of listed 
companies restating their financial results increased from 265 in 2002 
to 439 in 2005 (through September), representing about a 67 percent 
increase (see table 1). On a yearly basis, the proportion of listed 
companies restating grew from 3.7 percent in 2002 to 6.8 percent in 
2005. Over the period of January 1, 2002, through September 30, 2005, 
the total number of restating companies (1,084) represents 16 percent 
of the average number of listed companies from 2002 to 2005, as 
compared to almost 8 percent during the 1997-2001 period. 

Table 1: Number of Listed Restating Companies as a Percentage of 
Average Listed Companies, 2002-September 2005: 

Year: 2002; 
Number of companies listed[A]: 7,144; 
Number of listed companies restating[B]: 265; 
Percent of listed companies restating: 3.7. 

Year: 2003; 
Number of companies listed[A]: 6,780; 
Number of listed companies restating[B]: 237; 
Percent of listed companies restating: 3.5. 

Year: 2004; 
Number of companies listed[A]: 6,729; 
Number of listed companies restating[B]: 294; 
Percent of listed companies restating: 4.4. 

Year: 2005; 
Number of companies listed[A]: 6,473; 
Number of listed companies restating[B]: 439; 
Percent of listed companies restating: 6.8. 

Sources: GAO analysis of restatement announcements; NYSE, Nasdaq and 
SEC. 

[A] The numbers of listed companies (NYSE-, Nasdaq-, and Amex-listed 
companies) for each year from 2002 to 2004 are based on year-end 
totals. The number of NYSE-and Amex-listed companies for 2005 is 
through March. The number of Nasdaq-listed companies for 2005 is 
through June. 

[B] Companies that restated more than one time are counted only once in 
the yearly total. Also, note that the number of listed companies 
restating differs from the total number of restatements because not all 
companies that restated were listed on NYSE, Nasdaq, or Amex, and some 
companies restated multiple times. For example, in 2004, there were 370 
restatements; however, 46 were attributed to companies not listed on a 
major exchange. There were 294 listed companies that were responsible 
for 324 of the restatement announcements in 2004, with some companies 
announcing more than once. 

[End of table] 

A number of other researchers also found that restatements had 
increased since calendar year 2002. The researchers used somewhat 
different search methodologies to identify companies that restate 
previously reported financial information and included slightly 
different criteria for inclusion but arrived at similar conclusions. 
The Huron Consulting Group (HCG) identified 1,067 financial statement 
restatements from 2002 to 2004 and noted that the increase was 
significant from 2003 to 2004.[Footnote 13] Also, Glass, Lewis & Co. 
LLC (Glass Lewis) identified 2,319 restatements of previously issued 
financial information by U.S. public companies from 2003 to 2005 and 
also found an increase in the number of restatements over that 
period.[Footnote 14] Unlike our work, which included a limited number 
of companies traded OTC Bulletin Board or on Pink Sheets, the Glass 
Lewis study also included hundreds of smaller companies quoted on the 
OTC Bulletin Board or on Pink Sheets that generally lacked analyst 
coverage. See appendix VI for a comparison of various restatements 
studies. 

The Percentage of Large Companies Restating Has Continued to Grow: 

For the restatements we identified, the number of large companies 
announcing restatements of their previously reported financial 
information due to financial reporting fraud and/or accounting errors 
has increased. More specifically, large companies (i.e., companies 
having over $1 billion in total assets), as a percentage of the total 
restating companies have increased from about 30 percent in 2001 to 
over 37 percent in 2005. Likewise, the average market capitalization of 
a company announcing a restatement (for which we had data) has grown 
from under $3 billion (with a median of $277 million) in the latter 
half of 2002 to over $10 billion (with a median of $682 million) 
through September 2005. While the average size of listed companies 
increased about 68 percent from 2002 to 2005, the average size of 
companies restating their financials grew almost 300 percent. 

Another indication that large public companies announcing restatements 
has continued to increase, is the number of companies identified as 
announcing restatements that are listed on the NYSE, which has more 
large companies than the other U.S. stock exchanges.[Footnote 15] For 
example, between 2002 and September 2005, the number of NYSE-listed 
companies announcing restatements had increased 64 percent from 114 to 
187.[Footnote 16] During the same time, the number of Nasdaq-listed 
companies announcing restatements increased 55 percent from 137 to 212, 
and the number of Amex-listed restating companies increased more than 
175 percent from 14 to 40.[Footnote 17] 

While more Nasdaq-listed companies announced restatements than NYSE- 
listed companies, the proportion of NYSE-listed companies restating 
(relative to the total number of companies listed on the NYSE) 
surpassed Nasdaq-listed companies over the period 2002-2005.[Footnote 
18] As figure 3 illustrates, for the announced restatements we 
identified, in 2002, about 4 percent of NYSE-listed companies announced 
restatements for financial reporting fraud and/or accounting errors, 
whereas this percentage rose to more than 7 percent by September 2005. 
During the same period, the percentage of Nasdaq-listed restating 
companies rose from less than 4 percent to almost 7 percent. From 2002 
to 2005, the percentage of NYSE-and Nasdaq-listed companies restating 
essentially mirrored each other in movement throughout the period by 
declining and then increasing. However, the percentage of Amex-listed 
restating companies rose each year during the 2002 to September 2005 
period from about 2.0 percent to almost 5.5 percent. 

Figure 3: Percentage of Listed Companies Restating, 2002-September 
2005: 

[See PDF for image] - graphic text: 

Source: GAO analysis of NASDAQ and SEC data on listed companies. 

Note: The 2005 figures are based on restatement announcements collected 
through September 2005. 

[End of figure] - graphic text: 

Restatement Announcements Most Frequently Were Made for Cost-or Expense-
Related Reasons: 

Although public companies restate their financial results for a variety 
of reasons, cost-or expense-related issues accounted for more than one- 
third of the 1,390 restatement announcements identified from July 2002 
through September 2005 (see fig. 4). We classified cost-or expense- 
related restatements generally to include a company understating or 
overstating costs or expenses, improperly classifying expenses, or any 
other mistakes or improprieties that led to misreported costs. Lease 
accounting issues that surfaced in early 2005 were also included in 
this category. 

Figure 4: Restatements by Reason, January 1997-June 2002 and July 2002- 
September 2005: 

[See PDF for image] - graphic text: 

Source: GAO analysis of initial restatement announcement. 

Note: Our database includes announced restatements that were being made 
to correct material misstatements of previously reported financial 
information. Therefore, our database excludes announcements involving 
stock splits, changes in accounting principles, and other restatements 
that were not made to correct mistakes in the application of accounting 
standards. For this report, we found only one restatement announcement 
resulting from IPR&D. 

[End of figure] - graphic text: 

Our analysis also shows a significant drop in restatements announced 
for revenue recognition reasons, which had accounted for almost 38 
percent of the restatements in our 2002 report. Cost-or expense-related 
issues surpassed revenue recognition issues as the most frequently 
identified cause of restatements primarily because of a large number of 
announcements made in early 2005 to correct accounting for leases by 
the retail/restaurant industry and tax-related issues. For example, 135 
public companies announced restatements involving issues solely related 
to accounting for leases in 2005 after SEC chief accountant's February 
7, 2005, letter regarding the treatment of certain leases and leasehold 
improvements.[Footnote 19] However, revenue recognition remained the 
second most frequently identified reason for restatements from July 
2002 through September 2005, accounting for 20 percent of all the 
restatements. Actions that we classified under "revenue recognition" 
included a company recognizing revenue sooner or later than would have 
been allowed under GAAP, or recognizing questionable or invalid 
revenue. (See table 2 for a description of each reason.) 

Table 2: Financial Restatement Category Descriptions: 

Category: Cost or expense; 
Description: Restatements due to improper accounting for costs or 
expenses. This category generally includes a company understating or 
overstating costs or expenses, improperly classifying expenses, or any 
other number of mistakes or improprieties that led to misreported 
costs. It also includes improper treatment of expenses related to tax 
liabilities and tax reserves. In addition, it includes improper 
treatment of financing arrangements, such as leases, when a related 
asset was improperly capitalized or expensed as part of the financing 
arrangement. Improperly reserved litigation restatements are also 
included in this category. 

Category: Revenue recognition; 
Description: Restatements due to improper revenue accounting. This 
category includes instances in which: revenue was improperly 
recognized, questionable revenues were recognized, or any number of 
other mistakes or improprieties that led to misreported revenue. Also 
included in this category are transactions with non-related parties 
that artificially inflate volume and revenues, through the simultaneous 
purchase and sale of products between colluding companies. These are 
known as round-trip transactions. 

Category: Securities-related; 
Description: Restatements due to improper accounting for derivatives, 
warrants, stock options and other convertible securities. 

Category: Restructuring, assets, or inventory; 
Description: Restatements due to asset impairment, errors relating to 
accounting treatment of investments, timing and amount of asset write-
downs, goodwill and other intangibles, restructuring activity and 
inventory valuation, and inventory quantity issues. 

Category: Reclassification; 
Description: Restatements due to improperly classified financial 
statement items, i.e., current liabilities classified as long-term debt 
on the balance sheet, or cash flows from operating activities 
classified as cash flows from financing activities on the statement of 
cash flows. 

Category: Other; 
Description: Any restatement not covered by the listed categories. 
Includes restatements due to inadequate loan-loss reserves, delinquent 
loans, loan write-offs, or other allowances for doubtful accounts or 
accounting estimates; and restatements due to fraud or accounting 
errors that were left unspecified. 

Category: Acquisition and merger; 
Description: Restatements due to improper accounting for--or a complete 
lack of accounting for-- acquisitions or mergers. These include 
instances in which the wrong accounting method was used, or losses or 
gains related to the acquisition were understated or overstated. 

Category: Related-party transaction; 
Description: Restatements due to inadequate disclosure or improper 
accounting of revenues, expenses, debts, or assets involving 
transactions or relationships with related parties. 

Category: In-process research and development; 
Description: Restatements resulting from instances in which improper 
accounting methodologies were used to value in-process research and 
development at the time of an acquisition. 

Source: GAO. 

Note: We excluded announcements involving stock splits, changes in 
accounting principles, and other financial statement restatements that 
were made for reasons other than correcting for financial reporting 
fraud and/or accounting errors. 

[End of table] 

Internal Parties Prompted the Majority of Restatements Announced from 
2002 through 2005: 

While both internal and external parties--such as the restating 
company's management or internal auditor, an external auditor, SEC, or 
others--can prompt restatements, about 58 percent of the 1,390 
announced restatements were prompted by internal parties. This was an 
increase from about 49 percent in our 2002 report. However, in both our 
prior report and this report, external parties may have been involved 
in discovering some of these misstatements, even if the companies may 
not have made that information clear in their restatement announcements 
or SEC filings. The external auditor, SEC, or some other external party 
such as the media (as in the case of an August 2002 restatement 
announcement by AOL Time Warner Inc. (AOL)), was identified as 
prompting the restatement in 24 percent of the announcements (compared 
to 16 percent in our 2002 report). In the remaining 18 percent of the 
announcements (compared with 35 percent in our 2002 report), we were 
not able to determine who prompted the restatement because the 
announcement or SEC filing did not clearly state who discovered the 
misstatement of the company's prior financial results. 

Figure 5: Who Prompted Restatements, January 1997-June 2002 versus July 
2002-September 2005: 

[See PDF for image] - graphic text: 

Source: GAO analysis of GAO-identified initial restatement 
announcements. 

[End of figure] - graphic text: 

While SEC Revised Its Forms to Make Disclosures of Certain Restatements 
More Uniform, Many Companies Continue to File in Other Formats: 

SEC has revised Form 8-K, in part, to make information on financial 
restatements more uniform and apparent to investors, but many companies 
appeared to have filed potentially deficient filings. In addition, 
conflicting instructions and guidance resulted in some companies 
disclosing similar financial information in varying degrees and 
formats. In a 2003 report required by the Sarbanes-Oxley Act, SEC 
proposed to address the lack of uniformity by amending several of its 
periodic disclosure forms--essentially to make issuers' public 
notification of financial information uniform.[Footnote 20] 
Specifically, in its report, SEC proposed to amend Form 8-K to add a 
specific line item for public companies to disclose what was restated 
and why. 

In March 2004, consistent with its proposal in the 2003 report, SEC 
amended Form 8-K to, among other things, add a new line item (Item 
4.02), which requires public companies to file the Form 8-K (Item 4.02) 
within 4 business days if management or the company's independent 
auditors determine that previously issued financial statements should 
not be relied upon.[Footnote 21] This alerts investors to potentially 
important company events that may impact their investment decision. 
This change became effective August 23, 2004. This change to Form 8-K 
included a limited safe harbor for failure to timely file an 8-K in 
certain situations, including in a situation in which the company makes 
the determination the financial statements may not be relied upon, but 
not in a situation when the independent auditor makes such a 
determination. 

In November 2004, SEC issued additional guidance to address questions 
concerning the revised disclosures. This "Frequently Asked Questions" 
guidance states that a Form 8-K is required for Item 4.01 (Change in 
Accountant) and Item 4.02 events, even if a periodic report such as a 
Form 10-K or 10-Q disclosing such information is filed during the 4 
business days following the event. The amended forms and the amended 
rules do not make this Form 8-K filing requirement clear, and instead 
indicate that the filing of a Form 8-K may not be required if 
previously reported. Specifically, the instructions for Form 8-K state 
that a public company is not required to file a Form 8-K when, 
substantially the same information has been previously disclosed on a 
periodic report. 

Between August 23, 2004, and September 30, 2005, about 17 percent of 
restating companies (111 companies) did not appear to file a Form 8-K 
for restatements as required by SEC guidance.[Footnote 22] According to 
our analysis, about 30 percent of restating companies (34 companies), 
during this same time period, failed to file a Form 8-K disclosing 
their restatements. It appears that these companies either failed to 
disclose the announced restatement at all or disclosed it in a Form 10- 
K or 10-Q or an amended form. The remaining 77 companies filed a Form 8-
K disclosing their restatement, but under items other than the required 
4.02--such as 2.02 (Results of Operations and Financial Condition) or 
8.01 (Other Events). Furthermore, we found that the companies filing 
these potentially deficient filings included a mix of large and small 
companies. For example, over one-third of the 111 companies we 
identified were large companies (as measured by market capitalization, 
asset size, or revenue). Moreover, a study by Glass Lewis found that 
about one-third of companies restating in calendar year 2005 did not 
file a Form 8-K (Item 4.02) to notify investors, or the public in 
general, about such a corporate event. 

Market Capitalization of Restating Companies Decreased by Billions in 
the Days Surrounding Restatement Announcements, but Was Less Severe 
Than in Our Prior Report: 

We estimated that--from the trading day before through the trading day 
after an initial restatement announcement--stock prices of the 
restating companies decreased by an average of almost 2 percent, 
compared with an average decline of nearly 10 percent in our 2002 
report.[Footnote 23] In addition, we estimated that the market 
capitalization of restating companies decreased by over $36 billion 
when adjusted for overall market movements (nearly $18 billion 
unadjusted) compared to adjusted and unadjusted declines of around $100 
billion reported in 2002. These declines, while potentially significant 
for the investors involved, if realized, represented about 0.2 percent 
of the total market capitalization of the three securities exchanges, 
which was about $17 trillion in 2005. The reasons for restatements also 
appear to have affected the severity of the impact on market 
capitalization, with restatements for reasons that could involve 
financial reporting fraud or other unspecified causes resulting in the 
most severe size-adjusted market reaction on average. However, revenue 
issues continued to have a sizeable impact and, in a change from our 
previous report, cost-or expense-related restatements had the greatest 
impact in dollar terms because there are more of them. We also found 
that the market impact of restatement announcements on restating 
companies over longer periods was mixed, in contrast to our prior 
report, in which we found larger, more persistent stock price and 
market capitalization declines for restating companies. 

On Average, Stock Prices Fell over the Days Surrounding the Initial 
Restatement Announcement: 

We estimated that, for the 1,061 cases we were able to analyze from 
July 1, 2002, to September 30, 2005, the stock prices of companies 
making an initial restatement announcement fell by almost 2 percent 
(market-adjusted), on average, from the trading day before through the 
day after the announcement (the immediate impact). Unadjusted losses in 
the market capitalization of restating companies totaled nearly $18 
billion, ranging from a net gain of almost $9 billion from July through 
December 2002 to a loss of about $16 billion for 2004 (see table 3). 
But, when the losses were adjusted for general movements in the overall 
market, the market capitalization of the restating companies decreased 
an estimated $36 billion. 

Table 3: Summary of Immediate Impact of Restatement Announcements on 
Restating Companies' Market Capitalization, July 2002-September 2005: 

Period: July-December 2002; 
Percent of market-adjusted increase (decrease) in stock price: (4.1 %); 
Total unadjusted increase (decrease) in market capitalization: (dollars 
in billions): $8.7; 
Total market-adjusted increase (decrease) in market capitalization: 
(dollars in billions): $2.1; 
Number of restatement announcements analyzed: 121 of 189. 

Period: 2003; 
Percent of market-adjusted increase (decrease) in stock price: (1.6); 
Total unadjusted increase (decrease) in market capitalization: (dollars 
in billions): (13.6); 
Total market-adjusted increase (decrease) in market capitalization: 
(dollars in billions): (20.1); 
Number of restatement announcements analyzed: 242 of 308. 

Period: 2004; 
Percent of market-adjusted increase (decrease) in stock price: (2.5); 
Total unadjusted increase (decrease) in market capitalization: (dollars 
in billions): (16.4); 
Total market-adjusted increase (decrease) in market capitalization: 
(dollars in billions): (16.6); 
Number of restatement announcements analyzed: 297 of 370. 

Period: January-September 2005; 
Percent of market-adjusted increase (decrease) in stock price: (1.0); 
Total unadjusted increase (decrease) in market capitalization: (dollars 
in billions): 3.7; 
Total market- adjusted increase (decrease) in market capitalization: 
(dollars in billions): (1.9); 
Number of restatement announcements analyzed: 401 of 523. 

Period: Total (July 2002-September 2005); 
Percent of market-adjusted increase (decrease) in stock price: (1.9); 
Total unadjusted increase (decrease) in market capitalization: (dollars 
in billions): ($17.7); 
Total market-adjusted increase (decrease) in market capitalization: 
(dollars in billions): ($36.5); 
Number of restatement announcements analyzed: 1,061 of 1,390. 

Sources: GAO, NYSE's TAQ, and SEC. 

Notes: The changes in stock prices (measured by average holding period 
abnormal returns) were statistically different from zero at the 5 
percent level of significance for all periods except 2003. We excluded 
329 restatement announcements because they involved companies that were 
not listed on NYSE, Nasdaq, or Amex, or had missing data because of 
trading suspensions, delistings, bankruptcies, mergers, or other 
reasons noted in appendix I. Numbers may not sum due to rounding. 

[End of table] 

In our prior report, we found that the immediate impact was an average 
decline in stock price of nearly 10 percent and a decline, both 
adjusted and unadjusted, in market capitalization of around $100 
billion. Thus, in total, the immediate impact for July 2002-2005 
appeared to be less severe. The smaller average decline in stock price 
(a 2 percent decline compared with a nearly 10 percent decline) 
suggested that the market's reaction for each company, on average, was 
not as severe. On an annual basis, and when not adjusted for market 
movements, in the current report the average annual decline was $5.4 
billion, compared with $18.2 billion, in our 2002 report. However, when 
market-adjusted, the average decline was $11.2 billion over the 
analysis period for this report, compared with an average $17.4 billion 
decline for the period covered in our prior report. The increased 
severity of the market-adjusted immediate impact on market 
capitalization likely reflected the more negative reaction to a 
restatement announcement given the generally positive overall market 
movement during the 2003-2005 period, and could also reflect the fact 
that more, larger companies announced restatements in the July 2002-
2005 period. 

The immediate impact on the market capitalization of restating 
companies, while potentially large for the investors involved, if 
realized, generally was less than 0.2 percent of the total market 
capitalization of companies listed on NYSE, Nasdaq, and Amex for a 
given year during 2002-2005, ranging in magnitude from 0.01 percent to 
0.14 percent (see table 4). That the immediate impact--as a percentage 
of total market capitalization--would appear relatively small is not 
surprising, considering the short trading day interval that we 
analyzed. We chose the 3-trading-day window to focus as much as 
possible on the restatement announcement, to the exclusion of other 
factors.[Footnote 24] Later in this report, we examine losses over 
longer periods, as well as the effects of restatements on overall 
market confidence. 

Table 4: Summary of Immediate Impact on Restating Company Market 
Capitalization as a Percentage of Total Market Capitalization, July 
2002-September 2005: 

Period: July-December 2002; 
Total market capitalization of listed companies: (dollars in billions): 
$11,055; 
Total adjusted increase (decrease) in market capitalization of 
restating companies: (dollars in billions): $2.1; 
Total adjusted increase (decrease) in market capitalization as a 
percentage of total market-capitalization: 0.02%. 

Period: 2003; 
Total market capitalization of listed companies: (dollars in billions): 
14,266; 
Total adjusted increase (decrease) in market capitalization of 
restating companies: (dollars in billions): (20.1); 
Total adjusted increase (decrease) in market capitalization as a 
percentage of total market-capitalization: (0.14). 

Period: 2004; 
Total market capitalization of listed companies: (dollars in billions): 
16,324; 
Total adjusted increase (decrease) in market capitalization of 
restating companies: (dollars in billions): (16.6); 
Total adjusted increase (decrease) in market capitalization as a 
percentage of total market-capitalization: (0.10). 

Period: January-September 2005; 
Total market capitalization of listed companies: (dollars in billions): 
17,001; 
Total adjusted increase (decrease) in market capitalization of 
restating companies: (dollars in billions): (1.9); 
Total adjusted increase (decrease) in market capitalization as a 
percentage of total market-capitalization: (0.01). 

Period: Total (July 2002-September 2005); 
Total market capitalization of listed companies: (dollars in billions): 
$14,662; 
Total adjusted increase (decrease) in market capitalization of 
restating companies: (dollars in billions): ($36.5); 
Total adjusted increase (decrease) in market capitalization as a 
percentage of total market-capitalization: (0.25). 

Sources: GAO, NYSE's TAQ, SEC, and World Federation of Exchanges. 

Notes: Data on the total market capitalization of listed companies are 
as of year-end. We excluded 329 restatement announcements for a variety 
of reasons, including cases that involved companies that were not 
listed on NYSE, Nasdaq, or Amex; and announcements that involved 
missing data because of trading suspensions, delistings, bankruptcies, 
and mergers. Numbers may not sum due to rounding. 

[End of table] 

While our analysis generally showed declines in market capitalization, 
the results for the second half of 2002 were positive and can be 
explained in large part by the influence of two large companies--Tyco 
International Ltd. (Tyco) and AOL. The market reactions to the 
restatement announcements of the two companies resulted in adjusted 
market capitalization gains of $4.5 billion. In the cases of Tyco and 
AOL, both of which involved revenue recognition issues, the restatement 
announcements came weeks or months after initial news of potential 
accounting fraud and errors surfaced, and so the market had likely 
already anticipated these announcements and factored the information 
into the companies' stock prices well before the restatement 
announcement. Over the 3 trading days surrounding the announcement 
dates that we identified, Tyco's market capitalization increased by 
around $2.8 billion and AOL's market capitalization increased by around 
$1.6 billion. 

We also conducted a separate analysis of the immediate impact of 
restatement announcements for the 329 announcements that we were unable 
to analyze in the primary event study. This group included 159 
announcements that were attributed to companies with stock not listed 
on the exchanges. We limited this additional analysis to a simple 
assessment of the unadjusted change in market capitalization over the 
three trading days surrounding the restatement announcement, generally 
relying on data we obtained from SEC's and Nasdaq's Web sites. We were 
able to gather sufficient data to analyze 242 of the 329 announcements 
(114 announcements made by listed companies and 128 announcements made 
by unlisted companies).[Footnote 25] We estimated that, on average, 
these restatement announcements resulted in an average decline in 
market capitalization of 1.5 percent from the trading day before the 
announcement through the trading day after the announcement, reflecting 
an unadjusted decline of about $3.7 billion in addition to the nearly 
$18 billion decline estimated in the primary event study. 

Reasons That Could Involve Reporting Fraud or Other Unspecified Issues, 
and Revenue Recognition Issues Continued to Significantly Impact Market 
Capitalization; but Cost or Expense Issues Produced Greater Dollar 
Losses: 

Announcements made for reasons that could involve financial reporting 
fraud or other unspecified causes, which we classified in the Other 
category, as well as restructuring and revenue recognition-related 
issues, had the largest negative impact on market capitalization when 
adjusted for the size of a restating company (see fig. 6); however, 
when measured in dollars, cost-or expense-related restatement 
announcements accounted for more of the immediate decline in market 
capitalization than each of the other reasons, over our analysis 
period.[Footnote 26] These results are different from the findings in 
our earlier report, suggesting that the nature of the market response 
to restatements may have changed in some respects. (We discuss how 
different types of restatements may have affected investor confidence 
in another section of this report.) To assess the immediate market 
impact of a given type of restatement on a restating company's market 
capitalization, we computed the ratio of the estimated change in the 
company's market capitalization to the company's total market 
capitalization over the 3 trading days surrounding the announcement of 
a restatement. We then averaged these impacts for each reason. 

Figure 6: Immediate Market-Adjusted Impact on Market Capitalization of 
Restating Companies by Restatement Reason, July 2002-September 2005: 

[See PDF for image] - graphic text: 

Source: GAO analysis of initial restatement announcements; NYSE TAQ, 
and SEC data. 

Notes: Company size is measured by market capitalization. This figure 
illustrates the average change in market capitalization (the immediate 
impact) as a percentage of restating company market capitalization. The 
single observation categorized as IPR&D was omitted from this figure. 

[End of figure] - graphic text: 

While restatement announcements involving related-party transactions, 
which can revolve around revenue issues, appeared to have the largest 
negative impact, this result was not statistically different from zero. 
This category accounted for a relatively small number of restatements, 
and the results were heavily influenced by three announcements that had 
sizeable market reactions.[Footnote 27] 

In contrast to our previous report, in which positive responses to two 
large restatements attributed to restructuring, asset impairment, and 
inventory issues led to market gains in that category, restatements 
made for these reasons in 2002-2005 represented about 29 percent of the 
market-adjusted market capitalization losses. These reasons accounted 
for about 11 percent of the cases we analyzed, and the median size of a 
company restating for these reasons was $504 million. 

The effect of restatements announced for revenue recognition issues on 
market capitalization initially appeared weaker than in our previous 
report. Restatements involving revenue recognition accounted for almost 
20 percent of the cases, but only around 10 percent of the market- 
adjusted market capitalization losses. The median size of a company 
restating for this reason was $321 million; thus it appears that 
companies announcing restatements for revenue recognition reasons 
tended to be smaller. However, when adjusted by the size of the 
restating company, restatement announcements involving revenue 
recognition issues (more than many other reasons) resulted in an 
average loss that represented a larger percentage of a restating 
company's market capitalization. 

Cost-or expense-related restatements had a greater effect on market 
capitalization than in our previous report, and were distinguished from 
restatements for other reasons in three ways. First by dollars, cost-or 
expense-related restatement announcements accounted for more of the 
immediate declines in market capitalization than other reasons over our 
analysis period. More specifically, cost-or expense-related restatement 
announcements accounted for $15.2 billion, or about 42 percent, of the 
$36.5 billion in total losses (market-adjusted) over our analysis 
period. This decline was driven in large part by the January 9, 2004, 
restatement announcements by Shell Transport and Trading Company, plc, 
and Royal Dutch Petroleum Company, which represented a decline in 
estimated market capitalization attributed to the cost-or expense 
category of over $4 billion. Second, when measured by median market 
capitalization, companies announcing restatements involving cost or 
expense issues were the largest. The median size of a company restating 
for cost or expense reasons was $632 million. Furthermore, of the 1,061 
cases analyzed, cost or expense was the most frequently cited reason 
for restating (38 percent).[Footnote 28] 

Finally, the market did not perceive all restatements negatively. We 
found that announcements involving the acquisition and merger category-
-with a median company size of $318 million--resulted in an overall 
increase of over $1.5 billion in market capitalization. The positive 
results are in significant contrast to our previous report, in which we 
attributed more than $19 billion in market capitalization decline to 
this category. 

Restatement Announcements Continued to Have Some Longer-Term Impact on 
the Market Capitalization of Restating Companies: 

Our analysis of restatement announcements showed mixed results over 
intermediate and longer periods, but these announcements overall tended 
to have some longer-term impacts. On a market-adjusted basis, from 20 
trading days before through 20 trading days after a restatement 
announcement (the intermediate impact), we estimated that the stock 
prices of restating companies declined by nearly 2 percent on average, 
and their market capitalization declined by over $78 billion in 
aggregate; whereas, on an unadjusted basis, the market capitalization 
of restating companies decreased around $5 billion (see table 
5).[Footnote 29] This suggests that the reaction was more negative than 
expected given the movement in the overall market. 

Table 5: Summary of Intermediate Impact of Restatement Announcements on 
Restating Companies' Market Capitalization, July 2002-September 2005: 

Period: July-December 2002; 
Percent of market-adjusted increase (decrease) in stock price: (4.7%); 
Total unadjusted increase (decrease) in market capitalization: (dollars 
in billions): ($8.7); 
Total market- adjusted increase (decrease) in market capitalization: 
(dollars in billions): ($13.7); 
Number of restatement announcements analyzed: 116 of 189. 

Period: 2003; 
Percent of market-adjusted increase (decrease) in stock price: 0.5; 
Total unadjusted increase (decrease) in market capitalization: (dollars 
in billions): (25.7); 
Total market-adjusted increase (decrease) in market capitalization: 
(dollars in billions): (49.4); 
Number of restatement announcements analyzed: 225 of 308. 

Period: 2004; 
Percent of market-adjusted increase (decrease) in stock price: (3.8); 
Total unadjusted increase (decrease) in market capitalization: (dollars 
in billions): (2.6); 
Total market-adjusted increase (decrease) in market capitalization: 
(dollars in billions): (34.6); 
Number of restatement announcements analyzed: 273 of 370. 

Period: January-September 2005; 
Percent of market-adjusted increase (decrease) in stock price: (0.6); 
Total unadjusted increase (decrease) in market capitalization: (dollars 
in billions): 31.7; 
Total market- adjusted increase (decrease) in market capitalization: 
(dollars in billions): 19.1; 
Number of restatement announcements analyzed: 377 of 523. 

Period: Total (July 2002-September 2005); 
Percent of market-adjusted increase (decrease) in stock price: (1.7); 
Total unadjusted increase (decrease) in market capitalization: (dollars 
in billions): ($5.2); 
Total market-adjusted increase (decrease) in market capitalization: 
(dollars in billions): ($78.6); 
Number of restatement announcements analyzed: 991 of 1,390. 

Sources: GAO, NYSE's TAQ, and SEC. 

Notes: We excluded 399 restatement announcements for a variety of 
reasons, including those cases that involved companies not listed on 
NYSE, Nasdaq, or Amex; and announcements that involved missing data 
resulting from trading suspensions, delistings, bankruptcies, and 
mergers. 

[End of table] 

On a market-adjusted basis, from 60 trading days before through 60 
trading days after the announcement (the longer-term impact), we 
estimated that the stock prices of restating companies decreased by 
less than 2 percent on average and their market capitalization 
decreased by over $126 billion in aggregate (see table 6). Unadjusted, 
the longer-term impact was an increase of about $34 billion in the 
market capitalization of restating companies.[Footnote 30] In our 2002 
report, we estimated that the unadjusted market capitalization of 
restating companies that we analyzed decreased by close to $240 billion 
from 60 trading days before through 60 trading days after the 
announcement. This large difference may be the result of the generally 
positive overall market movement during 2003-2005, an increased number 
of restatements that the market did not view negatively, or the 
possibility that the financial markets have grown increasingly less 
sensitive to restatement announcements since 2002. 

Table 6: Summary of Longer-Term Impact of Restatement Announcements on 
Restating Companies' Market Capitalization, July 2002-September 2005: 

Period: July-December 2002; 
Percent of market-adjusted increase (decrease) in stock price: (12.6%); 
Total unadjusted increase (decrease) in market capitalization (dollars 
in billions): ($70.7); 
Total market-adjusted increase (decrease) in market capitalization 
(dollars in billions): ($14.2 ); 
Number of restatement announcements analyzed: 113 of 189. 

Period: 2003; 
Percent of market-adjusted increase (decrease) in stock price: 5.3; 
Total unadjusted increase (decrease) in market capitalization (dollars 
in billions): 82.4; 
Total market-adjusted increase (decrease) in market capitalization 
(dollars in billions): (14.1); 
Number of restatement announcements analyzed: 199 of 308. 

Period: 2004; 
Percent of market-adjusted increase (decrease) in stock price: (4.7); 
Total unadjusted increase (decrease) in market capitalization (dollars 
in billions): 39.7; 
Total market-adjusted increase (decrease) in market capitalization 
(dollars in billions): (32.4); 
Number of restatement announcements analyzed: 258 of 370. 

Period: January-September 2005; 
Percent of market-adjusted increase (decrease) in stock price: (0.1); 
Total unadjusted increase (decrease) in market capitalization (dollars 
in billions): (17.3); 
Total market- adjusted increase (decrease) in market capitalization 
(dollars in billions): (65.5); 
Number of restatement announcements analyzed: 358 of 523. 

Period: Total (July 2002-September 2005); 
Percent of market-adjusted increase (decrease) in stock price: (1.7); 
Total unadjusted increase (decrease) in market capitalization (dollars 
in billions): $34.1; 
Total market-adjusted increase (decrease) in market capitalization 
(dollars in billions): ($126.3); 
Number of restatement announcements analyzed: 928 of 1,390. 

Sources: GAO, NYSE's TAQ, and SEC. 

Notes: We excluded 462 restatement announcements for a variety of 
reasons, including announcements that involved companies that were not 
listed on NYSE, Nasdaq, or Amex; and announcements that involved 
missing data resulting from trading suspensions, delistings, 
bankruptcies, and mergers. 

[End of table] 

As we considered longer event time frames, this increased the 
possibility that other factors and events may have affected a restating 
company's stock price. Nevertheless, expanding the event window beyond 
the immediate trading days around the restatement announcement date 
allowed us to assess the longer-term impact of restatement 
announcements. The longer time frame also allowed us to capture any 
impact from earlier company announcements, which may have signaled 
restatements (for example, a company's CFO departing a company 
suddenly, its outside audit firm resigning, or the notice of an 
internal or SEC investigation at the company). With such events, 
investors may sense that more negative news is forthcoming and drive 
the company's stock price lower. For example, speculation about 
potential accounting problems at AOL first appeared publicly in mid- 
July 2002 in The Washington Post; however, it was not until mid-August 
that the company announced that it would restate. Our immediate impact 
analysis around the August 14, 2002, announcement date revealed a 
sizeable positive impact. However, our intermediate impact analysis 
showed that the market reacted negatively to the release of the news 
over this event window. 

Finally, our analysis only attempts to control for overall market 
movements, and so for these longer periods we cannot adjust for other 
factors such as company-specific news unrelated to the restatement. For 
example, several weeks after announcing a restatement a company could 
win a lucrative contract or be the target of an acquisition, both of 
which would likely have a positive impact on its stock price. We 
subsumed the impacts of any additional, unrelated events that occurred 
during this time period, which would attribute them to the restatement 
announcement. Appendix I provides additional details about these 
measures, along with information about their limitations. 

Certain Restatements Appear to Affect Investor Confidence but Trends in 
Restatements Complicate Analysis: 

Although researchers generally agree that restatements can have a 
negative effect on investor confidence, the surveys and indexes of 
investor confidence that we reviewed did not indicate definitively 
whether investor confidence increased or decreased since 2002. 
Researchers noted several reasons for the inconclusive results about 
the effects of restatements on investor confidence. For example, some 
researchers have noted that, since 2002, investors may have had more 
difficulty discerning whether a restatement represented a response to 
aggressive or abusive accounting practices, constituted remediation of 
past accounting deficiencies, or merely represented technical 
adjustments. Furthermore, investor confidence remains difficult to 
quantify because it cannot be measured directly and because investors 
consider a variety of factors when making investment decisions. 
However, we identified several survey-based indexes that use a variety 
of methods to measure investor confidence; we also identified empirical 
work by academics and financial industry experts. A periodic UBS/Gallup 
survey-based index aimed at gauging investor confidence found that, 
although investor confidence remains low, accounting issues appear to 
be of less concern. In contrast, according to the Yale index, which 
asks a different set of questions, institutional investors have had 
slightly more confidence in the stock market since 2002; the index 
produced uncertain results for individual investors. 

Researchers Have Suggested Numerous Reasons for Why Investors May Have 
Reacted Both Positively and Negatively to Restatements since 2002: 

Although researchers generally have agreed that restatement 
announcements could send unfavorable messages about restating companies 
to the capital markets, an analyst with whom we spoke expressed less 
agreement about the causes and effects of restatement announcements on 
investors (and investor confidence) since 2002.[Footnote 31] While we 
found some evidence in our 2002 report that suggested that restatement 
announcements prior to July 2002 may have led to widespread concerns 
about the perceived unreliability of financial reports, the impact of 
restatements since July 2002 on investor confidence has been more 
uncertain because the driving forces behind the increase in 
restatements have been less clear. For example, some analysts have 
suggested that investors may not have been able to discern whether 
restatements since 2002 represented a response to: aggressive or 
abusive accounting practices, the complexity of accounting standards, 
the remediation of past accounting deficiencies, or just technical 
adjustments.[Footnote 32] 

Some analysts indicated that the increase in the restatements is a 
serious problem with negative consequences on investor confidence. 
Other analysts have said that restatements might have minimal (or 
positive) effects on confidence if investors saw them as a remediation 
of accounting problems existing prior to the passage of the Sarbanes- 
Oxley Act, recognizing some restatements as the expected byproduct of a 
greater focus on the quality of financial reporting by management, 
audit committees, external auditors, and regulators since 2002. 
Although accounting issues discovered at one company could cause 
capital market participants to reassess the credibility of financial 
statements issued by other companies, researchers also noted the 
absence, so far, of large numbers of restatements that represent 
deliberate violations of GAAP--the same kind of restatements many 
believed produced widespread effects on investor confidence in 2001 and 
2002 (e.g., Enron, WorldCom, and Adelphia). In that vein, others noted 
that the Sarbanes-Oxley Act, the collapse of Arthur Andersen, and 
perceived litigation risks have encouraged more conservative approaches 
that resulted in restatements to correct small errors or technical 
adjustments that likely were irrelevant to investors. Some believed 
that at least a portion of the restatements since 2002 have resulted 
from excessive complexity in accounting principles or the second- 
guessing of legitimate judgment calls that did not appear relevant to 
the valuations of the companies involved. One expert expressed concern 
that restatements may have lost their salience to market participants 
because they now occur so frequently, while others noted that investor 
confidence would be negatively affected if the number of restatements 
did not decline in the near future. 

UBS/Gallup Index of Investor Confidence Reveals Investor Confidence 
Remains Low but Accounting Issues Appear to Be of Less Concern: 

Directly measuring the effect of restatements on investor confidence 
remains difficult because so many factors go into any investment 
decision and the reasons for restatements, which can affect investor 
response, often are unclear. However, we have highlighted results from 
two respected survey-based indexes of investor confidence, obtained 
from UBS Americas, Inc. and the International Center for Finance at the 
Yale School of Management. The UBS Index has been acknowledged for its 
accuracy and timeliness, and the Yale School of Management Indexes are 
considered to be the longest-running effort to measure investor 
confidence. 

The UBS/Gallup Index of Investor Optimism suggests that investor 
confidence remains well below the March 2002 level, when investor 
optimism had started to rebound following the Enron scandal.[Footnote 
33] As shown in figure 7, according to the survey, concerns about 
accounting practices and corporate governance started to affect 
investor optimism, which were heightened following the WorldCom 
restatement announcement in June 2002. The index continued to decline 
until March 2003 when it reached an all-time low of 5--mirroring a 
similar decline in stock markets. However, in April, the survey 
indicates that investors where becoming more confident in the U.S. 
economic recovery throughout most of 2003. By January 2004, the index 
was back up to 108 before experiencing another steep decline by 
September 2005 as markets reacted, in part, to a sharp increase in 
energy prices. While the Index increased over the reminder of 2005, it 
remained below the March 2002 level through the second quarter of 
2006.[Footnote 34] 

Figure 7: UBS/Gallup Investor Optimism Index, October 1996-May 2006: 

[See PDF for image] - graphic text: 

Source: UBS/Gallup. 

[End of figure] - graphic text: 

These trends are consistent with various proxies for investor 
confidence. For example, since April 2003, net new cash flows to equity 
mutual funds have been positive. And, according to "Barron's Confidence 
Index," investor confidence returned to its historical average by mid- 
2004 and--despite a decline in investor confidence in 2005--has 
remained above its lows in 2002 and 2003.[Footnote 35] 

While the 2002 and 2003 surveys reported that the leading concern 
expressed by investors was the negative impact of questionable 
accounting practices on the market, in 2005 and 2006, investors 
identified a number of other reasons as more significant for the 
decline in investor optimism. The major reasons cited for the decline 
were (1) the price of energy, including gas and oil; (2) the 
outsourcing of jobs to foreign countries; (3) the federal budget 
deficit; (4) the situation in Iraq; and (5) the economic impact of 
Hurricane Katrina and other storms. While some of these reasons reflect 
current events, others consistently were viewed as less important than 
accounting issues in the 2002, 2003, and 2004 surveys. However, it 
should be noted that accounting issues continue to be viewed as more 
important than a variety of other forces affecting the investment 
climate such as expectations regarding inflation, the value of dollar, 
and the threat of more terrorist attacks. 

While a significant portion of all investors surveyed continue to 
believe that accounting issues were negatively affecting the market, 
according to the UBS/Gallup survey the percent of investors feeling 
this way has decreased (see fig. 8). While 91 percent of all investors 
surveyed in 2002 felt that accounting issues were negatively impacting 
the market, about 71 percent felt that way in May 2006. Moreover, the 
percentage of investors indicating that accounting issues were hurting 
the investment climate in the United States "a lot" fell from 80 
percent in July 2002 to 39 percent in May 2006. 

Figure 8: Effect of Accounting Concerns on Investor Confidence in the 
Stock Market, March 2002-May 2006: 

[See PDF for image] - graphic text: 

Source: UBS/Gallup. 

[End of figure] - graphic text: 

The results of UBS surveys were consistent with the findings of the 
Securities Industry Association's (SIA) annual investor 
surveys.[Footnote 36] SIA found that, although accounting at U.S. 
corporations was still a major concern among investors in 2004, concern 
had declined significantly from 2002. Moreover, in 2004, investors 
seemed more concerned with the political environment and the state of 
the U.S. economy than accounting fraud and corporate governance issues. 
What has happened since 2004 is unclear because no survey was conducted 
for 2005. However, a newer index, the State Street Investor Confidence 
Index, which attempts to measure investors' risk appetite by measuring 
the percent of risky assets investors hold in their portfolio, found 
that investor confidence remained relatively unchanged throughout 2005 
and into 2006.[Footnote 37] 

Yale Indexes Shows Mixed Results for Changes in Stock Market Confidence 
since 2002: 

In our 2002 report, we noted the Yale Indexes suggested significantly 
different impacts of restatements on investor confidence than the UBS/ 
Gallup Index of Investor Optimism; however, since the 2003, the 
differences in the indexes have become less significant. The 
International Center for Finance at the Yale School of Management 
calculates four indexes that are based on survey questions directed to 
both wealthy individual and institutional investors.[Footnote 38] 
Although the indexes do not all move in the same direction over time, 
or even approximately so, the indexes generally show a small 
improvement in institutional investor confidence over the value for 
June 2002, but a slight decline in individual investor confidence with 
one exception. Some of the Yale indexes show pronounced volatility in 
short-term confidence. In fact, there were periods during 2003, 2004, 
and 2005, where some measures of confidence declined significantly 
before rebounding in 2006. Although these confidence indexes did not 
directly measure the impact of restatements on investor confidence, 
they illustrate the difficulty in attempting to gauge general 
confidence in the market and how different classes of investors can 
interpret and respond to events in different ways. 

As in 2002, we focused on the three indexes that most directly measured 
investor confidence. The first Yale index is the One-Year Confidence 
Index, which indicated that institutional investor confidence 
fluctuated between June 2002 and May 2006, but ended higher than 2002 
levels.[Footnote 39] During the same periods, individual investor 
confidence also fluctuated, but continued to trend downward. This 
implies a divergence in opinion between individual and institutional 
investors, but it is unclear what this difference means for overall 
confidence in the stock market and how restatements affect confidence. 
These findings do appear to suggest that developments during 2004 and 
2005 had some longer-term negative effect on individual investors' 
confidence, but that any negative effect on institutional investors' 
confidence was temporary. 

The second Yale index is the Buy on Dip Confidence Index, which 
suggests confidence has been virtually unaffected despite fluctuations 
in both directions from 2004 to 2005.[Footnote 40] Since the period 
immediately after September 11, 2001, and the beginning of the Enron 
scandal, a few months later individual and institutional confidence 
that the stock market would rise the day after a sharp fall has 
diverged, with institutional dropping and individual confidence rising 
somewhat. However, between December 2003 and May 2006, institutional 
investor confidence increased from 57 to 68 percent, somewhat above its 
June 2002 value (62 percent), while individual investor confidence 
fluctuated up and down but eventually settled just 1 percentage point 
below its June 2002 value. The price-to-earnings ratio functioned as an 
indicator supporting the finding of unchanged confidence; in January 
2006, the ratio was equivalent to its June 2002 value, and has remained 
valued at more than the historical average. 

The third Yale index is the Crash Confidence Index, which suggested 
that confidence generally has been low--less than 50 percent--for both 
individual and institutional investors, providing the only evidence of 
a similar movement.[Footnote 41] Despite remaining low since October 
2002, when the market reached its lowest point in 6 years, confidence 
has shown a distinct increase for both individual and institutional 
investors. Specifically, by May 2006 this index showed an improvement 
from June 2002 values, with a 43 percent and a 17 percent increase for 
institutional and individual investors, respectively. However, 
confidence in the probability that a catastrophic stock market crash 
would not occur in the United States may provide very little insight 
into whether market participants are confident in the reliability of 
financial information transmitted to investors, because not even the 
accounting scandals of 2001 and 2002 triggered a major collapse in 
market valuations. Instead, the increase in confidence observed may 
merely be a vote of general confidence in the resiliency of U.S. 
capital markets. 

Accounting-and Auditing-Related Enforcement Actions Have Continued to 
Grow: 

The number of SEC enforcement cases involving financial fraud and 
issuer reporting issues increased more than 130 percent from fiscal 
year 1998 to 2005. Moreover, in fiscal year 2005, cases involving 
financial fraud and issuer reporting issues constituted the largest 
category of enforcement actions. The resources SEC devoted to 
enforcement grew as well. Of the enforcement actions SEC resolved 
between March 1, 2002, and September 30, 2005, most of the actions were 
taken against companies or their directors, officers, employees, and 
other related parties. Finally, the newly created PCAOB also has broad 
investigative and disciplinary authority over public accounting firms 
that have registered with it and persons associated with such firms; 
PCAOB has brought several enforcement actions since its inception. 

Financial Fraud and Issuer Reporting Issues Accounted for a Significant 
Number of SEC's Actions: 

SEC's Division of Enforcement investigates possible violations of 
securities laws, including those related to financial fraud and issuer 
reporting issues. Between fiscal years 2001 and 2005, these types of 
cases have increased as a percent of SEC's total enforcement cases from 
23 to almost 30 percent (see fig. 9). From fiscal years 2002 to 2005, 
SEC has initiated an average of about 588 enforcement actions per year, 
compared to an average of 497 for fiscal years 1998 to 2001. Of these 
actions, an average of about 135 per year involved financial fraud or 
issuer reporting issues compared to an average of 97 per year for the 
prior period. 

Figure 9: Number of SEC Enforcement Actions and Financial Reporting and 
Issuer Disclosure Issues Initiated, Fiscal Years 1998-2005: 

[See PDF for image] - graphic text: 

Source: SEC. 

[End of figure] - graphic text: 

In fiscal year 2005, cases involving financial fraud and issuer 
reporting issues were the largest category of enforcement actions 
accounting for almost one-third of the cases, followed by broker-dealer 
and investment company cases. For examples of some of the cases 
involving accounting-and/or auditing-related issues see our detailed 
case studies on American International Group Inc., (app. IX), Federal 
National Mortgage Corporation ( app. XI), and Qwest Communications 
International, Inc. (app. XII). 

SEC's Enforcement Resources Have Grown: 

In our 2002 report, we found that SEC's enforcement function was 
strained because of resource challenges and an increased workload; 
however, as a result of several high-profile corporate failures, and 
financial reporting fraud, among other things, the Sarbanes-Oxley Act 
authorized a 65 percent increase in SEC's 2003 appropriations, which 
directed the additional funding to be used in certain areas. 
Specifically, no fewer than 200 positions were to be used to strengthen 
existing program areas, including enforcement. In fiscal year 2003, 
enforcement resources increased over 20 percent, including 194 staff in 
Washington, D.C. and SEC's regional and district offices. Moreover, 
between fiscal years 2003 and 2004, enforcement staffing increased 
about 29 percent. 

Accounting-and Auditing-Related Actions Included a Variety of Entities 
and Individuals: 

SEC has taken a variety of accounting-and audit-related enforcement 
actions against various entities and individuals, ranging from public 
companies and audit firms to CEOs and CPAs. Accounting-related 
violations identified included fraud, lying to auditors, filing 
misleading information with SEC, and failing to maintain proper books 
and records. Investigations can lead to SEC-prompted administrative or 
federal civil court actions. Depending on the type of proceeding, SEC 
can seek sanctions that include injunctions, civil money penalties, 
disgorgement, cease-and-desist orders, suspensions of registration, 
bars from appearing before the Commission, and bars from participating 
as an officer or director of a public company. As previously reported, 
most enforcement actions are settled, with respondents generally 
consenting to the entry of civil, judicial, or administrative orders 
without admitting or denying the allegations against them. We found 
this to be true of the auditing-and accounting-related cases we 
reviewed as well. For a more detailed discussion of SEC's enforcement 
process, see appendix VII. 

About 90 percent of the more than 750 actions resolved between March 
2002 and September 2005 were brought against companies or their 
directors, officers, employees, or other parties.[Footnote 42] Another 
10 percent involved audit firms and individuals associated with firms, 
including audit managers, partners, and engagement auditors. In the 
cases involving public companies and their officials and related 
persons, we found that SEC has taken a variety of actions against a 
wide range of officials and employees. Historically, SEC was reluctant 
to seek civil monetary penalties against companies in financial fraud 
cases because such costs would be passed along to shareholders who had 
already suffered as a result of the violations. In the AAERs reviewed 
from March 2002 to September 2005, we found that SEC started to take 
increasingly aggressive actions against public companies, including the 
levy of millions of dollars in civil money penalties in 2003 and 2004. 
However, SEC's position on civil money penalties against public 
companies continued to evolve. In January 2006, SEC outlined its 
position on this issue when it announced the filing of two settled 
actions against McAfee, Inc. and Applix, Inc. In one case the company 
paid a civil money penalty and in the other, the company did not. 
According to the release, SEC thought it was important to "provide the 
maximum possible degree of clarity, consistency, and predictability in 
explaining the way that its corporate penalty authority will be 
exercised." The release discussed how the Sarbanes-Oxley Act changed 
the ultimate disposition of penalties, because SEC can now take 
penalties paid by individuals and entities in enforcement actions and 
add them to disgorgements for the benefit of victims through the Fair 
Funds provision.[Footnote 43] Under this provision, civil money 
penalties that SEC collects no longer go to the Department of Treasury; 
instead, they can be used to help compensate victims for the losses 
they experienced, which would include harmed shareholders. 

The Commission announced that it planned to more closely review actions 
involving civil money penalties against public companies and laid out 
the principles it planned to follow in making such determinations. The 
overarching principle appears to be that corporate penalties are an 
essential part of an aggressive and comprehensive enforcement program. 
In addition, SEC's view of the appropriateness of the penalty against 
corporations versus the individuals who actually commit the violations 
is to be based on two considerations. First, SEC considers whether the 
corporation received a direct benefit as a result of the violations 
(e.g., the violation resulted in reduced expenses or higher revenues). 
Second, the degree to which the penalty will recompensate or further 
harm injured shareholders. Other factors, SEC will consider are: 

* the need to deter the particular type of offense, 

* the extent of the injury to innocent parties, 

* whether complicity in the violation is widespread throughout the 
corporation, 

* the level of intent on the part of perpetrators, 

* the degree of difficulty in detecting the particular type of offense, 

* the presence or lack of remedial steps by the corporation, and: 

* the extent of cooperation with the Commission and other law 
enforcement: 

In our 2002 report, we also noted that Congress, market participants, 
and others, had questioned the lack of severity of many of the 
sanctions given the level of investor harm. At least one SEC official, 
at the time, felt that because monetary penalties are often paid by 
officer and director insurance policies, or are considered 
insignificant in relation to the violation, SEC should pursue more 
officer and director bars. However, the test for imposing officer and 
director bars was viewed as too restrictive. Since that time, the 
Sarbanes-Oxley Act changed the threshold for seeking officer and 
director bars by amending the securities acts' requirement from 
"substantial unfitness" to "unfitness," thereby making it easier for 
SEC to pursue officer and director bars. From March 2002 through 
September 2005, SEC obtained officer and director bars against hundreds 
of officials. Specifically, SEC resolved charges against hundreds of 
CFOs or chief accounting officers and CEOs with securities fraud or 
issuer reporting violations between March 2002 and December 2005. See 
appendixes IX, XI, and XII for a summary of the actions taken by SEC in 
three of the six cases we analyzed. 

SEC may also bring an enforcement action against other individuals such 
as officers and principals who are not part of top management (other 
participants and responsible parties). In the AAERs we reviewed, SEC 
charged such individuals with accounting-related violations that 
resulted in injunctions, civil monetary penalties, disgorgements, cease-
and-desist orders; and officer and director bars. For example, SEC and 
in some cases the Department of Justice, have filed suit against 
several senior officers at public companies--including chairmen, chief 
operating officers, controllers, directors, vice presidents, and 
clients. These executives have been charged with securities law 
violations such as fraud, reporting violations, record- keeping 
violations, and insider trading. 

Although the Sarbanes-Oxley Act provided PCAOB enforcement authority 
over registered public accounting firms and their associated persons 
(which we discuss below), SEC continues to have the authority to bring 
actions against accounting firms. In addition to investigating 
violations of the securities laws, Enforcement investigates improper 
professional conduct by accountants and other professionals who appear 
before SEC, and the agency may pursue administrative disciplinary 
proceedings against these professionals under SEC's Rules of Practice 
102(e). If SEC finds that securities laws have been violated or 
improper professional conduct has occurred, it can prohibit 
professionals from appearing before SEC temporarily or permanently. A 
licensed accountant engages in improper professional conduct if he or 
she intentionally or knowingly violates an applicable professional 
standard or engages in either of the two types of negligent conduct 
defined under the rule. From March 2002 to September 2005, SEC has 
taken action against numerous firms and dozens of individuals.[Footnote 
44] The actions included injunctions, civil monetary penalties, bars or 
suspensions from appearing before the Commission, cease-and-desist 
orders, officer and director bars, and censures. 

Newly Created PCAOB Also Took Variety of Enforcement Actions: 

As mentioned previously, the Sarbanes-Oxley Act authorized PCAOB to 
conduct investigations concerning any acts or practices, or omissions 
to act, by registered public accounting firms and persons associated 
with such firms, or both, that may violate any provision of the act, 
PCAOB's rules, the provisions of the securities laws relating to the 
preparation and issuance of audit reports and the obligations and 
liabilities of accountants with respect thereto, including SEC rules 
issued under the act, or professional standards. In May 2004, SEC 
approved PCAOB's rules implementing this authority. When PCAOB alleges 
a violation, it has the authority after an opportunity for a hearing, 
to impose appropriate sanctions. The sanctions can range from revoking 
a firm's registration or barring a person from participating in audits 
of public companies, to imposing monetary penalties or requirements for 
remedial measures, such as training, new quality control procedures, or 
the appointment of an independent monitor. 

Between May 2005 and July 2006, PCAOB has instituted and settled five 
disciplinary proceedings against registered public accounting firms and 
associated persons. These proceedings dealt with cases involving 
concealing information from PCAOB and submitting false information to 
it, in connection with a PCAOB inspection; noncompliance with PCAOB 
rules, independence standards, and auditing standards in auditing the 
financial statements; and failing to take prompt and appropriate steps 
in response to indications that an issuer audit client may have 
committed an illegal act. The associated sanctions ranged from revoking 
the firm's registration, barring the involved individual from being an 
associated person of a registered public accounting firm, and censuring 
firms and associated persons. 

Conclusions: 

A variety of factors appear to have contributed to the increased trend 
in restatements, including increased accountability requirements on the 
part of company executives; increased focus on ensuring internal 
controls for financial reporting; increased auditor and regulatory 
scrutiny (including clarifying guidance); and a general unwillingness 
on the part of public companies to risk failing to restate, regardless 
of the significance of the event. Given the new regulatory and 
oversight structure, and the current operating environment, it is 
unclear if and when the current trend toward increasing restatements 
will subside. The number of restatements may continue to increase in 
the immediate future, as new areas of scrutiny (for example, small 
public company implementation of the Sarbanes-Oxley Act internal 
control requirements and hedge accounting rules), by SEC and others, 
may trigger future restatements similar to the trends experienced after 
the focus on accounting for leases or income taxes in early 2005. 
Currently, approximately 60 percent of public companies--generally 
smaller public companies--have yet to fully implement the internal 
control requirements of the Sarbanes-Oxley Act, which could also impact 
the number of restatements. In recent years, the larger public 
companies' implementation of Section 404 requirements resulted in many 
companies announcing financial restatements. Alternatively, the number 
of restatement announcements could subside after the regulatory and 
firm changes called for in the Sarbanes-Oxley Act have been fully 
implemented and allowed to play through. 

Companies that announce restatements generally continue to experience 
decreases in market capitalization in the days around the initial 
announcement; however, the magnitude of the impact has significantly 
decreased from the period analyzed in our 2002 report. The exact reason 
for this decline is unclear, but may include a variety of factors such 
as investors' inability to discern the reason for the restatement, 
varying reactions by investors about what the restatement means (e.g., 
whether the company is improving its disclosures), or investors' 
growing insensitivity to financial statement restatement announcements. 
These views, in part, are supported by some investor confidence data 
and research including that, while investor confidence seems to have 
increased, investors often are unable to decipher the reason for the 
restatement; restatements may be viewed in various ways by investors, 
depending on whether they believe that the trend is part of a 
"cleansing process" (i.e., public companies strengthening their 
internal controls), or whether they merely reflect technical 
adjustments for compliance. 

SEC improved disclosure of restatement announcements in 2004 by 
requiring additional information on Form 8-K. However, some public 
companies continue to announce restatements that result in non-reliance 
on prior financial statements outside of the required Form 8-K (Item 
4.02) filing process. That is, about 17 percent of companies announcing 
restatements that resulted in non-reliance between August 2004 and 
September 2005 failed to disclose this information under the 
appropriate item or failed to file an 8-K at all. While most filed the 
information under an item other than 4.02 in the Form 8-K, some 
appeared to have disclosed the information in a Form 10-K or 10-Q, 
which raises questions inconsistencies between the Form 8-K 
instructions versus staff questions-and-answers discussion concerning 
filing requirements under Item 4.02. The result of the potential 
noncompliance is that some companies continue to restate without 
consistently informing investors and the general public that such 
restatements have occurred and that previously issued financial 
statements should not be relied upon--which raises concerns about 
compliance with SEC's revised Form 8-K disclosure requirements and the 
ongoing transparency and consistency of public disclosures. 

Recommendations: 

To better enable SEC to enforce its regulations and improve the 
consistency and transparency of information provided to investors about 
financial restatements, we recommend that SEC take specific actions to 
improve oversight and compliance of disclosures of certain 
restatements. First, SEC should direct the head of the Division of 
Corporation Finance to investigate the instances of potential 
noncompliance we, and Glass Lewis, identified, and take appropriate 
corrective action against any companies determined to have filed a 
deficient filing. Second, SEC should harmonize existing instructions 
and guidance concerning Item 4.02 by amending the instructions to Form 
8-K and other relevant periodic filings to clearly state that an Item 
4.02 disclosure on Form 8-K is required for all determinations of non- 
reliance on previously issued financial statements (Item 4.02), 
irrespective of whether such information has been disclosed on a 
periodic report or elsewhere. 

Agency Comments and Our Evaluation: 

We provided a draft of this report to the Chairmen of SEC and PCAOB, 
for their review and comment. We received written comments from SEC and 
PCAOB that are summarized below and reprinted in appendixes II and III. 
Both SEC and PCAOB provided technical comments that were incorporated 
into the report as appropriate. 

In response to our first recommendation that the Division of 
Corporation Finance investigate the instances of potential 
noncompliance identified and take appropriate corrective action, the 
Director of the Division of Corporation Finance stated that SEC 
appreciated the recommendation and that it will continue its long 
history of examining instances of potential noncompliance with federal 
securities laws. Finally, in response to our recommendation that SEC 
harmonize existing instructions and guidance, SEC stated that it will 
carefully consider our recommendation to harmonize existing 
instructions and guidance related to a company's need to notify the 
public that previously issued financial statements or results should 
not be relied upon. 

In commenting on the draft report, the Chairman of PCAOB stated that as 
the organization charged by the Sarbanes-Oxley Act with overseeing the 
audit of public companies, the report's findings on the causes of, and 
trends in restatements by public companies would be useful to PCAOB's 
oversight efforts. 

As agreed with your office, we plan no further distribution of this 
report until 30 days from its issuance unless you publicly release its 
contents sooner. At that time, we will send copies of this report to 
the Chairman of the Senate Committee on Banking, Housing, and Urban 
Affairs; the Chairman and Ranking Minority Member of the Senate 
Subcommittee on Securities and Investment, Senate Committee on Banking, 
Housing, and Urban Affairs; the Chairman and Ranking Minority Member, 
Senate Committee on Governmental Affairs; the Chairman and Ranking 
Minority Member, House Committee on Financial Services; and other 
interested congressional committees. We will also send copies to the 
Chairman of the SEC and the Chairman of the PCAOB and will make copies 
available to others upon request. In addition, this report is also 
available on GAO Web site at no charge at [Hyperlink, http:// 
www.gao.gov]. 

If you have any questions concerning this report, please contact Orice 
M. Williams at (202) 512-5837 or williamso@gao.gov. Contact points for 
our Offices of Congressional Relations and Public Affairs may be found 
on the last page of this report. See appendix XV for a list of other 
staff who contributed to the report. 

Sincerely yours, 

Signed by: 

Orice M. Williams: 
Director, Financial Markets and Community Investment: 

Signed by: 

Jeanette M. Franzel: 
Director, Financial Management and Assurance: 

Signed by: 

Thomas J. McCool: 
Director, Center for Economics Applied Research and Methods: 

[End of section] 

Appendix I: Objectives, Scope, and Methodology: 

As agreed with your staff, our objectives were to (1) determine the 
number of, reasons for, and other trends in restatements since our 2002 
report; (2) analyze the impact of restatement announcements on the 
restating companies' stock market capitalization; (3) research 
available data to determine the impact of restatements on investors' 
confidence in the existing U.S. system of financial reporting and 
capital markets; and (4) analyze the Securities and Exchange Commission 
(SEC) enforcement actions involving accounting-and auditing-related 
issues. 

Identifying the Number of and Reasons for Restatements: 

To determine the number of and reasons for restatements since 2002, we 
employed substantially the same methodology used in our prior report, 
in which we analyzed the period from January 1997 through June 
2002.[Footnote 45] We identified restatements of previously reported 
financial results announced from July 1, 2002, through September 30, 
2005, using the Lexis-Nexis online information service to search for 
press releases and other media coverage on restatements. When 
developing our search methodology for identifying restatements for our 
prior report, we reviewed the approaches used in several academic and 
nonacademic research papers.[Footnote 46] Our search methodology was 
constructed to maximize the number of potentially relevant articles 
(and minimize the potentially irrelevant articles) for our 
consideration, given the focus of our research. Using the Lexis-Nexis 
"Power Search" command and the "US Newspapers and Wires" database, we 
performed keyword searches using variations of "restate" as well as the 
terms, "adjust," and "amend," and "revise"--all within 50 words of 
"financial statement" or "earning." 

As was the case in our prior report, to our knowledge, no 
comprehensive, authoritative database of financial statement 
restatement announcements exists that is publicly available. While 
several researchers have constructed and maintained their own financial 
statement restatement databases, these lists are generally proprietary 
and are not publicly available. Moreover, these researchers may have a 
different focus from ours and may use different methods and criteria 
for constructing their databases, as well as different sample periods, 
making it difficult to directly compare the database of restatements 
that we constructed with the databases that others have compiled. 
However, we were able to compare descriptive statistics from our 
database with proprietary information provided by Huron Consulting 
Group (HCG) and Glass, Lewis & Co. LLC (Glass Lewis). In comparing our 
list to Glass Lewis' database of actual restatement filings, it is 
clear that our database, while providing a comprehensive list of 
companies listed on the major exchanges, excludes a large number of 
small, over-the-counter companies with limited analyst and press 
coverage (see app. V). As a result, our database, which included 1,390 
restatement announcements, should be viewed as a sample of restatements 
by publicly traded companies identified using our particular search 
methodology, and the results of our analysis should be viewed in this 
context. Specifically, users of this report should note that our 
figures likely do not reflect the number of smaller public companies 
that have restated over the 2002-2005 period. Our database was 
constructed using a methodology that reflects our focus on the impact 
on companies' market capitalization.[Footnote 47] In many cases, the 
report discusses statistics as they pertain to publicly listed 
companies, since our database is fairly comprehensive in this regard. 
We reviewed filings in SEC's Electronic Data Gathering, Analysis, and 
Retrieval (EDGAR) system, and companies' Web sites, to verify the 
accuracy of particular restatement announcement dates and reasons. 

Although there are many reasons for restatements, most restatements 
involve more routine reporting issues (such as a merger or stock split) 
and are not symptomatic of financial reporting fraud. Consistent with 
our prior report, we generally specified financial reporting fraud and 
accounting errors--previously referred to as accounting irregularities 
in our prior report--to include so-called "aggressive" accounting 
practices, intentional and unintentional misuse of facts applied to 
financial statements, oversight or misinterpretation of accounting 
rules, and fraud. Given the general change in attitude toward what 
issues may warrant restatements in the post Sarbanes-Oxley Act 
environment, we also included restatements that involved computational 
errors--a departure from our prior report. Exclusion of such 
restatements likely had a negligible impact on our prior report's 
results since we encountered very few such instances. Also, we included 
in our database each restatement that met our criteria, regardless of 
its impact (positive or negative) on the restating company's 
financials. 

We excluded restatement announcements that resulted from normal 
corporate activity or simple presentation issues--unless we determined 
that there was some financial reporting fraud and/or accounting errors 
involved. For example, we excluded financial statement restatements 
resulting from mergers and acquisitions, discontinued operations, stock 
splits, issuance of stock dividends, currency-related issues (for 
example, converting from Japanese yen to U.S. dollars), changes in 
business segment definitions, changes due to transfers of management, 
changes made for presentation purposes, general accounting changes 
under generally accepted accounting principles (GAAP), and litigation 
settlements. As a general rule, we also excluded restatements resulting 
from accounting policy changes.[Footnote 48] We excluded these 
financial statement restatements because they did not necessarily 
reveal previously undisclosed, economically meaningful data to market 
participants. 

Consistent with our prior report, once a relevant restatement was 
identified, we classified it into one or more of nine categories--(1) 
acquisition and merger related, (2) cost-or expense related, (3) in- 
process research and development related, (4) reclassification related, 
(5) related-party transaction related, (6) restructuring, assets, or 
inventory related, (7) revenue recognition related, (8) securities 
related, and (9) other.[Footnote 49] Our classification, as developed 
for our prior report, closely resembles that employed by the Financial 
Executives International and Wu (2001) and HCG (2002). 

Determining the Impact of Restatements on Market Values of Restating 
Companies: 

To analyze the impact of restatement announcements involving financial 
reporting fraud and/or accounting errors on the stock market value of 
restating companies, we used the standard event study approach. The 
event to be measured was the initial announcement within the period 
from July 1, 2002, to September 30, 2005, of a financial statement 
restatement involving financial reporting fraud and/or accounting 
errors by a publicly traded company with common stock issued on the New 
York Stock Exchange (NYSE), Nasdaq, American Stock Exchange (Amex), or 
quoted on the Over-the-Counter (OTC) Bulletin Board or the National 
Quotation Service Bureau's "Pink Sheets." Throughout this report, we 
refer to the subset of companies with stock traded on NYSE, Nasdaq, and 
Amex as "listed." We obtained historical stock price data for the 
relevant listed companies from NYSE's Trade and Quote (TAQ) database. 
This database contains detailed records of all quotes and transactions 
made for all NYSE, Nasdaq, and Amex issues.[Footnote 50] 

Although we identified 1,390 restatement announcements from July 1, 
2002, to September 30, 2005, we excluded some restatements from our 
event study for a number of reasons. First, we excluded restatements by 
companies with common stock that was not listed (that is, with stock 
only quoted on the OTC Bulletin Board or Pink Sheets) because we did 
not have consistent access to reliable historical price data for these 
stocks. We estimated that the exclusion of these unlisted companies 
would have a negligible impact on our market capitalization results. 
Companies with stock only quoted on the OTC Bulletin Board or Pink 
Sheets tend to be smaller in terms of market capitalization, but it is 
not clear whether their exclusion will introduce positive or negative 
bias in our average holding period "abnormal returns" results (the 
realized rate of return of a stock over an event window minus the 
expected return of that stock over the same period). We also excluded 
from our analysis any restatement by a company that had extensive 
portions of data missing for the relevant time around the restatement 
announcement. Missing data were generally attributable to extended 
trading suspensions, stock delistings, stock deregistrations, 
bankruptcies, and mergers.[Footnote 51] However, TAQ was also missing 
data for several listed companies; and thus, we excluded these 
companies from our analysis. We cannot estimate the impact that these 
exclusions would have on our reported results. To the extent a 
company's stock price declined following delisting, our analysis would 
be biased toward understating the impact of financial statement 
restatement announcements. To address these issues, we performed a 
separate analysis on a particular subset of these cases using 
alternative stock price data. 

To determine the impact of the restatement announcement on a company's 
stock price, we identified the trading day that corresponded with the 
initial announcement date. We found that companies would frequently 
issue public announcements in which they suggested that they might 
restate their financial statements. Our criteria for selection required 
that a company disclosed that a restatement was, at a minimum, 
"likely." We found that some companies announced their restatements 
during or before normal trading hours on a trading day, while others 
publicly announced their financial statement restatement after the 
close of trading or on a nontrading day. Precise measurement of the 
time of an announcement was generally not possible; however, for those 
cases in the latter category that we were able to identify, we defined 
the announcement day as the next trading day. We then identified the 
relevant trading days before and after the restatement announcement, 
collectively known as the event window. To analyze the immediate impact 
of restatement announcements, we specified the immediate event window 
as the period from the trading day before the announcement through the 
trading day after the announcement. To analyze the longer-term impact 
of restatement announcements, we also specified an intermediate event 
window of approximately 2 calendar months, which included 20 trading 
days (1 month) before the announcement through 20 trading days (1 
month) after the announcement; and a longer event window of 
approximately 6 calendar months, which: 

included 60 trading days (3 months) before the announcement through 60 
trading days (3 months) after the announcement.[Footnote 52] 

To assess the impact of the restatement announcement on a company's 
stock price, we calculated the "abnormal return"--the market-adjusted 
increase (or decrease) in stock price--of the stock over the event 
window. The abnormal return is the realized rate of return of a stock 
over the event window minus the expected return of that stock over the 
same period. The realized, or actual, rate of return of a stock of 
company i from date t-1 to date t is defined as: 

[See PDF for image] 

[End of figure] 

in which is the closing price of the stock at date t, and is the 
closing price of the stock at date t-1. The expected return is defined 
as the rate of return of the stock (predicted by some valuation model) 
that is expected under the assumption that the event does not occur. In 
this way, the abnormal return is designed to capture the impact of the 
event on the stock. For any company i and date t, 

[See PDF for image] 

[End of figure] 

in which is the abnormal return of the stock of company i on date t, is 
the realized return of the stock of company i on date t, and is the 
expected return of the stock of company i on date t conditioned on some 
information set, . We used the rate of return of the Wilshire Total 
Market Index on date t as our conditioning information,.[Footnote 53] 

To calculate the abnormal return, we first specified a statistical 
model for estimating the expected return of the stock of company i on 
date t. We used a standard market model, which relates the rate of 
return of the stock of i to the return of the overall market as: 

[See PDF for image] 

[End of figure] 

in which is an error term and and are the parameters of the market 
model. In this specification, and are the intercept and slope, 
respectively, of the linear relationship between the return of the 
stock of company i on date t and the return of the market on date 
t.[Footnote 54] The parameter,, is a measure of the co-variation 
between the returns of the stock of i and the returns of the market. In 
this way, the expected return is risk-adjusted, taking into account the 
risk of stock i relative to the overall market. Next, we estimated the 
parameters of the model using a subset of the data. This subset, 
referred to as the "estimation window,"generally included at least 120 
trading days (typically about 6 calendar months) of daily closing price 
data through the day prior to the initial restatement 
announcement.[Footnote 55] We estimated the market model using the 
ordinary least-squares estimation procedure for each of the companies 
for which we had sufficient data. Each estimation produced parameter 
estimates,and, for the given company and estimation window. The 
parameter estimates were subsequently used to generate an estimate of 
the expected return,, for each stock i at each date t using the market 
model. This estimate of the expected return,, was determined as: 

[See PDF for image] 

[End of figure] 

Using this expected return, we also calculated an estimate of the 
expected stock price for each stock i at each date t,, as: 

[See PDF for image] 

[End of figure] 

We then calculated the abnormal return for each stock based on the 
results of our estimation. For any company i and date t, the estimated 
abnormal return,, was: 

[See PDF for image] 

[End of figure] 

We also calculated the estimated unexpected, or market-adjusted, change 
in the stock price of i from t-1 to t,, as: 

[See PDF for image] 

[End of figure] 

To measure the impact of the restatement announcement on the stock of 
company i, we calculated the abnormal return over the holding period 
from day -1 to day +1 to capture the immediate impact; we calculated 
the abnormal return over the holding period from day -20 to day +20 to 
capture the intermediate impact; and we calculated the abnormal return 
over the holding period from day -60 to day +60 to capture the longer- 
term impact. We also calculated the immediate impact on the market 
capitalization of company i by multiplying the difference between the 
actual stock price on day +1 and the expected price on day +1 (the 
immediate market-adjusted change in price) by the number of shares 
outstanding; and we calculated the intermediate and longer-term impact 
on the market capitalization of company i by multiplying the difference 
between the actual stock price on days +20 and +60 and the expected 
price on days +20 and +60 (the intermediate and longer-term market- 
adjusted change in price) by the number of shares outstanding.[Footnote 
56] To assess the overall impact of the general event of a restatement 
announcement, we averaged individual holding period abnormal returns 
over all restatement announcement events in our sample for each of the 
event windows, and we summed all of the unadjusted and adjusted market 
changes in price for each of the event windows. 

The usual interpretation of abnormal returns over an event window is 
that they measure the impact of the event on the value of a company's 
stock. This interpretation may be misleading due to other firm specific 
or market factors. Our simple market model attempted to account for 
only the overall market's effect on the stock. One of the more relevant 
factors in this event study was the simultaneous release of a 
restatement announcement and scheduled financial statements to the 
market. (For example, a company could have issued its first quarter 
2005 earnings that missed, met, or exceeded the market's expectations 
while also announcing that it was restating previously issued financial 
statements from prior periods including 2003 and 2004.) To the extent 
that this was an issue, our results could be biased in either direction 
and, hence, attributing abnormal returns solely to the restatement 
announcement could be misleading. Another potential factor is 
information leakage. Events such as the announcement of an SEC inquiry, 
internal or external accounting review, or the abrupt departure of a 
company's chief executive officer or chief financial officer may be an 
early indication that a financial restatement is forthcoming. 
Furthermore, it is important to note that because we increased the 
period over which we attempted to assess the impact of the restatement 
on a particular stock, many other factors influencing the behavior of 
the stock price can come into play. To the extent that other influences 
on the price are significant, our intermediate results reflect not only 
the impact of the restatement announcement but these factors as well. 

Additionally, there are potential sources of bias in our estimation 
procedure. Some of the more important involve event-date uncertainty, 
violations of our statistical assumptions, and using daily closing 
stock prices. While our event study methodology assumes that we are 
able to precisely identify the event date, this sometimes involved a 
certain amount of judgment. The announcement of a financial statement 
restatement typically only provides the date of the announcement; 
whether the announcement was made before, during, or after trading on 
that date may not be clear. We used the 3-day event window technique to 
address this issue. Another possible source of bias stems from 
violation of our standard statistical assumptions.[Footnote 57] A 
further potential source of bias in our estimation involves using the 
daily closing prices of stocks. In the event study framework, we 
implicitly assumed that these daily closing prices were recorded at 
identical time intervals each day. However, this assumption is easily 
violated because the last transaction for a given stock, can and 
generally does, occur at a different time each day. Additionally, some 
of the stocks in our event study were "thinly" or infrequently traded, 
and several days could elapse between transactions. Referring to the 
last recorded prices as daily closing prices assumed that closing 
prices are equally spaced at 24-hour intervals, which is not the case. 
To the extent that this assumption is violated, our results may be 
biased. 

Overall, our analysis focused on the impact of a company's restatement 
announcement on its market capitalization. Therefore, we did not take 
into account the effects on market participants with short positions or 
various options positions, nor did we gauge the impact on the company's 
bondholders. To whatever extent--whether positively or negatively-- 
these market participants were affected by restatements, our results 
are necessarily incomplete. 

Determining the Impact of Restatements on Investor Confidence: 

To analyze the impact of restatements on the confidence of market 
participants, we relied principally on outside sources. Namely, we 
identified indexes of investor confidence, located quantitative 
research on the issue, conducted interviews with experts in the field, 
and collected data on mutual fund flows and other proxies for investor 
sentiment. The survey-based indexes of investor confidence were 
obtained from UBS Americas, Inc. and the International Center for 
Finance at the Yale School of Management. The Nobel Laureate economist, 
Dr. Lawrence Klein, acknowledged the UBS Index for its accuracy and 
timeliness. The Yale School of Management Indexes are considered to be 
the longest-running effort to measure investor confidence and the 
project is directed by one of the leading experts in the field, Dr. 
Robert Shiller. In addition, we obtain an investor confidence index 
from State Street Corporation. This index measures confidence 
quantitatively by assessing the changes in investor holdings or risky 
assets, implementing a research model developed by Harvard Professor 
Kenneth Froot and State Street Managing Director, Paul O'Connell. The 
index uses the principles of modern financial theory to model the 
underlying behavior of global investors. Unlike other survey-based 
confidence measures that focus on expectations for future prices and 
returns, the Index provides a quantitative measure of the actual and 
changing levels of risk contained in investment portfolios representing 
about 15 percent of the world's tradable assets. Unfortunately, while 
the global confidence measure dates back to 1998, the time series for 
confidence in North America only spans 2005 and 2006. We also were able 
to collect survey results about the direct impact of restatements on 
investor confidence from UBS Americas and the Securities Industry 
Association. 

Although the literature on the impact of restatements on investor 
confidence is limited, we identified a number of studies. The results 
of studies are consistent with the hypothesis that, while financial 
restatements elicit different responses from the market depending on 
the type, certain financial restatements can have negative effects on 
investor confidence. However, these studies were based on restatement 
data prior to the period under examination in this report and the 
evidence of effects on the broader market is limited. To gain further 
insight, we also interviewed some experts in the field and summarized 
their responses to a set of questions regarding accounting practices, 
restatements, and investor confidence. Finally, we collected data on 
mutual fund flows from the Investment Company Institute, a popular 
source for statistical data on the mutual fund industry, and data on 
holdings of corporate equities and bond yields from the Board of 
Governors of the Federal Reserve System. 

Analysis of SEC's Accounting-Related Enforcement Activities: 

To analyze SEC enforcement actions involving accounting-and auditing- 
related issues, we reviewed more than 800 SEC-identified Accounting-and 
Auditing-Enforcement Releases (AAER)[Footnote 58] issued from March 1, 
2002, through September 30, 2005, posted on SEC's Web site as of July 
1, 2006. We collected information on all actions sought or brought but 
only counted actions against the same organization or individual once 
for purposes of analysis. We also collected other common information 
disclosed in the AAERs, such as the individuals and companies charged 
in the cases and the sanction levied. To describe the process that SEC 
uses to develop an enforcement case, including whom to include as a 
defendant in the case and penalties to assess, we used a variety of 
information provided by SEC. To obtain historical general enforcement 
and accounting-related enforcement actions, we downloaded the 
information from SEC's Web site, and where there were gaps in the data 
made direct requests for information from SEC. To the extent possible, 
to determine the roles that key players, such as auditors and company 
senior management, played in fostering misleading financial information 
upon investors, we selected six financial restatements for in-depth 
case study. The cases were selected based on asset size, restatement 
period, reason for the restatement, market where stock traded and 
industry. (See app. VIII for an overview of the case studies; the 
individual studies are presented in appendixes IX-XIV.) 

We performed our work in Washington, D.C., between June 2005 and July 
2006, in accordance with generally accepted government auditing 
standards. 

[End of section] 

Appendix II: Comments from the Securities and Exchange Commission: 

United States Securities And Exchange Commission: 
Washington, D.C.20549: 
Division Of Corporation Finance: 

July 18, 2006: 

Orice M. Williams: 
Director, Financial Markets and Community Investment: 
U.S. Government Accountability Office: 
441 G Street, NW: 
Washington, DC 20548: 

Dear Ms. Williams: 

Thank you for the opportunity to review and comment on the Government 
Accountability Office's draft report entitled Financial Restatements: 
Update of Public Company Trends, Market Impacts and Regulatory 
Enforcement Activities. The GAO recommends the Commission take specific 
actions to improve oversight and compliance of disclosures of certain 
restatements. I appreciate your seeking our input on these 
recommendations as you finalize your report. 

First, the GAO recommends that the SEC's Division of Corporation 
Finance investigate the instances of potential noncompliance identified 
by GAO, and by Glass, Lewis & Co. LLC in its March 2006 Restatements 
Trend Alert, and take appropriate corrective action against any 
companies determined to have filed a deficient filing. The Division of 
Corporation Finance has a long history of examining instances of 
potential noncompliance brought to its attention. I can assure you that 
we will continue this practice and take appropriate action. 

The GAO also recommends that the SEC harmonize existing instructions 
and guidance concerning Item 4.02 by amending the instructions to Form 
8-K and other relevant periodic filings to clearly state that an Item 
4.02 Form 8-K is required for all determinations of non reliance on 
previously issued financial statements, irrespective of whether such 
information has been disclosed on a periodic report or elsewhere. We 
appreciate and will carefully consider your recommendation. 

Thank you for the courtesy the GAO extended to the SEC during the 
course of preparing its report and thank you again for the opportunity 
to provide comments to the GAO as it prepares its final draft of the 
report. 

Sincerely, 

Signed by: 

John W. White: 
Director: 

[End of section] 

Appendix IIIL Comments from the Public Company Accounting Oversight 
Board: 

PCAOB: 
Public Company Accounting Oversight Board: 
1666 K Street, N.W. 
Washington, DC 20006 
Telephone: (202) 207-9100 
Facsimile: (202) 862-8430 
www. pcaobus.org: 

July 14, 2006: 

Ms. Orice M. Williams: 
Director, Financial Markets and Community Investment: 
United States Government Accountability Office: 
441 G Street, N.W. 
Washington, DC 20548: 

Dear Ms. Williams: 

We have received and reviewed your draft report entitled Financial 
Restatements: Update of Public Company Trends, Market Impacts and 
Regulatory Enforcement Activities. The report updates the GAO's 2002 
report on restatements and discusses: 1) the number of, reasons for, 
and other trends in restatements; 2) what is known about the impact of 
restatement announcements on the restating companies' stock prices and 
investors' confidence in U.S. capital markets; and 3) enforcement 
actions of the Securities and Exchange Commission (SEC) involving 
accounting and audit-related issues. The report also makes certain 
recommendations to the SEC. 

We appreciate your providing the PCAOB with an opportunity to comment 
on the draft report. As the organization charged by the Sarbanes-Oxley 
Act with overseeing the audit of public companies, we have a strong 
interest in the causes of, and trends in, restatements. We believe 
GAO's report will advance understanding of this important issue. We 
have separately provided GAO staff with technical comments on the draft 
report. We do not have any additional comments at this time. 

Sincerely, 

Signed by: 

Mark W, Olson: 
Chairman: 

[End of section] 

Appendix IV: Summary of Selected Sarbanes-Oxley Act Provisions 
Affecting Public Companies and Registered Accounting Firms: 

Responding to corporate failures and fraud that resulted in substantial 
financial losses to institutional and individual investors, Congress 
passed the Sarbanes-Oxley Act in 2002. As shown in table 7, the act 
contains provisions affecting the corporate governance, auditing, and 
financial reporting of public companies, including provisions intended 
to deter and punish corporate accounting fraud and corruption.[Footnote 
59] The Sarbanes-Oxley Act generally applies to those companies 
required to file reports with SEC under the Securities Exchange Act of 
1934.[Footnote 60] 

Table 7: Summary of Selected Sarbanes-Oxley Act Provisions Affecting 
Public Companies and Registered Accounting Firms: 

Provision: Section 101: Public Company Accounting Oversight Board 
(PCAOB) Establishment; 
Main requirements: Establishes PCAOB to oversee the audit of public 
companies that are subject to the securities laws. 

Provision: Section 102: Registration with the Board; 
Main requirements: Requires accounting firms that prepare or issue 
audit reports for public companies to register with PCAOB. 

Provision: Section 103: Auditing, Quality Control, and Independence 
Standards and Rules; 
Main requirements: Requires PCAOB, by rule, to establish auditing and 
other professional standards to be used by registered public accounting 
firms in the preparation and issuance of audit reports. 

Provision: Section 104: Inspections of Registered Public Accounting 
Firms; 
Main requirements: Requires PCAOB to annually inspect registered public 
accounting firms with more than 100 issuer audit clients and 
triennially inspect registered public accounting firms with 100 or less 
issuer audit clients. 

Provision: Section 105: Investigations and Disciplinary Proceedings; 
Main requirements: Requires PCAOB to establish fair procedures for 
investigating and disciplining registered public accounting firms and 
associated persons and authorizes PCAOB to investigate and discipline 
such firms and persons. 

Provision: Section 201: Services Outside the Scope of Practice of 
Auditors; 
Main requirements: Registered accounting firms cannot provide certain 
nonaudit services to a public company if the firm also serves as the 
auditor of the financial statements for the public company. Examples of 
prohibited nonaudit services include bookkeeping, appraisal or 
valuation services, internal audit outsourcing services, and management 
functions. 

Provision: Section 301: Public Company Audit Committees; 
Main requirements: Listed company audit committees are responsible for 
the appointment, compensation, and oversight of the registered 
accounting firm, including the resolution of disagreements between the 
registered accounting firm and company management regarding financial 
reporting. Audit committee members must be independent. 

Provision: Section 302: Corporate Responsibility for Financial Reports; 
Main requirements: For each annual and quarterly report filed with SEC, 
the CEO and CFO must certify that they have reviewed the report and, 
based on their knowledge, the report does not contain untrue statements 
or omissions of material facts resulting in a misleading report and 
that, based on their knowledge, the financial information in the report 
is fairly presented. 

Provision: Section 304: Forfeiture of Certain Bonuses and Profits; 
Main requirements: The CEO and CFO of the issuer have to reimburse the 
issuer for any bonus or profits from sale of securities during the 12 
month period following the filing of a financial document that required 
an issuer to prepare an accounting restatement due to misconduct. 

Provision: Section 308: Fair Funds for Investors; 
Main requirements: The civil penalties can be added to the disgorgement 
fund for the benefit of the victims of a security law violation. 

Provision: Section 404: Management Assessment of Internal Controls; 
Main requirements: This section consists of two parts. First, in each 
annual report filed with SEC, company management must state its 
responsibility for establishing and maintaining an internal control 
structure and procedures for financial reporting; it must also assess 
the effectiveness of its internal control structure and procedures for 
financial reporting. Second, the registered accounting firm must attest 
to, and report on, management's assessment of the effectiveness of its 
internal control over financial reporting. 

Provision: Section 407: Disclosure of Audit Committee Financial Expert; 
Main requirements: Public companies must disclose in periodic reports 
to SEC whether the audit committee includes at least one member who is 
a financial expert and, if not, the reasons why. 

Source: GAO. 

[End of table] 

Title I of the act establishes PCAOB as a private sector non-profit 
organization to oversee the audits of public companies that are subject 
to the securities laws. PCAOB is subject to SEC oversight. The act 
gives PCAOB four primary areas of responsibility: 

* registration of accounting firms that audit public companies in the 
U.S. securities markets; 

* inspections of registered accounting firms; 

* establishment of auditing, quality control, and ethics standards for 
registered accounting firms; and: 

* investigation and discipline of registered accounting firms for 
violations of law or professional standards. 

Title II of the act addresses auditor independence. It prohibits the 
registered external auditor of a public company from providing certain 
nonaudit services to that public company audit client. Title II also 
specifies communication that is required between auditors and the 
public company's audit committee (or board of directors) and requires 
periodic rotation of the audit partners managing a public company's 
audits. 

Titles III and IV of the act focus on corporate responsibility and 
enhanced financial disclosures. Title III addresses listed company 
audit committees, including responsibilities and independence, and 
corporate responsibilities for financial reports, including 
certifications by corporate officers in annual and quarterly reports, 
among other provisions. Title IV addresses disclosures in financial 
reporting and transactions involving management and principal 
stockholders, and other provisions such as internal control over 
financial reporting. More specifically, section 404 of the act 
establishes requirements for companies to publicly report on 
management's responsibility for establishing and maintaining an 
adequate internal control structure, including controls over financial 
reporting and the results of management's assessment of the 
effectiveness of internal control over financial reporting. Section 404 
also requires the firms that serve as external auditors for public 
companies to attest to the assessment made by the companies' 
management, and report on the results of their attestation and whether 
they agree with management's assessment of the company's internal 
control over financial reporting. 

[End of section] 

Appendix V: GAO-06-1053R: 

On March 5, 2007, this correspondence was reissued to amend selected 
company shares outstanding. Please select this link to GAO-06-678 for 
more information. 

August 31, 2006: 

The Honorable Paul S. Sarbanes: 
Ranking Minority Member: 
Committee on Banking, Housing, and Urban Affairs: 
United States Senate: 

Subject: Financial Restatement Database: 

Dear Senator Sarbanes: 

On July 24, 2006, we issued a report to you entitled, Financial 
Restatements: Update of Public Company Trends, Market Impacts, and 
Regulatory Enforcement Activities.[Footnote 1] That report included a 
listing of 1,390 financial restatement announcements that we identified 
as having been made because of financial reporting fraud and/or 
accounting errors between July 1, 2002, and September 30, 
2005.[Footnote 2] As part of that work, you asked that we provide a 
limited update of that database for the period October 1, 2005, through 
June 30, 2006. This updated database, along with the database included 
in our July 2006 report, can be viewed at [Hyperlink, 
http://www.gao.gov/gao-06-1079sp/index.html]. This correspondence 
provides information about restatement announcements since October 
2005. We encourage researchers and the public to consider our 
objective, scope, and methodology (enc. I) and engage in their own 
analyses of the data contained in our restatements database (enc. II). 

Enclosure II provides the name of each company associated with a 
restatement announcement, the company's stock (or ticker) symbol, the 
primary listing market for the stock at the time of the announcement, 
and the date of the announcement. This correspondence does not include 
any type of economic analysis of the effect of financial restatement 
announcements on companies' stock prices. Moreover, unlike the database 
for 1,390 restatement announcements identified in our July 2006 report 
(enc. III), which includes the reasons for the restatement and the 
restatement prompter, the database for the October 2005 to June 2006 
listing does not. 

To identify restatement announcements, we used Lexis-Nexis, an online 
information service, to systematically search for restatement 
announcements using variations of "restate" and other relevant words. 
We then identified and collected information on 396 restatements 
announced by 360 public companies--310 of which were listed companies 
on the New York Stock Exchange (NYSE), Nasdaq, and American Stock 
Exchange (Amex)--from October 1, 2005, to June 30, 2006, that involved 
corrections of previously reported financial results.[Footnote 3] Our 
database generally excludes announcements involving stock splits, 
changes in accounting principles, and other announced restatements that 
were not made to correct errors in the application of accounting 
principles. 

As agreed with your office, we plan no further distribution of this 
correspondence until 30 days from its issuance unless you publicly 
release its contents sooner. At that time, we will send copies of this 
correspondence to the Chairman of the Senate Committee on Banking, 
Housing, and Urban Affairs; the Chairman and Ranking Minority Member of 
the Senate Subcommittee on Securities and Investment, Senate Committee 
on Banking, Housing, and Urban Affairs; the Chairman and Ranking 
Minority Member, Senate Committee on Homeland Security and Governmental 
Affairs; the Chairman and Ranking Minority Member of the House 
Committee on Government Reform; the Chairman and Ranking Minority 
Member, House Committee on Financial Services; and other interested 
congressional committees. We are also sending copies to the Chairman of 
the Securities and Exchange Commission and the Chairman of the Public 
Company Accounting Oversight Board. We will make copies available to 
others upon request. The report will be available at no charge on our 
Web site at[Hyperlink, http://www.gao.gov]. 

If you have any questions concerning this correspondence, please 
contact me at (202) 512-5837 or williamso@gao.gov. Contact points for 
our Office of Congressional Relations and Public Affairs may be found 
on the last page of this correspondence. Other key contributors to this 
correspondence include Dan Blair (Assistant Director); Martha Chow; 
M'Baye Diagne; Amanda Elkin; Lawrance Evans, Jr; John Fisher; Joe 
Hunter; Jeffrey Miller; John Saylor; and Richard Vagnoni. 

Sincerely yours,: 

Signed By; 

Orice M. Williams: 
Director, Financial Markets and Community Investment: 

Enclosures: 

Enclosure I: 

To determine the number of financial restatement announcements since 
October 1, 2005, we employed substantially the same methodology used in 
our prior reports, in which we analyzed the period from January 1, 
1997, through June 30, 2002, and July 1, 2002, through September 30, 
2005.[Footnote 4] We identified restatements of previously reported 
financial results announced from October 1, 2005, through June 30, 
2006, using the Lexis-Nexis online information service to search for 
press releases and other media coverage on restatements. When 
developing our search methodology for identifying restatements for our 
prior reports, we reviewed the approaches used in several academic and 
nonacademic research papers.[Footnote 5] Our search methodology was 
constructed to maximize the number of potentially relevant articles for 
our consideration (and minimize the potentially irrelevant ones) given 
the focus of our research. Using the Lexis-Nexis "Power Search" command 
and the "US Newspapers and Wires" database, we performed keyword 
searches using variations of "restate" as well as the terms "adjust," 
"amend," and "revise"--all within 50 words of "financial statement" or 
"earning."  

As was the case in our prior reports, no comprehensive, authoritative 
database of financial restatement announcements exists that is, to our 
knowledge, publicly available. While several researchers have 
constructed and maintained their own financial restatement databases, 
these lists are generally proprietary and are not publicly available. 
Moreover, these researchers may have a different focus from ours, and 
may use different methods and criteria for constructing their 
databases, as well as different sample periods, making it difficult to 
directly compare the database of restatements that we constructed with 
the databases that others have compiled. Our database, which includes 
396 restatement announcements, should be viewed as a sample of 
restatements by publicly traded companies identified using our 
particular search methodology. We reviewed the Securities and Exchange 
Commission's (SEC) Electronic Data Gathering, Analysis, and Retrieval 
system filings, and companies' Web sites to verify the accuracy of 
restatement announcement data. 

Although there are many reasons for restatements, most restatements 
involve more routine reporting issues (such as a merger or stock split) 
and are not symptomatic of financial reporting fraud and/or accounting 
errors. Consistent with our prior reports, we generally specified 
financial reporting fraud and accounting errors--previously referred to 
as accounting irregularities in the 2002 report--to include so-called 
"aggressive" accounting practices, intentional and unintentional misuse 
of facts applied to financial statements, oversight or 
misinterpretation of accounting rules, and fraud. Given the general 
change in attitude toward what issues may warrant restatements in the 
post Sarbanes-Oxley Act environment, we also included restatements that 
involved computational errors. Also, we included in our database each 
restatement that met our criteria, regardless of its impact (positive 
or negative) on the restating company's financials. 

We excluded restatement announcements that resulted from normal 
corporate activity or simple presentation issues--unless we determined 
that there was some irregularity involved. For example, we excluded 
financial statement restatements resulting from mergers and 
acquisitions, discontinued operations, stock splits, issuance of stock 
dividends, currency-related issues (for example, converting from 
Japanese yen to U.S. dollars), changes in business segment definitions, 
changes due to transfers of management, changes made for presentation 
purposes, general accounting changes under generally accepted 
accounting principles (GAAP), and litigation settlements. As a general 
rule, we also excluded restatements resulting from accounting policy 
changes.[Footnote 6] We excluded these financial statement restatements 
because they did not necessarily reveal previously undisclosed, 
economically meaningful data to market participants. 

[End of section] 

Enclosure II: Listing of Financial Restatement Announcements, October 
1, 2005, through June 30, 2006: 

Company Name: Navigant International, Inc; 
Ticker: FLYR; 
Market: OTC; 
Date: 10/7/2005. 

Company Name: YP Corporation; 
Ticker: YPNT; 
Market: OTC; 
Date: 10/7/ 2005. 

Company Name: Dana Corporation; 
Ticker: DCN; 
Market: NYSE; 
Date: 10/10/ 2005. 

Company Name: Refco Inc; 
Ticker: RFX; 
Market: NYSE; 
Date: 10/10/2005. 

Company Name: JetBlue Airways Corporation; 
Ticker: JBLU; 
Market: Nasdaq; 
Date: 10/12/2005. 

Company Name: Interpool, Inc; 
Ticker: IPX; 
Market: NYSE; 
Date: 10/14/ 2005. 

Company Name: BKF Capital Group, Inc; 
Ticker: BKF; 
Market: NYSE; 
Date: 10/17/2005. 

Company Name: Kinross Gold Corporation; 
Ticker: KGC; 
Market: NYSE; 
Date: 10/17/2005. 

Company Name: NMS Communications Corporation; 
Ticker: NMSS; 
Market: Nasdaq; 
Date: 10/17/2005. 

Company Name: Petroleum Development Corporation; 
Ticker: PETD; 
Market: Nasdaq; 
Date: 10/17/2005. 

Company Name: Computer Associates International, Inc; 
Ticker: CA; 
Market: NYSE; 
Date: 10/19/2005. 

Company Name: NYFIX, Inc; 
Ticker: NYFXE; 
Market: Nasdaq; 
Date: 10/19/ 2005. 

Company Name: The South Financial Group, Inc; 
Ticker: TSFG; 
Market: Nasdaq; 
Date: 10/19/2005. 

Company Name: Heritage Property Investment Trust, Inc; 
Ticker: HTG; 
Market: NYSE; 
Date: 10/20/2005. 

Company Name: Kinross Gold Corporation; 
Ticker: KGC; 
Market: NYSE; 
Date: 10/20/2005. 

Company Name: TransAlta Corporation; 
Ticker: TAC; 
Market: NYSE; 
Date: 10/20/2005. 

Company Name: Visteon Corporation; 
Ticker: VC; 
Market: NYSE; 
Date: 10/ 21/2005. 

Company Name: Willis Lease Finance Corporation; 
Ticker: WLFC; 
Market: Nasdaq; 
Date: 10/24/2005. 

Company Name: Kilroy Realty Corporation; 
Ticker: KRC; 
Market: NYSE; 
Date: 10/25/2005. 

Company Name: MEMC Electronic Materials, Inc; 
Ticker: WFR; 
Market: NYSE; 
Date: 10/26/2005. 

Company Name: Savient Pharmaceuticals, Inc; 
Ticker: SVNTE; 
Market: Nasdaq; 
Date: 10/26/2005. 

Company Name: American Italian Pasta Company; 
Ticker: PLB; 
Market: NYSE; 
Date: 10/27/2005. 

Company Name: Mobility Electronics, Inc; 
Ticker: MOBE; 
Market: Nasdaq; 
Date: 10/27/2005. 

Company Name: Motive, Inc; 
Ticker: MOTV; 
Market: Nasdaq; 
Date: 10/27/ 2005. 

Company Name: Nanometrics Incorporated; 
Ticker: NANO; 
Market: Nasdaq; 
Date: 10/27/2005. 

Company Name: The Reynolds and Reynolds Company; 
Ticker: REY; 
Market: NYSE; 
Date: 10/27/2005. 

Company Name: CGI Holding Corporation; 
Ticker: THK; 
Market: Amex; 
Date: 10/28/2005. 

Company Name: Commerce Energy Group, Inc; 
Ticker: EGR; 
Market: Amex; 
Date: 10/28/2005. 

Company Name: ECC Capital Corporation; 
Ticker: ECR; 
Market: NYSE; 
Date: 10/28/2005. 

Company Name: Infinium Labs, Inc; 
Ticker: IFLB; 
Market: OTC; 
Date: 10/ 28/2005. 

Company Name: Metal Management, Inc; 
Ticker: MTLM; 
Market: Nasdaq; 
Date: 10/28/2005. 

Company Name: AXM Pharma, Inc; 
Ticker: AXJ; 
Market: Amex; 
Date: 10/31/ 2005. 

Company Name: Carmike Cinemas, Inc; 
Ticker: CKEC; 
Market: Nasdaq; 
Date: 11/2/2005. 

Company Name: Interlink Electronics, Inc; 
Ticker: LINK; 
Market: Nasdaq; 
Date: 11/2/2005. 

Company Name: The Shaw Group Inc; 
Ticker: SGR; 
Market: NYSE; 
Date: 11/ 2/2005. 

Company Name: Tri-S Security Corporation; 
Ticker: TRIS; 
Market: Nasdaq; 
Date: 11/2/2005. 

Company Name: Valley Financial Corporation; 
Ticker: VYFC; 
Market: OTC; 
Date: 11/2/2005. 

Company Name: Alliance Gaming Corporation; 
Ticker: AGI; 
Market: NYSE; 
Date: 11/3/2005. 

Company Name: SFBC International, Inc; 
Ticker: SFCC; 
Market: Nasdaq; 
Date: 11/3/2005. 

Company Name: Converium Holding AG; 
Ticker: CHR; 
Market: NYSE; 
Date: 11/4/2005. 

Company Name: Irwin Financial Corporation; 
Ticker: IFC; 
Market: NYSE; 
Date: 11/4/2005. 

Company Name: Navigant International, Inc; 
Ticker: FLYR; 
Market: OTC; 
Date: 11/4/2005. 

Company Name: BUCA, Inc; 
Ticker: BUCA; 
Market: Nasdaq; 
Date: 11/7/ 2005. 

Company Name: Novelis Inc; 
Ticker: NVL; 
Market: NYSE; 
Date: 11/7/2005. 

Company Name: Advanced Marketing Services, Inc; 
Ticker: MKTS; 
Market: OTC; 
Date: 11/8/2005. 

Company Name: Cumulus Media Inc; 
Ticker: CMLS; 
Market: Nasdaq; 
Date: 11/8/2005. 

Company Name: First Business Financial Services, Inc; 
Ticker: FBIZ; 
Market: Nasdaq; 
Date: 11/8/2005. 

Company Name: International Paper Company; 
Ticker: IP; 
Market: NYSE; 
Date: 11/8/2005. 

Company Name: MBIA, Inc; 
Ticker: MBI; 
Market: NYSE; 
Date: 11/8/2005. 

Company Name: Stone Energy Corporation; 
Ticker: SGY; 
Market: NYSE; 
Date: 11/8/2005. 

Company Name: The Empire District Electric Company; 
Ticker: EDE; 
Market: NYSE; 
Date: 11/8/2005. 

Company Name: WebSideStory, Inc; 
Ticker: WSSI; 
Market: Nasdaq; 
Date: 11/8/2005. 

Company Name: American International Group, Inc; 
Ticker: AIG; 
Market: NYSE; 
Date: 11/9/2005. 

Company Name: Eastman Kodak Company; 
Ticker: EK; 
Market: NYSE; 
Date: 11/9/2005. 

Company Name: EasyLink Services Corporation; 
Ticker: EASYE; 
Market: Nasdaq; 
Date: 11/9/2005. 

Company Name: General Motors Corporation; 
Ticker: GM; 
Market: NYSE; 
Date: 11/9/2005. 

Company Name: Greatbatch, Inc; 
Ticker: GB; 
Market: NYSE; 
Date: 11/9/ 2005. 

Company Name: Heritage Bankshares Inc; 
Ticker: HBKS; 
Market: OTC; 
Date: 11/9/2005. 

Company Name: Middlesex Water Company; 
Ticker: MSEX; 
Market: Nasdaq; 
Date: 11/9/2005. 

Company Name: Terremark Worldwide, Inc; 
Ticker: TWW; 
Market: Amex; 
Date: 11/9/2005. 

Company Name: Evergreen Solar Inc; 
Ticker: ESLR; 
Market: Nasdaq; 
Date: 11/10/2005. 

Company Name: Gravity Co. Ltd; 
Ticker: GRVY; 
Market: Nasdaq; 
Date: 11/ 10/2005. 

Company Name: Great Wolf Resorts, Inc; 
Ticker: WOLF; 
Market: Nasdaq; 
Date: 11/10/2005. 

Company Name: GTSI Corporation; 
Ticker: GTSI; 
Market: Nasdaq; 
Date: 11/ 10/2005. 

Company Name: Hartville Group, Inc; 
Ticker: HTVL; 
Market: OTC; 
Date: 11/10/2005. 

Company Name: PriceSmart, Inc; 
Ticker: PSMT; 
Market: Nasdaq; 
Date: 11/ 10/2005. 

Company Name: Provident Bankshares Corporation; 
Ticker: PBKS; 
Market: Nasdaq; 
Date: 11/10/2005. 

Company Name: RTI International Metals, Inc; 
Ticker: RTI; 
Market: NYSE; 
Date: 11/10/2005. 

Company Name: Telephone & Data Systems, Inc; 
Ticker: TDS; 
Market: Amex; 
Date: 11/10/2005. 

Company Name: The Allied Defense Group, Inc; 
Ticker: ADG; 
Market: Amex; 
Date: 11/10/2005. 

Company Name: U.S. Cellular Corporation; 
Ticker: USM; 
Market: Amex; 
Date: 11/10/2005. 

Company Name: WorldGate Communications, Inc; 
Ticker: WGAT; 
Market: Nasdaq; 
Date: 11/11/2005. 

Company Name: Amen Properties, Inc; 
Ticker: AMEN; 
Market: Nasdaq; 
Date: 11/14/2005. 

Company Name: Bexil Corporation; 
Ticker: BXL; 
Market: Amex; 
Date: 11/ 14/2005. 

Company Name: Brocade Communications Systems Inc; 
Ticker: BRCD; 
Market: Nasdaq; 
Date: 11/14/2005. 

Company Name: Neurologix, Inc; 
Ticker: NRGX; 
Market: OTC; 
Date: 11/14/ 2005. 

Company Name: Norsat International Inc; 
Ticker: NSATF; 
Market: OTC; 
Date: 11/14/2005. 

Company Name: Robbins & Myers Inc; 
Ticker: RBN; 
Market: NYSE; 
Date: 11/14/2005. 

Company Name: Sykes Enterprises, Inc; 
Ticker: SYKE; 
Market: Nasdaq; 
Date: 11/14/2005. 

Company Name: American Community Properties Trust; 
Ticker: APO; 
Market: Amex; 
Date: 11/15/2005. 

Company Name: Ergo Science Corporation; 
Ticker: ERGO; 
Market: OTC; 
Date: 11/15/2005. 

Company Name: GSI Commerce Inc; 
Ticker: GSIC; 
Market: Nasdaq; 
Date: 11/15/2005. 

Company Name: MAIR Holdings, Inc; 
Ticker: MAIR; 
Market: Nasdaq; 
Date: 11/15/2005. 

Company Name: Prestige Brands Holdings, Inc; 
Ticker: PBH; 
Market: NYSE; 
Date: 11/15/2005. 

Company Name: San Holdings Inc; 
Ticker: SANZ; 
Market: OTC; 
Date: 11/ 15/2005. 

Company Name: TASER International, Inc; 
Ticker: TASR; 
Market: Nasdaq; 
Date: 11/15/2005. 

Company Name: Ciphergen Biosystems Inc; 
Ticker: CIPH; 
Market: Nasdaq; 
Date: 11/16/2005. 

Company Name: Hillenbrand Industries, Inc; 
Ticker: HB; 
Market: NYSE; 
Date: 11/16/2005. 

Company Name: Raytech Corporation; 
Ticker: RAY; 
Market: NYSE; 
Date: 11/ 16/2005. 

Company Name: Pride International Inc; 
Ticker: PDE; 
Market: NYSE; 
Date: 11/17/2005. 

Company Name: Pulaski Financial Corporation; 
Ticker: PULB; 
Market: Nasdaq; 
Date: 11/17/2005. 

Company Name: Ameritrade Holding Corporation; 
Ticker: AMTD; 
Market: Nasdaq; 
Date: 11/18/2005. 

Company Name: Creative Vistas, Inc; 
Ticker: CVAS; 
Market: OTC; 
Date: 11/18/2005. 

Company Name: eLinear, Inc; 
Ticker: ELU; 
Market: Amex; 
Date: 11/18/ 2005. 

Company Name: Ligand Pharmaceuticals Inc; 
Ticker: LGND; 
Market: OTC; 
Date: 11/18/2005. 

Company Name: The Andersons, Inc; 
Ticker: ANDE; 
Market: Nasdaq; 
Date: 11/18/2005. 

Company Name: Johnson Controls, Inc; 
Ticker: JCI; 
Market: NYSE; 
Date: 11/21/2005. 

Company Name: Langer, Inc; 
Ticker: GAIT; 
Market: Nasdaq; 
Date: 11/21/ 2005. 

Company Name: Nevada Chemicals, Inc; 
Ticker: NCEM; 
Market: Nasdaq; 
Date: 11/21/2005. 

Company Name: Poore Brothers, Inc; 
Ticker: SNAK; 
Market: Nasdaq; 
Date: 11/21/2005. 

Company Name: Western Gas Resources, Inc; 
Ticker: WGR; 
Market: NYSE; 
Date: 11/21/2005. 

Company Name: CGI Holding Corporation; 
Ticker: THK; 
Market: Amex; 
Date: 11/22/2005. 

Company Name: LSB Industries, Inc; 
Ticker: LXU; 
Market: Amex; 
Date: 11/22/2005. 

Company Name: Lakes Entertainment, Inc; 
Ticker: LACO; 
Market: OTC; 
Date: 11/23/2005. 

Company Name: Offshore Logistics, Inc; 
Ticker: OLG; 
Market: NYSE; 
Date: 11/23/2005. 

Company Name: Industrial Enterprises of America, Inc; 
Ticker: ILNP; 
Market: OTC; 
Date: 11/25/2005. 

Company Name: Portal Software, Inc; 
Ticker: PRSF; 
Market: OTC; 
Date: 11/28/2005. 

Company Name: NUR Macroprinters Ltd; 
Ticker: NURM; 
Market: OTC; 
Date: 11/30/2005. 

Company Name: Kellwood Company; 
Ticker: KWD; 
Market: NYSE; 
Date: 12/1/ 2005. 

Company Name: Material Sciences Corporation; 
Ticker: MSC; 
Market: NYSE; 
Date: 12/5/2005. 

Company Name: Nestor, Inc; 
Ticker: NEST; 
Market: Nasdaq; 
Date: 12/5/ 2005. 

Company Name: World Air Holdings, Inc; 
Ticker: WLDAE; 
Market: Nasdaq; 
Date: 12/5/2005. 

Company Name: Chordiant Software, Inc; 
Ticker: CHRD; 
Market: Nasdaq; 
Date: 12/6/2005. 

Company Name: Taleo Corporation; 
Ticker: TLEO; 
Market: Nasdaq; 
Date: 12/6/2005. 

Company Name: Learning Tree International, Inc; 
Ticker: LTRE; 
Market: Nasdaq; 
Date: 12/7/2005. 

Company Name: Esterline Corporation; 
Ticker: ESL; 
Market: NYSE; 
Date: 12/8/2005. 

Company Name: Centennial Communications Corporation; 
Ticker: CYCL; 
Market: Nasdaq; 
Date: 12/12/2005. 

Company Name: CIT Group Inc; 
Ticker: CIT; 
Market: NYSE; 
Date: 12/13/ 2005. 

Company Name: First BanCorp; 
Ticker: FBP; 
Market: NYSE; 
Date: 12/13/ 2005. 

Company Name: United Microelectronics Corporation; 
Ticker: UMC; 
Market: NYSE; 
Date: 12/13/2005. 

Company Name: Hillenbrand Industries, Inc; 
Ticker: HB; 
Market: NYSE; 
Date: 12/14/2005. 

Company Name: Tier Technologies, Inc; 
Ticker: TIER; 
Market: Nasdaq; 
Date: 12/14/2005. 

Company Name: Andrew Corporation; 
Ticker: ANDW; 
Market: Nasdaq; 
Date: 12/15/2005. 

Company Name: Centerpoint Energy Inc; 
Ticker: CNP; 
Market: NYSE; 
Date: 12/16/2005. 

Company Name: Ault Inc; 
Ticker: AULT; 
Market: Nasdaq; 
Date: 12/19/ 2005. 

Company Name: Bluegreen Corporation; 
Ticker: BXG; 
Market: NYSE; 
Date: 12/19/2005. 

Company Name: Rica Foods, Inc; 
Ticker: RCF; 
Market: Amex; 
Date: 12/21/ 2005. 

Company Name: Strategic Diagnostics, Inc; 
Ticker: SDIX; 
Market: Nasdaq; 
Date: 12/21/2005. 

Company Name: Accelrys, Inc; 
Ticker: ACCL; 
Market: Nasdaq; 
Date: 12/ 22/2005. 

Company Name: Bausch & Lomb Inc; 
Ticker: BOL; 
Market: NYSE; 
Date: 12/ 22/2005. 

Company Name: ENER1, Inc; 
Ticker: ENEI; 
Market: OTC; 
Date: 12/22/2005. 

Company Name: Patterson-UTI Energy, Inc; 
Ticker: PTEN; 
Market: Nasdaq; 
Date: 12/22/2005. 

Company Name: Key Technology, Inc; 
Ticker: KTEC; 
Market: Nasdaq; 
Date: 12/28/2005. 

Company Name: Document Sciences Corporation; 
Ticker: DOCX; 
Market: Nasdaq; 
Date: 12/29/2005. 

Company Name: Compass Bancshares, Inc; 
Ticker: CBSS; 
Market: Nasdaq; 
Date: 1/3/2006. 

Company Name: 21st Century Technologies Inc; 
Ticker: TFCY; 
Market: OTC; 
Date: 1/5/2006. 

Company Name: MCI, Inc; 
Ticker: MCIP; 
Market: Nasdaq; 
Date: 1/5/2006. 

Company Name: The Colonial BancGroup, Inc; 
Ticker: CNB; 
Market: NYSE; 
Date: 1/5/2006. 

Company Name: Monolithic Power Systems, Inc; 
Ticker: MPWR; 
Market: Nasdaq; 
Date: 1/6/2006. 

Company Name: The Mills Corporation; 
Ticker: MLS; 
Market: NYSE; 
Date: 1/6/2006. 

Company Name: Savient Pharmaceuticals, Inc; 
Ticker: SVNT; 
Market: Nasdaq; 
Date: 1/11/2006. 

Company Name: Piedmont Natural Gas Company, Inc; 
Ticker: PNY; 
Market: NYSE; 
Date: 1/17/2006. 

Company Name: CEL-SCI Corporation; 
Ticker: CVM; 
Market: Amex; 
Date: 1/ 18/2006. 

Company Name: Flow International Corporation; 
Ticker: FLOW; 
Market: Nasdaq; 
Date: 1/18/2006. 

Company Name: Stewart Enterprises, Inc; 
Ticker: STEI; 
Market: Nasdaq; 
Date: 1/18/2006. 

Company Name: Tenet Healthcare Corporation; 
Ticker: THC; 
Market: NYSE; 
Date: 1/19/2006. 

Company Name: Great Southern Bancorp, Inc; 
Ticker: GSBC; 
Market: Nasdaq; 
Date: 1/23/2006. 

Company Name: InterVideo, Inc; 
Ticker: IVII; 
Market: Nasdaq; 
Date: 1/ 24/2006. 

Company Name: Lightbridge, Inc; 
Ticker: LTBG; 
Market: Nasdaq; 
Date: 1/ 25/2006. 

Company Name: United Rentals, Inc; 
Ticker: URI; 
Market: NYSE; 
Date: 1/ 26/2006. 

Company Name: The Oilgear Company; 
Ticker: OLGR; 
Market: Nasdaq; 
Date: 1/27/2006. 

Company Name: Tyson Foods, Inc; 
Ticker: TSN; 
Market: NYSE; 
Date: 1/30/ 2006. 

Company Name: Forrester Research, Inc; 
Ticker: FORR; 
Market: Nasdaq; 
Date: 1/31/2006. 

Company Name: Michael Baker Corporation; 
Ticker: BKR; 
Market: Amex; 
Date: 1/31/2006. 

Company Name: Old National Bancorp; 
Ticker: ONB; 
Market: NYSE; 
Date: 1/ 31/2006. 

Company Name: Tollgrade Communications, Inc; 
Ticker: TLGD; 
Market: Nasdaq; 
Date: 2/1/2006. 

Company Name: TRC Companies, Inc; 
Ticker: TRR; 
Market: NYSE; 
Date: 2/ 2/2006. 

Company Name: Titan Global Holdings, Inc; 
Ticker: TTGL; 
Market: OTC; 
Date: 2/6/2006. 

Company Name: Manhattan Associates, Inc; 
Ticker: MANH; 
Market: Nasdaq; 
Date: 2/7/2006. 

Company Name: Medical Nutrition USA, Inc; 
Ticker: MDNU; 
Market: OTC; 
Date: 2/7/2006. 

Company Name: TEPPCO Partners, L.P; 
Ticker: TPP; 
Market: NYSE; 
Date: 2/7/2006. 

Company Name: SafeNet, Inc; 
Ticker: SFNT; 
Market: Nasdaq; 
Date: 2/8/ 2006. 

Company Name: GenCorp, Inc; 
Ticker: GY; 
Market: NYSE; 
Date: 2/9/2006. 

Company Name: Odyssey Re Holdings Corporation; 
Ticker: ORH; 
Market: NYSE; 
Date: 2/9/2006. 

Company Name: ProQuest Company; 
Ticker: PQE; 
Market: NYSE; 
Date: 2/9/ 2006. 

Company Name: Wavecom S.A; 
Ticker: WVCM; 
Market: Nasdaq; 
Date: 2/9/ 2006. 

Company Name: CSP Inc; 
Ticker: CSPIE; 
Market: Nasdaq; 
Date: 2/10/2006. 

Company Name: Particle Drilling Technologies, Inc; 
Ticker: PDRT; 
Market: Nasdaq; 
Date: 2/10/2006. 

Company Name: Crown Castle International Corporation; 
Ticker: CCI; 
Market: NYSE; 
Date: 2/13/2006. 

Company Name: DTS, Inc; 
Ticker: DTSI; 
Market: Nasdaq; 
Date: 2/13/2006. 

Company Name: LandAmerica Financial Group, Inc; 
Ticker: LFG; 
Market: NYSE; 
Date: 2/13/2006. 

Company Name: Motive, Inc; 
Ticker: MOTV; 
Market: Nasdaq; 
Date: 2/13/ 2006. 

Company Name: YRC Worldwide Inc; 
Ticker: YRCW; 
Market: Nasdaq; 
Date: 2/13/2006. 

Company Name: ACCO Brands Corporation; 
Ticker: ABD; 
Market: NYSE; 
Date: 2/14/2006. 

Company Name: Collegiate Pacific Inc; 
Ticker: BOO; 
Market: Amex; 
Date: 2/14/2006. 

Company Name: Inter-Tel, Inc; 
Ticker: INTL; 
Market: Nasdaq; 
Date: 2/ 14/2006. 

Company Name: Markland Technologies, Inc; 
Ticker: MRKLE; 
Market: OTC; 
Date: 2/14/2006. 

Company Name: Arena Resources, Inc; 
Ticker: ARD; 
Market: Amex; 
Date: 2/16/2006. 

Company Name: CNA Financial Corporation; 
Ticker: CNA; 
Market: NYSE; 
Date: 2/16/2006. 

Company Name: FinancialContent, Inc; 
Ticker: FCON; 
Market: OTC; 
Date: 2/16/2006. 

Company Name: Greatbatch, Inc; 
Ticker: GB; 
Market: NYSE; 
Date: 2/16/ 2006. 

Company Name: Loews Corporation; 
Ticker: LTR; 
Market: NYSE; 
Date: 2/16/ 2006. 

Company Name: Nova Measuring Instruments, Ltd; 
Ticker: NVMI; 
Market: Nasdaq; 
Date: 2/16/2006. 

Company Name: Pan American Silver Corporation; 
Ticker: PAAS; 
Market: Nasdaq; 
Date: 2/16/2006. 

Company Name: Frozen Food Express Industries, Inc; 
Ticker: FFEX; 
Market: Nasdaq; 
Date: 2/17/2006. 

Company Name: National Oilwell Varco, Inc; 
Ticker: NOV; 
Market: NYSE; 
Date: 2/17/2006. 

Company Name: Sport-Haley, Inc; 
Ticker: SPOR; 
Market: Nasdaq; 
Date: 2/ 21/2006. 

Company Name: Tekelec; 
Ticker: TKLC; 
Market: Nasdaq; 
Date: 2/21/2006. 

Company Name: Bank of America Corporation; 
Ticker: BAC; 
Market: NYSE; 
Date: 2/22/2006. 

Company Name: Tenet Healthcare Corporation; 
Ticker: THC; 
Market: NYSE; 
Date: 2/22/2006. 

Company Name: Gerber Scientific, Inc; 
Ticker: GRB; 
Market: NYSE; 
Date: 2/23/2006. 

Company Name: H&R Block Inc; 
Ticker: HRB; 
Market: NYSE; 
Date: 2/23/ 2006. 

Company Name: Hooper Holmes, Inc; 
Ticker: HH; 
Market: Amex; 
Date: 2/ 23/2006. 

Company Name: Pomeroy IT Solutions, Inc; 
Ticker: PMRYE; 
Market: Nasdaq; 
Date: 2/23/2006. 

Company Name: Guardian Technologies International, Inc; 
Ticker: GDTI; 
Market: OTC; 
Date: 2/24/2006. 

Company Name: Beverly Hills Bancorp Inc; 
Ticker: BHBC; 
Market: Nasdaq; 
Date: 2/27/2006. 

Company Name: ValueClick, Inc; 
Ticker: VCLK; 
Market: Nasdaq; 
Date: 2/ 27/2006. 

Company Name: AutoNation, Inc; 
Ticker: AN; 
Market: NYSE; 
Date: 2/28/ 2006. 

Company Name: Overstock.com, Inc; 
Ticker: OSTK; 
Market: Nasdaq; 
Date: 2/28/2006. 

Company Name: Shenandoah Telecommunications Company; 
Ticker: SHEN; 
Market: Nasdaq; 
Date: 2/28/2006. 

Company Name: MultiCell Technologies, Inc; 
Ticker: MCET; 
Market: OTC; 
Date: 3/1/2006. 

Company Name: Coeur D'Alene Mines Corporation; 
Ticker: CDE; 
Market: NYSE; 
Date: 3/2/2006. 

Company Name: Harvard Bioscience, Inc; 
Ticker: HBIO; 
Market: Nasdaq; 
Date: 3/2/2006. 

Company Name: Tenet Healthcare Corporation; 
Ticker: THC; 
Market: NYSE; 
Date: 3/2/2006. 

Company Name: Terayon Communication Systems, Inc; 
Ticker: TERNE; 
Market: Nasdaq; 
Date: 3/2/2006. 

Company Name: ENER1, Inc; 
Ticker: ENEI; 
Market: OTC; 
Date: 3/3/2006. 

Company Name: SITEL Corporation; 
Ticker: SWW; 
Market: NYSE; 
Date: 3/3/ 2006. 

Company Name: Bennett Environmental Inc; 
Ticker: BEL; 
Market: Amex; 
Date: 3/6/2006. 

Company Name: Kroger Company; 
Ticker: KR; 
Market: NYSE; 
Date: 3/6/2006. 

Company Name: Leap Wireless International, Inc; 
Ticker: LEAP; 
Market: Nasdaq; 
Date: 3/6/2006. 

Company Name: Rogers Corporation; 
Ticker: ROG; 
Market: NYSE; 
Date: 3/6/ 2006. 

Company Name: Tripos, Inc; 
Ticker: TRPS; 
Market: Nasdaq; 
Date: 3/6/ 2006. 

Company Name: Diebold Inc; 
Ticker: DBD; 
Market: NYSE; 
Date: 3/7/2006. 

Company Name: Evans & Sutherland Computer Corporation; 
Ticker: ESCC; 
Market: Nasdaq; 
Date: 3/7/2006. 

Company Name: Magellan Health Services Inc; 
Ticker: MGLN; 
Market: Nasdaq; 
Date: 3/7/2006. 

Company Name: MBT Financial Corporation; 
Ticker: MBTF; 
Market: Nasdaq; 
Date: 3/7/2006. 

Company Name: National R.V. Holdings, Inc; 
Ticker: NVH; 
Market: NYSE; 
Date: 3/7/2006. 

Company Name: Santander BanCorp; 
Ticker: SBP; 
Market: NYSE; 
Date: 3/7/ 2006. 

Company Name: CNA Financial Corporation; 
Ticker: CNA; 
Market: NYSE; 
Date: 3/8/2006. 

Company Name: Global Power Equipment Group Inc; 
Ticker: GEG; 
Market: NYSE; 
Date: 3/8/2006. 

Company Name: Loews Corporation; 
Ticker: LTR; 
Market: NYSE; 
Date: 3/8/ 2006. 

Company Name: Meadow Valley Corporation; 
Ticker: MVCO; 
Market: Nasdaq; 
Date: 3/8/2006. 

Company Name: Medical CV, Inc; 
Ticker: MDCV; 
Market: OTC; 
Date: 3/8/ 2006. 

Company Name: The Brink's Co; 
Ticker: BCO; 
Market: NYSE; 
Date: 3/8/ 2006. 

Company Name: Allion Healthcare, Inc; 
Ticker: ALLI; 
Market: Nasdaq; 
Date: 3/9/2006. 

Company Name: Blockbuster Inc; 
Ticker: BBI; 
Market: NYSE; 
Date: 3/9/ 2006. 

Company Name: BUCA, Inc; 
Ticker: BUCA; 
Market: Nasdaq; 
Date: 3/9/2006. 

Company Name: Carrizo Oil & Gas, Inc; 
Ticker: CRZO; 
Market: Nasdaq; 
Date: 3/9/2006. 

Company Name: Radiologix, Inc; 
Ticker: RGX; 
Market: Amex; 
Date: 3/9/ 2006. 

Company Name: Merchants & Manufacturers Bancorporation, Inc; 
Ticker: MMBI; 
Market: OTC; 
Date: 3/10/2006. 

Company Name: Municpal Mortgage & Equity, LLC; 
Ticker: MMA; 
Market: NYSE; 
Date: 3/10/2006. 

Company Name: Nortel Networks Corporation; 
Ticker: NT; 
Market: NYSE; 
Date: 3/10/2006. 

Company Name: Oakley, Inc; 
Ticker: OO; 
Market: NYSE; 
Date: 3/10/2006. 

Company Name: USA Mobility, Inc; 
Ticker: USMO; 
Market: Nasdaq; 
Date: 3/10/2006. 

Company Name: CKX, Inc; 
Ticker: CKXE; 
Market: Nasdaq; 
Date: 3/13/2006. 

Company Name: Federal National Mortgage Association; 
Ticker: FNM; 
Market: NYSE; 
Date: 3/13/2006. 

Company Name: Pepco Holdings, Inc; 
Ticker: POM; 
Market: NYSE; 
Date: 3/ 13/2006. 

Company Name: SafeNet, Inc; 
Ticker: SFNT; 
Market: Nasdaq; 
Date: 3/13/ 2006. 

Company Name: Central Vermont Public Service Corporation; 
Ticker: CV; 
Market: NYSE; 
Date: 3/14/2006. 

Company Name: Comverse Technology, Inc; 
Ticker: CMVT; 
Market: Nasdaq; 
Date: 3/14/2006. 

Company Name: Crown Media Holdings, Inc; 
Ticker: CRWN; 
Market: Nasdaq; 
Date: 3/14/2006. 

Company Name: Dynegy Inc; 
Ticker: DYN; 
Market: NYSE; 
Date: 3/14/2006. 

Company Name: Parallel Petroleum Corporation; 
Ticker: PLLL; 
Market: Nasdaq; 
Date: 3/14/2006. 

Company Name: Wireless Facilities, Inc; 
Ticker: WFII; 
Market: Nasdaq; 
Date: 3/14/2006. 

Company Name: America Service Group Inc; 
Ticker: ASGRE; 
Market: Nasdaq; 
Date: 3/15/2006. 

Company Name: First Advantage Corporation; 
Ticker: FADV; 
Market: Nasdaq; 
Date: 3/15/2006. 

Company Name: K&F Industries Holdings, Inc; 
Ticker: KFI; 
Market: NYSE; 
Date: 3/15/2006. 

Company Name: PainCare Holdings, Inc; 
Ticker: PRZ; 
Market: Amex; 
Date: 3/15/2006. 

Company Name: SeraCare Life Sciences, Inc; 
Ticker: SRLSE; 
Market: Nasdaq; 
Date: 3/15/2006. 

Company Name: StoneMor Partners L.P; 
Ticker: STON; 
Market: Nasdaq; 
Date: 3/15/2006. 

Company Name: W Holding Company, Inc; 
Ticker: WHI; 
Market: NYSE; 
Date: 3/15/2006. 

Company Name: Wynn Resorts, Ltd; 
Ticker: WYNN; 
Market: Nasdaq; 
Date: 3/15/2006. 

Company Name: Abraxas Petroleum Corporation; 
Ticker: ABP; 
Market: Amex; 
Date: 3/16/2006. 

Company Name: Affirmative Insurance Holdings, Inc; 
Ticker: AFFM; 
Market: Nasdaq; 
Date: 3/16/2006. 

Company Name: Bowne & Co., Inc; 
Ticker: BNE; 
Market: NYSE; 
Date: 3/16/ 2006. 

Company Name: CSP Inc; 
Ticker: CSPIE; 
Market: Nasdaq; 
Date: 3/16/2006. 

Company Name: General Motors Corporation; 
Ticker: GM; 
Market: NYSE; 
Date: 3/16/2006. 

Company Name: GTSI Corporation; 
Ticker: GTSI; 
Market: Nasdaq; 
Date: 3/ 16/2006. 

Company Name: Image Innovations Holdings Inc; 
Ticker: IMGV; 
Market: OTC; 
Date: 3/16/2006. 

Company Name: Input/Output, Inc; 
Ticker: IO; 
Market: NYSE; 
Date: 3/16/ 2006. 

Company Name: Saxon Capital, Inc; 
Ticker: SAX; 
Market: NYSE; 
Date: 3/ 16/2006. 

Company Name: Westmoreland Coal Company; 
Ticker: WLB; 
Market: Amex; 
Date: 3/16/2006. 

Company Name: Bausch & Lomb Inc; 
Ticker: BOL; 
Market: NYSE; 
Date: 3/ 17/2006. 

Company Name: Curis, Inc; 
Ticker: CRIS; 
Market: Nasdaq; 
Date: 3/17/ 2006. 

Company Name: Epicor Software Corporation; 
Ticker: EPIC; 
Market: Nasdaq; 
Date: 3/17/2006. 

Company Name: Kansas City Southern; 
Ticker: KSU; 
Market: NYSE; 
Date: 3/ 17/2006. 

Company Name: Mattson Technology, Inc; 
Ticker: MTSN; 
Market: Nasdaq; 
Date: 3/17/2006. 

Company Name: Merge Technologies Inc; 
Ticker: MRGE; 
Market: Nasdaq; 
Date: 3/17/2006. 

Company Name: Ryerson Inc; 
Ticker: RYI; 
Market: NYSE; 
Date: 3/17/2006. 

Company Name: Advanced Marketing Services, Inc; 
Ticker: MKTS; 
Market: OTC; 
Date: 3/20/2006. 

Company Name: ADVENTRX Pharmaceuticals, Inc; 
Ticker: ANX; 
Market: Amex; 
Date: 3/20/2006. 

Company Name: Beverly Hills Bancorp Inc; 
Ticker: BHBC; 
Market: Nasdaq; 
Date: 3/21/2006. 

Company Name: NEC Corporation; 
Ticker: NIPNY; 
Market: Nasdaq; 
Date: 3/ 22/2006. 

Company Name: Progressive Gaming International Corporation; 
Ticker: PGIC; 
Market: Nasdaq; 
Date: 3/22/2006. 

Company Name: Super Vision International, Inc; 
Ticker: SUPVA; 
Market: Nasdaq; 
Date: 3/22/2006. 

Company Name: The Interpublic Group of Companies, Inc; 
Ticker: IPG; 
Market: NYSE; 
Date: 3/22/2006. 

Company Name: WPCS International Inc; 
Ticker: WPCS; 
Market: Nasdaq; 
Date: 3/22/2006. 

Company Name: Redhook Ale Brewery, Inc; 
Ticker: HOOK; 
Market: Nasdaq; 
Date: 3/23/2006. 

Company Name: Core-Mark Holding Company, Inc; 
Ticker: CORE; 
Market: Nasdaq; 
Date: 3/24/2006. 

Company Name: Sea Containers Ltd; 
Ticker: SCRA, SCRB; 
Market: NYSE; 
Date: 3/24/2006. 

Company Name: Calgon Carbon Corporation; 
Ticker: CCC; 
Market: NYSE; 
Date: 3/27/2006. 

Company Name: CSK Auto Corporation; 
Ticker: CAO; 
Market: NYSE; 
Date: 3/ 27/2006. 

Company Name: Retalix Ltd; 
Ticker: RTLX; 
Market: Nasdaq; 
Date: 3/27/ 2006. 

Company Name: BIO-key International, Inc; 
Ticker: BKYI; 
Market: OTC; 
Date: 3/28/2006. 

Company Name: Hometown Auto Retailers, Inc; 
Ticker: HCAR; 
Market: OTC; 
Date: 3/28/2006. 

Company Name: Orbimage Holdings Inc; 
Ticker: ORBM; 
Market: OTC; 
Date: 3/28/2006. 

Company Name: ZIM Corporation; 
Ticker: ZIMCF; 
Market: OTC; 
Date: 3/28/ 2006. 

Company Name: Golden Star Resources Ltd; 
Ticker: GSS; 
Market: Amex; 
Date: 3/29/2006. 

Company Name: Zygo Corporation; 
Ticker: ZIGO; 
Market: Nasdaq; 
Date: 3/ 29/2006. 

Company Name: Ableauctions.com Inc; 
Ticker: AAC; 
Market: Amex; 
Date: 3/30/2006. 

Company Name: Interlink Electronics, Inc; 
Ticker: LINKE; 
Market: Nasdaq; 
Date: 3/30/2006. 

Company Name: Kaiser Aluminum Corporation; 
Ticker: KLUCQ; 
Market: OTC; 
Date: 3/30/2006. 

Company Name: Secured Digital Applications, Inc; 
Ticker: SDGL; 
Market: OTC; 
Date: 3/30/2006. 

Company Name: Tier Technologies, Inc; 
Ticker: TIERE; 
Market: Nasdaq; 
Date: 3/30/2006. 

Company Name: Wintrust Financial Corporation; 
Ticker: WTFC; 
Market: Nasdaq; 
Date: 3/30/2006. 

Company Name: Astea International Inc; 
Ticker: ATEA; 
Market: Nasdaq; 
Date: 3/31/2006. 

Company Name: China Expert Technology, Inc; 
Ticker: CXTI; 
Market: OTC; 
Date: 3/31/2006. 

Company Name: DataLogic International, Inc; 
Ticker: DLGI; 
Market: OTC; 
Date: 3/31/2006. 

Company Name: DHB Industries, Inc; 
Ticker: DHB; 
Market: Amex; 
Date: 3/ 31/2006. 

Company Name: Genitope Corporation; 
Ticker: GTOP; 
Market: Nasdaq; 
Date: 3/31/2006. 

Company Name: Global Axcess Corporation; 
Ticker: GAXC; 
Market: OTC; 
Date: 3/31/2006. 

Company Name: GMH Communities Trust; 
Ticker: GCT; 
Market: NYSE; 
Date: 3/31/2006. 

Company Name: HealthTronics, Inc; 
Ticker: HTRN; 
Market: Nasdaq; 
Date: 3/31/2006. 

Company Name: Law Enforcement Associates Corporation; 
Ticker: AID; 
Market: Amex; 
Date: 3/31/2006. 

Company Name: NovaMed, Inc; 
Ticker: NOVA; 
Market: Nasdaq; 
Date: 3/31/ 2006. 

Company Name: Oriental Financial Group Inc; 
Ticker: OFG; 
Market: NYSE; 
Date: 3/31/2006. 

Company Name: Petroleum Development Corporation; 
Ticker: PETD; 
Market: Nasdaq; 
Date: 3/31/2006. 

Company Name: United Rentals, Inc; 
Ticker: URI; 
Market: NYSE; 
Date: 3/ 31/2006. 

Company Name: Wilshire Enterprises, Inc; 
Ticker: WOC; 
Market: Amex; 
Date: 3/31/2006. 

Company Name: WorldGate Communications, Inc; 
Ticker: WGAT; 
Market: Nasdaq; 
Date: 3/31/2006. 

Company Name: AES Corporation; 
Ticker: AES; 
Market: NYSE; 
Date: 4/3/ 2006. 

Company Name: Carrizo Oil & Gas, Inc; 
Ticker: CRZO; 
Market: Nasdaq; 
Date: 4/3/2006. 

Company Name: Fieldstone Investment Corporation; 
Ticker: FICC; 
Market: Nasdaq; 
Date: 4/3/2006. 

Company Name: Hemispherx Biopharma, Inc; 
Ticker: HEB; 
Market: Amex; 
Date: 4/3/2006. 

Company Name: Integrated Healthcare Holdings, Inc; 
Ticker: IHCH; 
Market: OTC; 
Date: 4/3/2006. 

Company Name: Linn Energy, LLC; 
Ticker: LINE; 
Market: Nasdaq; 
Date: 4/ 3/2006. 

Company Name: Motive, Inc; 
Ticker: MOTV; 
Market: Nasdaq; 
Date: 4/3/ 2006. 

Company Name: Shells Seafood Restaurants, Inc; 
Ticker: SHLL; 
Market: OTC; 
Date: 4/3/2006. 

Company Name: Tag-It Pacific, Inc; 
Ticker: TAG; 
Market: Amex; 
Date: 4/ 3/2006. 

Company Name: Richardson Electronics, Ltd; 
Ticker: RELL; 
Market: Nasdaq; 
Date: 4/4/2006. 

Company Name: Franklin Credit Management Corporation; 
Ticker: FCMC; 
Market: Nasdaq; 
Date: 4/5/2006. 

Company Name: Zapata Corporation; 
Ticker: ZAP; 
Market: NYSE; 
Date: 4/5/ 2006. 

Company Name: Pier 1 Imports, Inc; 
Ticker: PIR; 
Market: NYSE; 
Date: 4/ 6/2006. 

Company Name: SIFCO Industries, Inc; 
Ticker: SIF; 
Market: Amex; 
Date: 4/6/2006. 

Company Name: Navistar International Corporation; 
Ticker: NAV; 
Market: NYSE; 
Date: 4/7/2006. 

Company Name: Orchid Cellmark Inc; 
Ticker: ORCH; 
Market: Nasdaq; 
Date: 4/7/2006. 

Company Name: Mattson Technology, Inc; 
Ticker: MTSN; 
Market: Nasdaq; 
Date: 4/10/2006. 

Company Name: Whole Living, Inc; 
Ticker: WHLV; 
Market: OTC; 
Date: 4/ 10/2006. 

Company Name: Pixelplus Co., Ltd; 
Ticker: PXPL; 
Market: Nasdaq; 
Date: 4/11/2006. 

Company Name: Yak Communications Inc; 
Ticker: YAKC; 
Market: Nasdaq; 
Date: 4/11/2006. 

Company Name: Butler International, Inc; 
Ticker: BUTL; 
Market: Nasdaq; 
Date: 4/13/2006. 

Company Name: Carmike Cinemas, Inc; 
Ticker: CKEC; 
Market: Nasdaq; 
Date: 4/17/2006. 

Company Name: Cray Inc; 
Ticker: CRAY; 
Market: Nasdaq; 
Date: 4/17/2006. 

Company Name: Ulticom, Inc; 
Ticker: ULCM; 
Market: Nasdaq; 
Date: 4/17/ 2006. 

Company Name: Corning Inc; 
Ticker: GLW; 
Market: NYSE; 
Date: 4/25/2006. 

Company Name: Vitesse Semiconductor Corporation; 
Ticker: VTSS; 
Market: Nasdaq; 
Date: 4/26/2006. 

Company Name: Carreker Corporation; 
Ticker: CANI; 
Market: Nasdaq; 
Date: 4/27/2006. 

Company Name: Genesis HealthCare Corporation; 
Ticker: GHCI; 
Market: Nasdaq; 
Date: 4/27/2006. 

Company Name: Siliconware Precision Industries Co., Ltd; 
Ticker: SPIL; 
Market: Nasdaq; 
Date: 4/27/2006. 

Company Name: Avistar Communications Corporation; 
Ticker: AVSR; 
Market: Nasdaq; 
Date: 4/28/2006. 

Company Name: Dynegy Inc; 
Ticker: DYN; 
Market: NYSE; 
Date: 4/28/2006. 

Company Name: Borland Software Corporation; 
Ticker: BORL; 
Market: Nasdaq; 
Date: 5/2/2006. 

Company Name: GlobalSCAPE, Inc; 
Ticker: GSCP; 
Market: OTC; 
Date: 5/2/ 2006. 

Company Name: Connetics Corporation; 
Ticker: CNCT; 
Market: Nasdaq; 
Date: 5/3/2006. 

Company Name: Sunterra Corp; 
Ticker: SNRR; 
Market: Nasdaq; 
Date: 5/3/ 2006. 

Company Name: Host America Corporation; 
Ticker: CAFE; 
Market: OTC; 
Date: 5/4/2006. 

Company Name: Whole Living, Inc; 
Ticker: WHLV; 
Market: OTC; 
Date: 5/4/ 2006. 

Company Name: Heartland Financial USA, Inc; 
Ticker: HTLF; 
Market: Nasdaq; 
Date: 5/5/2006. 

Company Name: Power Integrations, Inc; 
Ticker: POWI; 
Market: Nasdaq; 
Date: 5/5/2006. 

Company Name: NASB Financial, Inc; 
Ticker: NASB; 
Market: Nasdaq; 
Date: 5/8/2006. 

Company Name: The Sands Regent; 
Ticker: SNDS; 
Market: Nasdaq; 
Date: 5/ 8/2006. 

Company Name: Emrise Corporation; 
Ticker: ERI; 
Market: OTC; 
Date: 5/9/ 2006. 

Company Name: Samsonite Corporation; 
Ticker: SAMC; 
Market: OTC; 
Date: 5/9/2006. 

Company Name: Media Sciences International, Inc; 
Ticker: GFX; 
Market: Amex; 
Date: 5/10/2006. 

Company Name: Brooks Automation, Inc; 
Ticker: BRKS; 
Market: Nasdaq; 
Date: 5/11/2006. 

Company Name: TASER International, Inc; 
Ticker: TASR; 
Market: Nasdaq; 
Date: 5/12/2006. 

Company Name: Accentia Biopharmaceuticals, Inc; 
Ticker: ABPI; 
Market: Nasdaq; 
Date: 5/15/2006. 

Company Name: International Rectifier Corporation; 
Ticker: IRF; 
Market: NYSE; 
Date: 5/15/2006. 

Company Name: SIRVA, Inc; 
Ticker: SIR; 
Market: NYSE; 
Date: 5/15/2006. 

Company Name: SM&A; 
Ticker: WINS; 
Market: Nasdaq; 
Date: 5/15/2006. 

Company Name: Novelis Inc; 
Ticker: NVL; 
Market: NYSE; 
Date: 5/16/2006. 

Company Name: California First National Bancorp; 
Ticker: CFNB; 
Market: Nasdaq; 
Date: 5/16/2006. 

Company Name: Tutogen Medical, Inc; 
Ticker: TTG; 
Market: Amex; 
Date: 5/16/2006. 

Company Name: Cargo Connection Logistics Holding, Inc; 
Ticker: CRGOE; 
Market: OTC; 
Date: 5/19/2006. 

Company Name: Eternal Technologies Group, Inc; 
Ticker: ETLT; 
Market: OTC; 
Date: 5/19/2006. 

Company Name: Pressure Biosciences, Inc; 
Ticker: PBIO; 
Market: Nasdaq; 
Date: 5/19/2006. 

Company Name: Coldwater Creek Inc; 
Ticker: CWTR; 
Market: Nasdaq; 
Date: 5/24/2006. 

Company Name: UTStarcom, Inc; 
Ticker: UTSI; 
Market: Nasdaq; 
Date: 5/ 24/2006. 

Company Name: Carmike Cinemas, Inc; 
Ticker: CKEC; 
Market: Nasdaq; 
Date: 5/25/2006. 

Company Name: CA, Inc; 
Ticker: CA; 
Market: NYSE; 
Date: 5/30/2006. 

Company Name: Max Re Capital Ltd; 
Ticker: MXRE; 
Market: Nasdaq; 
Date: 5/30/2006. 

Company Name: Chicago Bridge & Iron Company N.V; 
Ticker: CBI; 
Market: NYSE; 
Date: 5/31/2006. 

Company Name: Michael Baker Corporation; 
Ticker: BKR; 
Market: Amex; 
Date: 6/1/2006. 

Company Name: Federated Department Stores Inc; 
Ticker: FD; 
Market: NYSE; 
Date: 6/6/2006. 

Company Name: Quantum Fuel Systems Technologies Worldwide Inc; 
Ticker: QTWW; 
Market: Nasdaq; 
Date: 6/8/2006. 

Company Name: American Italian Pasta Company; 
Ticker: PLB; 
Market: NYSE; 
Date: 6/9/2006. 

Company Name: BroadVision, Inc; 
Ticker: BVSN; 
Market: OTC; 
Date: 6/9/ 2006. 

Company Name: Infosonics Corporation; 
Ticker: IFO; 
Market: Amex; 
Date: 6/12/2006. 

Company Name: MTS Medication Technologies, Inc; 
Ticker: MPP; 
Market: Amex; 
Date: 6/13/2006. 

Company Name: BMC Software, Inc; 
Ticker: BMC; 
Market: NYSE; 
Date: 6/ 14/2006. 

Company Name: Coinmach Service Corporation; 
Ticker: DRA, DRY; 
Market: Amex; 
Date: 6/14/2006. 

Company Name: Exide Technologies; 
Ticker: XIDE; 
Market: Nasdaq; 
Date: 6/14/2006. 

Company Name: Hancock Fabrics, Inc; 
Ticker: HKF; 
Market: NYSE; 
Date: 6/16/2006. 

Company Name: United Heritage Corporation; 
Ticker: UHCP; 
Market: Nasdaq; 
Date: 6/16/2006. 

Company Name: ATS Medical, Inc; 
Ticker: ATSI; 
Market: Nasdaq; 
Date: 6/ 19/2006. 

Company Name: Continental Materials Corporation; 
Ticker: CUO; 
Market: Amex; 
Date: 6/19/2006. 

Company Name: Delphi Corporation; 
Ticker: DPHIQ, DPHAQ; 
Market: OTC; 
Date: 6/20/2006. 

Company Name: Altera Corporation; 
Ticker: ALTR; 
Market: Nasdaq; 
Date: 6/21/2006. 

Company Name: Bandag, Inc; 
Ticker: BDG, BDGA; 
Market: NYSE; 
Date: 6/ 22/2006. 

Company Name: Taro Pharmaceutical Industries Ltd; 
Ticker: TARO; 
Market: Nasdaq; 
Date: 6/22/2006. 

Company Name: Thermadyne Holdings Corporation; 
Ticker: THMD; 
Market: OTC; 
Date: 6/23/2006. 

Company Name: ePlus Inc; 
Ticker: PLUS; 
Market: Nasdaq; 
Date: 6/28/ 2006. 

Company Name: CHC Helicopter Corporation; 
Ticker: FLI; 
Market: NYSE; 
Date: 6/29/2006. 

Company Name: Motorcar Parts of America, Inc; 
Ticker: MPAA; 
Market: OTC; 
Date: 6/29/2006. 

Company Name: Newpark Resources, Inc; 
Ticker: NR; 
Market: NYSE; 
Date: 6/29/2006. 

Company Name: Trend Micro Inc; 
Ticker: TMIC; 
Market: Nasdaq; 
Date: 6/ 29/2006. 

Total 396. 

Source: GAO. 

[End of table] 

[End of section] 

Enclosure III: Listing of Financial Restatement Announcements, July 1, 
2002 through September 30, 2005: 

Company Name: Abiomed, Inc; 
Ticker: ABMD; 
Market: Nasdaq; 
Date: 07/02/ 02; 
Shares: 20,956,587; 
Prompter: Company and Auditor; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Reliant Resources, Inc; 
Ticker: RRI; 
Market: NYSE; 
Date: 07/05/02; 
Shares: 290,036,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: The Great Atlantic & Pacific Tea Company, Inc; 
Ticker: GAP; 
Market: NYSE; 
Date: 07/05/02; 
Shares: 38,506,565; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: Restructuring, Assets or Inventory; 
Reason 3: Cost or Expense. 

Company Name: Bowater, Inc; 
Ticker: BOW; 
Market: NYSE; 
Date: 07/12/02; 
Shares: 57,200,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Dynegy Inc; 
Ticker: DYN; 
Market: NYSE; 
Date: 07/15/02; 
Shares: 369,000,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Jennifer Convertibles, Inc; 
Ticker: JENN; 
Market: OTC; 
Date: 07/15/02; 
Shares: 7,296,140; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Orchestream Holdings PLC; 
Ticker: OCHS; 
Market: Nasdaq; 
Date: 07/15/02; 
Shares: 10,700,000; 
Prompter: Unknown; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Range Resources Corporation; 
Ticker: RRC; 
Market: NYSE; 
Date: 07/15/02; 
Shares: 54,029,000; 
Prompter: Auditor; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Firearms Training Systems, Inc; 
Ticker: FATS; 
Market: OTC; 
Date: 07/16/02; 
Shares: 70,829,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: AMERCO; 
Ticker: UHAL; 
Market: Nasdaq; 
Date: 07/17/02; 
Shares: 20,779,543; 
Prompter: Auditor; 
Reason 1: Related Party Transaction; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Pacific Capital BanCorporation; 
Ticker: SABB; 
Market: Nasdaq; 
Date: 07/17/02; 
Shares: 26,087,561; 
Prompter: Company; 
Reason 1: Reclassification; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Applied Digital Solutions, Inc; 
Ticker: ADSX; 
Market: Nasdaq; 
Date: 07/19/02; 
Shares: 260,869,000; 
Prompter: Auditor; 
Reason 1: Acquisition or Merger; 
Reason 2: Securities Related; 
Reason 3: [Empty]. 

Company Name: HPL Technologies, Inc; 
Ticker: HPLA; 
Market: Nasdaq; 
Date: 07/19/02; 
Shares: 32,853,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Alaska Air Group, Inc; 
Ticker: ALK; 
Market: NYSE; 
Date: 07/22/02; 
Shares: 26,549,161; 
Prompter: Auditor; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: School Specialty, Inc; 
Ticker: SCHS; 
Market: Nasdaq; 
Date: 07/22/02; 
Shares: 18,633,000; 
Prompter: Company; 
Reason 1: Reclassification; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Southern Peru Copper Corporation; 
Ticker: PCU; 
Market: NYSE; 
Date: 07/24/02; 
Shares: 80,006,000; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Annuity and Life Re (Holdings), Ltd; 
Ticker: ANR; 
Market: NYSE; 
Date: 07/25/02; 
Shares: 26,973,881; 
Prompter: Company and Auditor; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Captaris, Inc; 
Ticker: CAPA; 
Market: Nasdaq; 
Date: 07/ 25/02; 
Shares: 31,887,883; 
Prompter: Auditor; 
Reason 1: Acquisition or Merger; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Fresh Brands, Inc; 
Ticker: FRSH; 
Market: Nasdaq; 
Date: 07/25/02; 
Shares: 5,265,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Switchboard Inc; 
Ticker: SWBD; 
Market: Nasdaq; 
Date: 07/ 25/02; 
Shares: 18,525,000; 
Prompter: Company and Auditor; 
Reason 1: Revenue; 
Reason 2: Cost or Expense; 
Reason 3: Reclassification. 

Company Name: Brooks-PRI Automation, Inc; 
Ticker: BRKS; 
Market: Nasdaq; 
Date: 07/26/02; 
Shares: 20,269,920; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Qwest Communications International Inc; 
Ticker: Q; 
Market: NYSE; 
Date: 07/28/02; 
Shares: 1,676,906,200; 
Prompter: Company and Auditor; 
Reason 1: Revenue; 
Reason 2: Cost or Expense; 
Reason 3: [Empty]. 

Company Name: Cytec Industries, Inc; 
Ticker: CYT; 
Market: NYSE; 
Date: 07/29/02; 
Shares: 39,635,519; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Adolph Coors Company; 
Ticker: RKY; 
Market: NYSE; 
Date: 07/30/02; 
Shares: 36,045,000; 
Prompter: Unknown; 
Reason 1: Other; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: MAPICS, Inc; 
Ticker: MAPX; 
Market: Nasdaq; 
Date: 07/30/ 02; 
Shares: 18,348,850; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: RalCorp Holdings, Inc; 
Ticker: RAH; 
Market: NYSE; 
Date: 07/30/02; 
Shares: 30,441,000; 
Prompter: Unknown; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Millennium Bankshares Corporation; 
Ticker: MBVA; 
Market: Nasdaq; 
Date: 07/31/02; 
Shares: 3,685,478; 
Prompter: Company; 
Reason 1: Other; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Pointe Financial Corporation; 
Ticker: PNTE; 
Market: Nasdaq; 
Date: 07/31/02; 
Shares: 2,106,453; 
Prompter: Other; 
Reason 1: Other; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Bio-Technology General Corporation; 
Ticker: BTGC; 
Market: Nasdaq; 
Date: 08/02/02; 
Shares: 40,269,000; 
Prompter: Auditor; 
Reason 1: Cost or Expense; 
Reason 2: Securities Related; 
Reason 3: Revenue. 

Company Name: Kerr-McGee Corporation; 
Ticker: KMG; 
Market: NYSE; 
Date: 08/02/02; 
Shares: 100,400,000; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Frontstep, Inc; 
Ticker: FSTP; 
Market: Nasdaq; 
Date: 08/ 05/02; 
Shares: 7,568,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: MSC Industrial Direct Company, Inc; 
Ticker: MSM; 
Market: NYSE; 
Date: 08/05/02; 
Shares: 71,125,000; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Newmont Mining Corporation; 
Ticker: NEM; 
Market: NYSE; 
Date: 08/06/02; 
Shares: 399,468,000; 
Prompter: Company; 
Reason 1: Acquisition or Merger; 
Reason 2: Securities Related; 
Reason 3: [Empty]. 

Company Name: Aon Corporation; 
Ticker: AOC; 
Market: NYSE; 
Date: 08/07/ 02; 
Shares: 278,000,000; 
Prompter: SEC; 
Reason 1: Other; 
Reason 2: Restructuring, Assets or Inventory; 
Reason 3: [Empty]. 

Company Name: Middleby Corporation; 
Ticker: MIDD; 
Market: Nasdaq; 
Date: 08/07/02; 
Shares: 9,031,000; 
Prompter: Company and Auditor; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: C2, Inc; 
Ticker: CTOO; 
Market: Nasdaq; 
Date: 08/08/02; 
Shares: 5,277,286; 
Prompter: Company and Auditor; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Completel Europe N.V; 
Ticker: CLTL; 
Market: Nasdaq; 
Date: 08/08/02; 
Shares: 157,419,330; 
Prompter: SEC; 
Reason 1: Reclassification; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: DT Industries, Inc; 
Ticker: DTII; 
Market: Nasdaq; 
Date: 08/08/02; 
Shares: 10,387,274; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Lakes Entertainment, Inc; 
Ticker: LACO; 
Market: Nasdaq; 
Date: 08/08/02; 
Shares: 10,638,000; 
Prompter: Company and Auditor; 
Reason 1: Reclassification; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Penn Traffic Company; 
Ticker: PNFT; 
Market: Nasdaq; 
Date: 08/08/02; 
Shares: 20,383,567; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Seabulk International, Inc; 
Ticker: SBLK; 
Market: Nasdaq; 
Date: 08/08/02; 
Shares: 10,494,000; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: WorldCom, Inc; 
Ticker: WCOM; 
Market: Nasdaq; 
Date: 08/ 08/02; 
Shares: 2,963,000,000; 
Prompter: Unknown; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: ESG Re Ltd; 
Ticker: ESREF; 
Market: Nasdaq; 
Date: 08/09/ 02; 
Shares: 11,857,618; 
Prompter: Unknown; 
Reason 1: Other; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Cutter & Buck Inc; 
Ticker: CBUK; 
Market: Nasdaq; 
Date: 08/12/02; 
Shares: 10,563,814; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: QuadraMed Corporation; 
Ticker: QMDC; 
Market: Nasdaq; 
Date: 08/12/02; 
Shares: 26,390,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: Restructuring, Assets or Inventory; 
Reason 3: Reclassification. 

Company Name: The Pantry, Inc; 
Ticker: PTRY; 
Market: Nasdaq; 
Date: 08/ 12/02; 
Shares: 18,108,000; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: USFreightways Corporation; 
Ticker: USFC; 
Market: Nasdaq; 
Date: 08/12/02; 
Shares: 26,798,022; 
Prompter: Company and Auditor; 
Reason 1: Reclassification; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Humboldt BanCorporation; 
Ticker: HBEK; 
Market: Nasdaq; 
Date: 08/13/02; 
Shares: 10,853,000; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Interpublic Group of Companies, Inc; 
Ticker: IPG; 
Market: NYSE; 
Date: 08/13/02; 
Shares: 381,100,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: ROHN Industries, Inc; 
Ticker: ROHN; 
Market: Nasdaq; 
Date: 08/13/02; 
Shares: 41,135,000; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Alaska Air Group, Inc; 
Ticker: ALK; 
Market: NYSE; 
Date: 08/14/02; 
Shares: 26,549,161; 
Prompter: Auditor; 
Reason 1: Reclassification; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: AOL Time Warner Inc; 
Ticker: AOL; 
Market: NYSE; 
Date: 08/14/02; 
Shares: 4,507,000,000; 
Prompter: Media; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Bedford Property Investors Inc; 
Ticker: BED; 
Market: NYSE; 
Date: 08/14/02; 
Shares: 16,637,353; 
Prompter: Auditor; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Capital One Financial Corporation; 
Ticker: COF; 
Market: NYSE; 
Date: 08/14/02; 
Shares: 229,151,000; 
Prompter: Unknown; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: DPL Inc; 
Ticker: DPL; 
Market: NYSE; 
Date: 08/14/02; 
Shares: 119,100,000; 
Prompter: Auditor; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Dynex Capital, Inc; 
Ticker: DX; 
Market: NYSE; 
Date: 08/ 14/02; 
Shares: 10,873,853; 
Prompter: Company; 
Reason 1: Reclassification; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Gemstar-TV Guide International Inc; 
Ticker: GMST; 
Market: Nasdaq; 
Date: 08/14/02; 
Shares: 411,114,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Horizon Medical Products, Inc; 
Ticker: HMP; 
Market: Amex; 
Date: 08/14/02; 
Shares: 15,129,630; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: Restructuring, Assets or Inventory; 
Reason 3: [Empty]. 

Company Name: Household International Inc; 
Ticker: HI; 
Market: NYSE; 
Date: 08/14/02; 
Shares: 461,200,000; 
Prompter: Auditor; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Huntington Preferred Capital, Inc; 
Ticker: HPCCP; 
Market: Nasdaq; 
Date: 08/14/02; 
Shares: 14,000,000; 
Prompter: Company; 
Reason 1: Related Party Transaction; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Mail-Well, Inc; 
Ticker: MWL; 
Market: NYSE; 
Date: 08/14/ 02; 
Shares: 47,658,000; 
Prompter: Unknown; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Newmont Mining Corporation; 
Ticker: NEM; 
Market: NYSE; 
Date: 08/14/02; 
Shares: 399,468,000; 
Prompter: Unknown; 
Reason 1: Reclassification; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Nicor, Inc; 
Ticker: GAS; 
Market: NYSE; 
Date: 08/14/02; 
Shares: 44,500,000; 
Prompter: Employee; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: PFF BanCorporation, Inc; 
Ticker: PFB; 
Market: NYSE; 
Date: 08/14/02; 
Shares: 13,046,236; 
Prompter: Unknown; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Southwestern Energy Company; 
Ticker: SWN; 
Market: NYSE; 
Date: 08/14/02; 
Shares: 25,995,692; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Tech Laboratories, Inc; 
Ticker: TCHL; 
Market: OTC; 
Date: 08/14/02; 
Shares: 5,389,029; 
Prompter: Unknown; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Transaction Systems Architects, Inc; 
Ticker: TSAI; 
Market: Nasdaq; 
Date: 08/14/02; 
Shares: 35,576,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: Restructuring, Assets or Inventory; 
Reason 3: [Empty]. 

Company Name: U.S. Xpress Enterprises, Inc; 
Ticker: XPRSA; 
Market: Nasdaq; 
Date: 08/14/02; 
Shares: 14,047,000; 
Prompter: Auditor; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Vina Technologies, Inc; 
Ticker: VINA; 
Market: Nasdaq; 
Date: 08/14/02; 
Shares: 61,539,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Neoforma, Inc; 
Ticker: NEOF; 
Market: Nasdaq; 
Date: 08/ 15/02; 
Shares: 15,365,000; 
Prompter: Company and Auditor; 
Reason 1: Related Party Transaction; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: ResortQuest International Inc; 
Ticker: RZT; 
Market: NYSE; 
Date: 08/15/02; 
Shares: 19,369,568; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: MaxWorldwide, Inc; 
Ticker: MAXW; 
Market: Nasdaq; 
Date: 08/16/02; 
Shares: 25,253,000; 
Prompter: Company and Auditor; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: MTS Systems Corporation; 
Ticker: MTSC; 
Market: Nasdaq; 
Date: 08/16/02; 
Shares: 21,423,000; 
Prompter: Auditor; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: Other; 
Reason 3: [Empty]. 

Company Name: New World Restaurant Group, Inc; 
Ticker: NWCI; 
Market: OTC; 
Date: 08/16/02; 
Shares: 17,481,394; 
Prompter: Auditor; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: American National Insurance Company; 
Ticker: ANAT; 
Market: Nasdaq; 
Date: 08/19/02; 
Shares: 26,479,832; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: CTI Industries Corporation; 
Ticker: CTIB; 
Market: Nasdaq; 
Date: 08/19/02; 
Shares: 1,996,734; 
Prompter: Unknown; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Rural Cellular Corporation; 
Ticker: RCCC; 
Market: Nasdaq; 
Date: 08/19/02; 
Shares: 11,919,000; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Visual Networks, Inc; 
Ticker: VNWK; 
Market: Nasdaq; 
Date: 08/19/02; 
Shares: 32,487,000; 
Prompter: Unknown; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Craftmade International, Inc; 
Ticker: CRFT; 
Market: Nasdaq; 
Date: 08/20/02; 
Shares: 5,962,058; 
Prompter: SEC; 
Reason 1: Reclassification; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Measurement Specialties, Inc; 
Ticker: MSS; 
Market: Amex; 
Date: 08/21/02; 
Shares: 11,928,000; 
Prompter: Company and Auditor; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: TiVo, Inc; 
Ticker: TIVO; 
Market: Nasdaq; 
Date: 08/22/02; 
Shares: 47,739,712; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Team America Inc; 
Ticker: TMOS; 
Market: Nasdaq; 
Date: 08/23/02; 
Shares: 8,123,000; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: InterTAN, Inc; 
Ticker: ITN; 
Market: NYSE; 
Date: 08/27/ 02; 
Shares: 24,670,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: Reclassification; 
Reason 3: [Empty]. 

Company Name: Rexhall Industries, Inc; 
Ticker: REXL; 
Market: Nasdaq; 
Date: 08/27/02; 
Shares: 3,036,350; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Stolt Offshore S.A; 
Ticker: SOSA; 
Market: Nasdaq; 
Date: 08/29/02; 
Shares: 85,009,632; 
Prompter: Unknown; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: Cost or Expense; 
Reason 3: [Empty]. 

Company Name: Edelbrock Corporation; 
Ticker: EDEL; 
Market: Nasdaq; 
Date: 08/30/02; 
Shares: 4,954,333; 
Prompter: Unknown; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: HomeGold Financial, Inc; 
Ticker: HGFN; 
Market: OTC; 
Date: 08/30/02; 
Shares: 16,912,594; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: Reclassification; 
Reason 3: [Empty]. 

Company Name: Stolt-Nielsen S.A; 
Ticker: SNSA; 
Market: Nasdaq; 
Date: 08/30/02; 
Shares: 68,686,733; 
Prompter: Unknown; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Edison Schools Inc; 
Ticker: EDSN; 
Market: Nasdaq; 
Date: 09/05/02; 
Shares: 53,477,000; 
Prompter: Company and Auditor; 
Reason 1: Reclassification; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Lakes Entertainment, Inc; 
Ticker: LACOE; 
Market: Nasdaq; 
Date: 09/09/02; 
Shares: 10,638,000; 
Prompter: Company; 
Reason 1: Reclassification; 
Reason 2: Revenue; 
Reason 3: [Empty]. 

Company Name: First Investors Financial Services Group, Inc; 
Ticker: FIFS; 
Market: Nasdaq; 
Date: 09/10/02; 
Shares: 5,339,800; 
Prompter: Company and Auditor; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Echo Bay Mines Ltd; 
Ticker: ECO; 
Market: Amex; 
Date: 09/ 13/02; 
Shares: 499,975,000; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: World Wireless Communications, Inc; 
Ticker: XWC; 
Market: Amex; 
Date: 09/13/02; 
Shares: 31,453,516; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: Cost or Expense; 
Reason 3: [Empty]. 

Company Name: Medi-Hut Company, Inc; 
Ticker: MHUT; 
Market: Nasdaq; 
Date: 09/17/02; 
Shares: 14,660,784; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Somerset Hills BanCorporation; 
Ticker: SOMH; 
Market: OTC; 
Date: 09/18/02; 
Shares: 1,664,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: AimGlobal Technologies Company, Inc; 
Ticker: AGT; 
Market: Amex; 
Date: 09/20/02; 
Shares: 14,567,652; 
Prompter: Unknown; 
Reason 1: Revenue; 
Reason 2: Restructuring, Assets or Inventory; 
Reason 3: Cost or Expense. 

Company Name: ePresence, Inc; 
Ticker: EPREE; 
Market: Nasdaq; 
Date: 09/ 20/02; 
Shares: 22,282,000; 
Prompter: Company and Auditor; 
Reason 1: Reclassification; 
Reason 2: Restructuring, Assets or Inventory; 
Reason 3: Cost or Expense. 

Company Name: Metropolitan Financial Corporation; 
Ticker: METF; 
Market: Nasdaq; 
Date: 09/20/02; 
Shares: 12,379,304; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Switchboard Inc; 
Ticker: SWBDE; 
Market: Nasdaq; 
Date: 09/20/02; 
Shares: 18,525,000; 
Prompter: Company and Auditor; 
Reason 1: Reclassification; 
Reason 2: Restructuring, Assets or Inventory; 
Reason 3: Cost or Expense. 

Company Name: Championship Auto Racing Teams, Inc; 
Ticker: MPH; 
Market: NYSE; 
Date: 09/23/02; 
Shares: 14,718,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: Revenue; 
Reason 3: [Empty]. 

Company Name: ePresence, Inc; 
Ticker: EPREE; 
Market: Nasdaq; 
Date: 09/ 25/02; 
Shares: 22,282,000; 
Prompter: Company and Auditor; 
Reason 1: Revenue; 
Reason 2: Restructuring, Assets or Inventory; 
Reason 3: [Empty]. 

Company Name: Cantel Medical Corporation; 
Ticker: CMN; 
Market: NYSE; 
Date: 09/26/02; 
Shares: 9,884,000; 
Prompter: Unknown; 
Reason 1: Reclassification; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: D.G. Jewelry Inc; 
Ticker: DGJL; 
Market: Nasdaq; 
Date: 09/26/02; 
Shares: 7,394,125; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: Restructuring, Assets or Inventory; 
Reason 3: [Empty]. 

Company Name: Ladish Company, Inc; 
Ticker: LDSH; 
Market: Nasdaq; 
Date: 09/27/02; 
Shares: 13,144,887; 
Prompter: Auditor; 
Reason 1: Other; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Patina Oil & Gas Corporation; 
Ticker: POG; 
Market: NYSE; 
Date: 09/30/02; 
Shares: 28,406,000; 
Prompter: Auditor; 
Reason 1: Cost or Expense; 
Reason 2: Securities Related; 
Reason 3: [Empty]. 

Company Name: Range Resources Corporation; 
Ticker: RRC; 
Market: NYSE; 
Date: 09/30/02; 
Shares: 54,029,000; 
Prompter: Auditor; 
Reason 1: Acquisition or Merger; 
Reason 2: Cost or Expense; 
Reason 3: Securities Related. 

Company Name: Comerica Inc; 
Ticker: CMA; 
Market: NYSE; 
Date: 10/02/02; 
Shares: 174,824,000; 
Prompter: Other; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: Other; 
Reason 3: [Empty]. 

Company Name: Datatec Systems, Inc; 
Ticker: DATCE; 
Market: Nasdaq; 
Date: 10/02/02; 
Shares: 35,750,000; 
Prompter: Company and Auditor; 
Reason 1: Cost or Expense; 
Reason 2: Revenue; 
Reason 3: [Empty]. 

Company Name: Sears, Roebuck & Company; 
Ticker: S; 
Market: NYSE; 
Date: 10/02/02; 
Shares: 322,500,000; 
Prompter: SEC; 
Reason 1: Other; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Staten Island BanCorporation, Inc; 
Ticker: SIB; 
Market: NYSE; 
Date: 10/09/02; 
Shares: 57,581,028; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Accenture Ltd; 
Ticker: ACN; 
Market: NYSE; 
Date: 10/10/ 02; 
Shares: 1,026,971,327; 
Prompter: Company; 
Reason 1: Related Party Transaction; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Cutter & Buck Inc; 
Ticker: CBUK; 
Market: Nasdaq; 
Date: 10/10/02; 
Shares: 10,548,785; 
Prompter: Company; 
Reason 1: Other; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Commercial Metals Company; 
Ticker: CMC; 
Market: NYSE; 
Date: 10/15/02; 
Shares: 27,904,366; 
Prompter: Company; 
Reason 1: Other; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Liberate Technologies; 
Ticker: LBRT; 
Market: Nasdaq; 
Date: 10/15/02; 
Shares: 106,144,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Atlas Air Worldwide Holdings, Inc; 
Ticker: CGO; 
Market: NYSE; 
Date: 10/16/02; 
Shares: 38,219,000; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: Cost or Expense; 
Reason 3: Other. 

Company Name: QuadraMed Corporation; 
Ticker: QMDCE; 
Market: Nasdaq; 
Date: 10/16/02; 
Shares: 26,390,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: Cost or Expense; 
Reason 3: Restructuring, Assets or Inventory. 

Company Name: Tengtu International Corporation; 
Ticker: TNTU; 
Market: OTC; 
Date: 10/16/02; 
Shares: 52,565,665; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Symbol Technologies, Inc; 
Ticker: SBL; 
Market: NYSE; 
Date: 10/17/02; 
Shares: 229,287,000; 
Prompter: SEC; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Exelon Corporation; 
Ticker: EXC; 
Market: NYSE; 
Date: 10/ 18/02; 
Shares: 324,000,000; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: Restructuring, Assets or Inventory; 
Reason 3: [Empty]. 

Company Name: ClickSoftware Technologies Ltd; 
Ticker: CKSW; 
Market: Nasdaq; 
Date: 10/21/02; 
Shares: 25,105,598; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Global Crossing; 
Ticker: GBLXQ; 
Market: OTC; 
Date: 10/21/ 02; 
Shares: 886,471,473; 
Prompter: Employee; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: AOL Time Warner Inc; 
Ticker: AOL; 
Market: NYSE; 
Date: 10/23/02; 
Shares: 4,507,000,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Hanover Compressor Company; 
Ticker: HC; 
Market: NYSE; 
Date: 10/23/02; 
Shares: 79,288,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Newmont Mining Corporation; 
Ticker: NEM; 
Market: NYSE; 
Date: 10/23/02; 
Shares: 399,468,000; 
Prompter: Company and Auditor; 
Reason 1: Reclassification; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Bristol-Myers Squibb Company; 
Ticker: BMY; 
Market: NYSE; 
Date: 10/24/02; 
Shares: 1,946,000,000; 
Prompter: Company and Auditor; 
Reason 1: Revenue; 
Reason 2: Cost or Expense; 
Reason 3: Acquisition or Merger. 

Company Name: Neoforma, Inc; 
Ticker: NEOF; 
Market: Nasdaq; 
Date: 10/ 24/02; 
Shares: 16,442,000; 
Prompter: Company and Auditor; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: Securities Related; 
Reason 3: [Empty]. 

Company Name: PC Connection, Inc; 
Ticker: PCCC; 
Market: Nasdaq; 
Date: 10/24/02; 
Shares: 24,552,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Tyco International Ltd; 
Ticker: TYC; 
Market: NYSE; 
Date: 10/24/02; 
Shares: 1,986,700,000; 
Prompter: Company and Auditor; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Zila, Inc; 
Ticker: ZILA; 
Market: Nasdaq; 
Date: 10/24/02; 
Shares: 44,592,932; 
Prompter: SEC; 
Reason 1: Cost or Expense; 
Reason 2: Revenue; 
Reason 3: [Empty]. 

Company Name: Vail Resorts, Inc; 
Ticker: MTN; 
Market: NYSE; 
Date: 10/ 25/02; 
Shares: 35,154,054; 
Prompter: Company and Auditor; 
Reason 1: Cost or Expense; 
Reason 2: Restructuring, Assets or Inventory; 
Reason 3: Reclassification. 

Company Name: MTS Systems Corporation; 
Ticker: MTSCE; 
Market: Nasdaq; 
Date: 10/28/02; 
Shares: 21,391,000; 
Prompter: Auditor; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: Cost or Expense; 
Reason 3: Revenue. 

Company Name: Lumenis, Ltd; 
Ticker: LUME; 
Market: Nasdaq; 
Date: 10/29/ 02; 
Shares: 36,756,000; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: UbiquiTel Inc; 
Ticker: UPCS; 
Market: Nasdaq; 
Date: 10/ 29/02; 
Shares: 81,116,000; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Transocean Inc; 
Ticker: RIG; 
Market: NYSE; 
Date: 10/30/ 02; 
Shares: 328,800,000; 
Prompter: Unknown; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Gemstar-TV Guide International Inc; 
Ticker: GMSTE; 
Market: Nasdaq; 
Date: 10/31/02; 
Shares: 411,114,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: Other; 
Reason 3: [Empty]. 

Company Name: Ladish Company, Inc; 
Ticker: LDSH; 
Market: Nasdaq; 
Date: 11/01/02; 
Shares: 13,144,887; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Point.360; 
Ticker: PTSX; 
Market: Nasdaq; 
Date: 11/01/02; 
Shares: 9,244,311; 
Prompter: Unknown; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: Securities Related; 
Reason 3: Other. 

Company Name: Protection One, Inc; 
Ticker: POI; 
Market: NYSE; 
Date: 11/01/02; 
Shares: 98,194,000; 
Prompter: Company and Auditor; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Westar Energy, Inc; 
Ticker: WR; 
Market: NYSE; 
Date: 11/ 01/02; 
Shares: 71,508,053; 
Prompter: Company and Auditor; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: Securities Related; 
Reason 3: [Empty]. 

Company Name: Ionics, Inc; 
Ticker: ION; 
Market: NYSE; 
Date: 11/05/02; 
Shares: 17,742,000; 
Prompter: Unknown; 
Reason 1: Related Party Transaction; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Oceaneering International, Inc; 
Ticker: OII; 
Market: NYSE; 
Date: 11/05/02; 
Shares: 24,754,000; 
Prompter: Company and Auditor; 
Reason 1: Securities Related; 
Reason 2: Cost or Expense; 
Reason 3: [Empty]. 

Company Name: Frontstep, Inc; 
Ticker: FSTP; 
Market: Nasdaq; 
Date: 11/ 06/02; 
Shares: 7,568,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Mirant Corporation; 
Ticker: MIR; 
Market: NYSE; 
Date: 11/ 07/02; 
Shares: 402,923,915; 
Prompter: Company; 
Reason 1: Other; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Noland Company; 
Ticker: NOLD; 
Market: Nasdaq; 
Date: 11/ 07/02; 
Shares: 3,512,515; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: DepoMed, Inc; 
Ticker: DMI; 
Market: Amex; 
Date: 11/12/02; 
Shares: 12,920,243; 
Prompter: Company; 
Reason 1: Related Party Transaction; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Foster Wheeler Ltd; 
Ticker: FWC; 
Market: NYSE; 
Date: 11/ 12/02; 
Shares: 40,932,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Footstar Inc; 
Ticker: FTS; 
Market: NYSE; 
Date: 11/13/02; 
Shares: 20,400,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Interpublic Group of Companies, Inc; 
Ticker: IPG; 
Market: NYSE; 
Date: 11/13/02; 
Shares: 381,100,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: CMS Energy Corporation; 
Ticker: CMS; 
Market: NYSE; 
Date: 11/14/02; 
Shares: 165,000,000; 
Prompter: Company; 
Reason 1: Other; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Comdial Corporation; 
Ticker: CMDL; 
Market: OTC; 
Date: 11/ 14/02; 
Shares: 25,917,000; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: English Language Learning and Instruction System; 
Ticker: EELG; 
Market: OTC; 
Date: 11/14/02; 
Shares: 16,001,166; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Financial Industries Corporation; 
Ticker: FNIN; 
Market: Nasdaq; 
Date: 11/14/02; 
Shares: 9,594,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Oneida, Ltd; 
Ticker: OCQ; 
Market: NYSE; 
Date: 11/14/02; 
Shares: 16,579,000; 
Prompter: Company; 
Reason 1: Acquisition or Merger; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: TALX Corporation; 
Ticker: TALX; 
Market: Nasdaq; 
Date: 11/ 14/02; 
Shares: 14,166,757; 
Prompter: SEC; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: Cost or Expense; 
Reason 3: [Empty]. 

Company Name: The Gap, Inc; 
Ticker: GPS; 
Market: NYSE; 
Date: 11/14/02; 
Shares: 874,012,082; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Crescent Banking Company; 
Ticker: CSNT; 
Market: Nasdaq; 
Date: 11/15/02; 
Shares: 2,429,412; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Dynegy Inc; 
Ticker: DYN; 
Market: NYSE; 
Date: 11/15/02; 
Shares: 369,000,000; 
Prompter: Auditor; 
Reason 1: Reclassification; 
Reason 2: Related Party Transaction; 
Reason 3: Cost or Expense. 

Company Name: Lydall, Inc; 
Ticker: LDL; 
Market: NYSE; 
Date: 11/15/02; 
Shares: 16,327,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: ServiceMaster Company; 
Ticker: SVM; 
Market: NYSE; 
Date: 11/15/02; 
Shares: 302,368,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Staten Island BanCorporation, Inc; 
Ticker: SIB; 
Market: NYSE; 
Date: 11/15/02; 
Shares: 57,581,028; 
Prompter: Company and Auditor; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: The Singing Machine Company; 
Ticker: SMD; 
Market: Amex; 
Date: 11/15/02; 
Shares: 8,061,277; 
Prompter: Unknown; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Trust Company of New Jersey; 
Ticker: TCNJ; 
Market: Nasdaq; 
Date: 11/15/02; 
Shares: 20,388,360; 
Prompter: Company and Auditor; 
Reason 1: Revenue; 
Reason 2: Cost or Expense; 
Reason 3: [Empty]. 

Company Name: RMH Teleservices, Inc; 
Ticker: RMHT; 
Market: Nasdaq; 
Date: 11/18/02; 
Shares: 14,252,000; 
Prompter: Auditor; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Annuity and Life Re (Holdings), Ltd; 
Ticker: ANR; 
Market: NYSE; 
Date: 11/19/02; 
Shares: 25,716,453; 
Prompter: SEC; 
Reason 1: Securities Related; 
Reason 2: Reclassification; 
Reason 3: Cost or Expense. 

Company Name: CFC International, Inc; 
Ticker: CFCI; 
Market: Nasdaq; 
Date: 11/19/02; 
Shares: 4,425,673; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Charter Communications, Inc; 
Ticker: CHTR; 
Market: Nasdaq; 
Date: 11/19/02; 
Shares: 294,424,366; 
Prompter: SEC; 
Reason 1: Acquisition or Merger; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: SkillSoft PLC; 
Ticker: SKIL; 
Market: Nasdaq; 
Date: 11/19/ 02; 
Shares: 99,599,477; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: Other; 
Reason 3: [Empty]. 

Company Name: SkyWest, Inc; 
Ticker: SKYW; 
Market: Nasdaq; 
Date: 11/20/ 02; 
Shares: 57,552,000; 
Prompter: Auditor; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Cole National Corporation; 
Ticker: CNJ; 
Market: NYSE; 
Date: 11/26/02; 
Shares: 16,547,198; 
Prompter: Company and Auditor; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: NUI Corporation; 
Ticker: NUI; 
Market: NYSE; 
Date: 12/02/ 02; 
Shares: 14,632,307; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Mobile Telesystems OJSC; 
Ticker: MBT; 
Market: NYSE; 
Date: 12/04/02; 
Shares: 99,666,308; 
Prompter: Unknown; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: Acquisition or Merger; 
Reason 3: [Empty]. 

Company Name: American HomePatient, Inc; 
Ticker: AHOM; 
Market: OTC; 
Date: 12/05/02; 
Shares: 16,732,000; 
Prompter: Company and Auditor; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Oneida, Ltd; 
Ticker: OCQ; 
Market: NYSE; 
Date: 12/05/02; 
Shares: 16,579,000; 
Prompter: Company and Auditor; 
Reason 1: Acquisition or Merger; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: PLATO Learning, Inc; 
Ticker: TUTR; 
Market: Nasdaq; 
Date: 12/05/02; 
Shares: 16,512,000; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: Cost or Expense; 
Reason 3: [Empty]. 

Company Name: Cotelligent, Inc; 
Ticker: CGZT; 
Market: OTC; 
Date: 12/ 06/02; 
Shares: 17,387,792; 
Prompter: Company and Auditor; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: efunds Corporation; 
Ticker: EFDS; 
Market: Nasdaq; 
Date: 12/06/02; 
Shares: 47,394,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: Cost or Expense; 
Reason 3: [Empty]. 

Company Name: The Steak n Shake Company; 
Ticker: SNS; 
Market: NYSE; 
Date: 12/06/02; 
Shares: 28,147,467; 
Prompter: Company and Auditor; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Kmart Corporation; 
Ticker: KM; 
Market: NYSE; 
Date: 12/09/ 02; 
Shares: 502,800,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: Restructuring, Assets or Inventory; 
Reason 3: [Empty]. 

Company Name: Central Garden & Pet Company; 
Ticker: CENT; 
Market: Nasdaq; 
Date: 12/10/02; 
Shares: 22,847,000; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: Restructuring, Assets or Inventory; 
Reason 3: [Empty]. 

Company Name: Delphax Technologies Inc; 
Ticker: DLPX; 
Market: Nasdaq; 
Date: 12/10/02; 
Shares: 6,164,267; 
Prompter: Unknown; 
Reason 1: Related Party Transaction; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Fonix Corporation; 
Ticker: FONX; 
Market: OTC; 
Date: 12/ 18/02; 
Shares: 431,443,574; 
Prompter: Unknown; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Restoration Hardware, Inc; 
Ticker: RSTO; 
Market: Nasdaq; 
Date: 12/18/02; 
Shares: 29,526,000; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Allegheny Energy, Inc; 
Ticker: AYE; 
Market: NYSE; 
Date: 12/19/02; 
Shares: 125,763,096; 
Prompter: Company; 
Reason 1: Other; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Applied Extrusion Technologies, Inc; 
Ticker: AETC; 
Market: Nasdaq; 
Date: 12/20/02; 
Shares: 12,709,000; 
Prompter: Unknown; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: Cost or Expense; 
Reason 3: [Empty]. 

Company Name: TeamStaff, Inc; 
Ticker: TSTF; 
Market: Nasdaq; 
Date: 12/ 20/02; 
Shares: 16,221,953; 
Prompter: Auditor; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Xerox Corporation; 
Ticker: XRX; 
Market: NYSE; 
Date: 12/ 20/02; 
Shares: 730,140,170; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Vital Living Inc; 
Ticker: VTLV; 
Market: OTC; 
Date: 12/ 23/02; 
Shares: 13,638,639; 
Prompter: Unknown; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Ariba, Inc; 
Ticker: ARBA; 
Market: Nasdaq; 
Date: 12/31/ 02; 
Shares: 265,247,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Parametric Technology Corporation; 
Ticker: PMTC; 
Market: Nasdaq; 
Date: 12/31/02; 
Shares: 260,901,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: McKenzie Bay International Ltd; 
Ticker: MKBY; 
Market: OTC; 
Date: 01/14/03; 
Shares: 23,903,139; 
Prompter: Unknown; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: RMH Teleservices, Inc; 
Ticker: RMHT; 
Market: Nasdaq; 
Date: 01/14/03; 
Shares: 14,252,000; 
[Empty]; 
Prompter: Company and Auditor; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Ariba, Inc; 
Ticker: ARBAE; 
Market: Nasdaq; 
Date: 01/15/ 03; 
Shares: 265,247,000; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: BayCorporation Holdings, Ltd; 
Ticker: MWH; 
Market: Amex; 
Date: 01/16/03; 
Shares: 8,671,328; 
Prompter: SEC; 
Reason 1: Related Party Transaction; 
Reason 2: Cost or Expense; 
Reason 3: [Empty]. 

Company Name: HumaTech Inc; 
Ticker: HUMT; 
Market: OTC; 
Date: 01/16/03; 
Shares: 18,919,733; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Gaylord Entertainment Company; 
Ticker: GET; 
Market: NYSE; 
Date: 01/17/03; 
Shares: 33,800,000; 
Prompter: Company and Auditor; 
Reason 1: Cost or Expense; 
Reason 2: Restructuring, Assets or Inventory; 
Reason 3: [Empty]. 

Company Name: Veritas Software Corporation; 
Ticker: VRTS; 
Market: Nasdaq; 
Date: 01/17/03; 
Shares: 418,959,000; 
Prompter: Company; 
Reason 1: Acquisition or Merger; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Canadian National Railway Company; 
Ticker: CNI; 
Market: NYSE; 
Date: 01/21/03; 
Shares: 197,500,000; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Pixelworks, Inc; 
Ticker: PXLW; 
Market: Nasdaq; 
Date: 01/ 21/03; 
Shares: 44,580,570; 
Prompter: Auditor; 
Reason 1: Acquisition or Merger; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Federal Home Loan Mortgage Corporation; 
Ticker: FRE; 
Market: NYSE; 
Date: 01/22/03; 
Shares: 695,116,000; 
Prompter: Auditor; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Cambrex Corporation; 
Ticker: CBM; 
Market: NYSE; 
Date: 01/ 23/03; 
Shares: 26,520,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Gemstar-TV Guide International Inc; 
Ticker: GMSTE; 
Market: Nasdaq; 
Date: 01/23/03; 
Shares: 408,156,000; 
Prompter: Company and Auditor; 
Reason 1: Revenue; 
Reason 2: Reclassification; 
Reason 3: [Empty]. 

Company Name: Pechiney; 
Ticker: PY; 
Market: NYSE; 
Date: 01/23/03; 
Shares: 157,041,628; 
Prompter: Company; 
Reason 1: Other; 
Reason 2: Restructuring, Assets or Inventory; 
Reason 3: [Empty]. 

Company Name: Anika Therapeutics, Inc; 
Ticker: ANIK; 
Market: Nasdaq; 
Date: 01/28/03; 
Shares: 9,934,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Carreker Corporation; 
Ticker: CANIE; 
Market: Nasdaq; 
Date: 01/28/03; 
Shares: 23,547,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Glenborough Realty Trust Inc; 
Ticker: GLB; 
Market: NYSE; 
Date: 01/28/03; 
Shares: 30,744,142; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: St. Mary Land & Exploration Company; 
Ticker: SM; 
Market: NYSE; 
Date: 01/28/03; 
Shares: 28,391,000; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: Other; 
Reason 3: [Empty]. 

Company Name: Keystone Property Trust; 
Ticker: KTR; 
Market: NYSE; 
Date: 01/29/03; 
Shares: 19,467,656; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: Cost or Expense; 
Reason 3: [Empty]. 

Company Name: Vectren Corporation; 
Ticker: VVC; 
Market: NYSE; 
Date: 01/ 29/03; 
Shares: 67,600,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: Revenue; 
Reason 3: [Empty]. 

Company Name: Cummins, Inc; 
Ticker: CMI; 
Market: NYSE; 
Date: 01/30/03; 
Shares: 39,000,000; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Pro-Fac Cooperative, Inc; 
Ticker: PFACP; 
Market: Nasdaq; 
Date: 01/30/03; 
Shares: 1,939,273; 
Prompter: Company; 
Reason 1: Related Party Transaction; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Dynegy Inc; 
Ticker: DYN; 
Market: NYSE; 
Date: 01/31/03; 
Shares: 372,000,000; 
Prompter: Auditor; 
Reason 1: Cost or Expense; 
Reason 2: Securities Related; 
Reason 3: [Empty]. 

Company Name: Sequenom, Inc; 
Ticker: SQNM; 
Market: Nasdaq; 
Date: 01/ 31/03; 
Shares: 38,149,692; 
Prompter: Unknown; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: BankAtlantic BanCorp, Inc; 
Ticker: BBX; 
Market: NYSE; 
Date: 02/05/03; 
Shares: 64,400,725; 
Prompter: Company; 
Reason 1: Reclassification; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Dun & Bradstreet; 
Ticker: DNB; 
Market: NYSE; 
Date: 02/05/ 03; 
Shares: 76,900,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Cedar Fair, L.P; 
Ticker: FUN; 
Market: NYSE; 
Date: 02/06/ 03; 
Shares: 51,263,000; 
Prompter: Unknown; 
Reason 1: Reclassification; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: 1st Source Corporation; 
Ticker: SRCE; 
Market: Nasdaq; 
Date: 02/10/03; 
Shares: 21,191,171; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: Restructuring, Assets or Inventory; 
Reason 3: [Empty]. 

Company Name: CornerStone Propane Partners, L.P; 
Ticker: CNPP; 
Market: OTC; 
Date: 02/10/03; 
Shares: 23,897,000; 
Prompter: Company; 
Reason 1: Acquisition or Merger; 
Reason 2: Revenue; 
Reason 3: Reclassification. 

Company Name: Quidel Corporation; 
Ticker: QDEL; 
Market: Nasdaq; 
Date: 02/10/03; 
Shares: 29,629,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: Other; 
Reason 3: [Empty]. 

Company Name: NCO Group, Inc; 
Ticker: NCOG; 
Market: Nasdaq; 
Date: 02/ 11/03; 
Shares: 29,829,000; 
Prompter: Auditor; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Qwest Communications International Inc; 
Ticker: Q; 
Market: NYSE; 
Date: 02/11/03; 
Shares: 1,682,056,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: Cost or Expense; 
Reason 3: [Empty]. 

Company Name: AmeriCredit Corporation; 
Ticker: ACF; 
Market: NYSE; 
Date: 02/12/03; 
Shares: 153,001,207; 
Prompter: Company and Auditor; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Caraco Pharmaceutical Laboratories, Ltd; 
Ticker: CARA; 
Market: OTC; 
Date: 02/12/03; 
Shares: 22,031,425; 
Prompter: Unknown; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: Securities Related; 
Reason 3: [Empty]. 

Company Name: CNA Financial Corporation; 
Ticker: CNA; 
Market: NYSE; 
Date: 02/13/03; 
Shares: 223,600,000; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Loews Corporation; 
Ticker: LTR; 
Market: NYSE; 
Date: 02/ 13/03; 
Shares: 185,441,200; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Symbol Technologies, Inc; 
Ticker: SBL; 
Market: NYSE; 
Date: 02/13/03; 
Shares: 229,593,000; 
Prompter: SEC; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: 3D Systems Corporation; 
Ticker: TDSC; 
Market: Nasdaq; 
Date: 02/18/03; 
Shares: 12,724,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Barrister Global Services Networks, Inc; 
Ticker: BRTR; 
Market: OTC; 
Date: 02/18/03; 
Shares: 11,901,000; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Comstock Resources, Inc; 
Ticker: CRK; 
Market: NYSE; 
Date: 02/18/03; 
Shares: 33,901,000; 
Prompter: Company and Auditor; 
Reason 1: Cost or Expense; 
Reason 2: Other; 
Reason 3: [Empty]. 

Company Name: Capitol Federal Financial; 
Ticker: CFFN; 
Market: Nasdaq; 
Date: 02/19/03; 
Shares: 72,850,812; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Tengtu International Corporation; 
Ticker: TNTU; 
Market: OTC; 
Date: 02/20/03; 
Shares: 52,682,685; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: CMS Energy Corporation; 
Ticker: CMS; 
Market: NYSE; 
Date: 02/21/03; 
Shares: 165,000,000; 
Prompter: Company; 
Reason 1: Other; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: The Mills Corporation; 
Ticker: MLS; 
Market: NYSE; 
Date: 02/21/03; 
Shares: 43,924,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Beasley Broadcast Group, Inc; 
Ticker: BBGI; 
Market: Nasdaq; 
Date: 02/24/03; 
Shares: 24,312,899; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: Cost or Expense; 
Reason 3: [Empty]. 

Company Name: Royal Ahold; 
Ticker: AHO; 
Market: NYSE; 
Date: 02/24/03; 
Shares: 926,546,000; 
Prompter: Unknown; 
Reason 1: Revenue; 
Reason 2: Restructuring, Assets or Inventory; 
Reason 3: [Empty]. 

Company Name: Allegheny Energy, Inc; 
Ticker: AYE; 
Market: NYSE; 
Date: 02/26/03; 
Shares: 125,657,979; 
Prompter: Unknown; 
Reason 1: Other; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: McMoRan Exploration Company; 
Ticker: MMR; 
Market: NYSE; 
Date: 02/26/03; 
Shares: 19,879,000; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Ultralife Batteries, Inc; 
Ticker: ULBI; 
Market: Nasdaq; 
Date: 02/26/03; 
Shares: 12,958,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: CT Communications Inc; 
Ticker: CTCI; 
Market: Nasdaq; 
Date: 02/27/03; 
Shares: 18,710,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: Cost or Expense; 
Reason 3: [Empty]. 

Company Name: Placer Dome Inc; 
Ticker: PDG; 
Market: NYSE; 
Date: 02/27/ 03; 
Shares: 411,300,000; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Applix, Inc; 
Ticker: APLX; 
Market: Nasdaq; 
Date: 02/28/ 03; 
Shares: 12,365,000; 
Prompter: Unknown; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Calpine Corporation; 
Ticker: CPN; 
Market: NYSE; 
Date: 03/ 03/03; 
Shares: 380,960,000; 
Prompter: Company and Auditor; 
Reason 1: Reclassification; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Nicor, Inc; 
Ticker: GAS; 
Market: NYSE; 
Date: 03/04/03; 
Shares: 44,100,000; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: Reclassification; 
Reason 3: Revenue. 

Company Name: Provident Financial Group, Inc; 
Ticker: PFGI; 
Market: Nasdaq; 
Date: 03/05/03; 
Shares: 50,766,000; 
Prompter: Company; 
Reason 1: Other; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Interpool, Inc; 
Ticker: IPX; 
Market: NYSE; 
Date: 03/06/ 03; 
Shares: 27,354,000; 
Prompter: Company and Auditor; 
Reason 1: Reclassification; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Interpublic Group of Companies, Inc; 
Ticker: IPG; 
Market: NYSE; 
Date: 03/06/03; 
Shares: 381,800,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: Restructuring, Assets or Inventory; 
Reason 3: [Empty]. 

Company Name: EMC Insurance Group, Inc; 
Ticker: EMCI; 
Market: Nasdaq; 
Date: 03/11/03; 
Shares: 11,403,353; 
Prompter: Company; 
Reason 1: Other; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: United States Steel Corporation; 
Ticker: X; 
Market: NYSE; 
Date: 03/11/03; 
Shares: 103,145,305; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Alaska Air Group, Inc; 
Ticker: ALK; 
Market: NYSE; 
Date: 03/12/03; 
Shares: 26,582,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: Revenue; 
Reason 3: Reclassification. 

Company Name: Nevada Star Resource Corporation; 
Ticker: NVSRF; 
Market: OTC; 
Date: 03/12/03; 
Shares: 61,955,654; 
Prompter: Other; 
Reason 1: Other; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: The Standard Register Company; 
Ticker: SR; 
Market: NYSE; 
Date: 03/12/03; 
Shares: 28,202,000; 
Prompter: Company; 
Reason 1: Acquisition or Merger; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Hewlett-Packard Company; 
Ticker: HPQ; 
Market: NYSE; 
Date: 03/13/03; 
Shares: 3,059,000,000; 
Prompter: Company; 
Reason 1: Reclassification; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Audiovox Corporation; 
Ticker: VOXX; 
Market: Nasdaq; 
Date: 03/14/03; 
Shares: 21,967,263; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: Cost or Expense; 
Reason 3: [Empty]. 

Company Name: Hartmarx Corporation; 
Ticker: HMX; 
Market: NYSE; 
Date: 03/14/03; 
Shares: 34,441,000; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Motient Corporation; 
Ticker: MNCP; 
Market: OTC; 
Date: 03/ 14/03; 
Shares: 25,097,000; 
Prompter: SEC; 
Reason 1: Securities Related; 
Reason 2: Revenue; 
Reason 3: Reclassification. 

Company Name: Aerosonic Corporation; 
Ticker: AIM; 
Market: Amex; 
Date: 03/17/03; 
Shares: 3,921,019; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: Revenue; 
Reason 3: [Empty]. 

Company Name: Nanophase Technologies Corporation; 
Ticker: NANX; 
Market: Nasdaq; 
Date: 03/17/03; 
Shares: 15,161,686; 
Prompter: SEC; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: ServiceMaster Company; 
Ticker: SVM; 
Market: NYSE; 
Date: 03/17/03; 
Shares: 301,635,000; 
Prompter: Company and Auditor; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: Other; 
Reason 3: [Empty]. 

Company Name: Antares Pharma, Inc; 
Ticker: ANTR; 
Market: Nasdaq; 
Date: 03/18/03; 
Shares: 11,736,291; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: CNA Financial Corporation; 
Ticker: CNA; 
Market: NYSE; 
Date: 03/19/03; 
Shares: 223,600,000; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: HealthSouth Corporation; 
Ticker: HLSH; 
Market: OTC; 
Date: 03/19/03; 
Shares: 397,625,000; 
Prompter: SEC; 
Reason 1: Other; 
Reason 2: Restructuring, Assets or Inventory; 
Reason 3: [Empty]. 

Company Name: Loews Corporation; 
Ticker: LTR; 
Market: NYSE; 
Date: 03/ 19/03; 
Shares: 185,441,200; 
Prompter: SEC; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: TROY Group, Inc; 
Ticker: TROY; 
Market: OTC; 
Date: 03/19/ 03; 
Shares: 10,649,000; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Electro Scientific Industries, Inc; 
Ticker: ESIO; 
Market: Nasdaq; 
Date: 03/20/03; 
Shares: 27,782,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: Revenue; 
Reason 3: [Empty]. 

Company Name: Annuity and Life Re (Holdings), Ltd; 
Ticker: ANR; 
Market: NYSE; 
Date: 03/21/03; 
Shares: 25,796,195; 
Prompter: SEC; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Reliant Resources, Inc; 
Ticker: RRI; 
Market: NYSE; 
Date: 03/21/03; 
Shares: 291,438,000; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: AFC Enterprises, Inc; 
Ticker: AFCE; 
Market: Nasdaq; 
Date: 03/24/03; 
Shares: 28,600,000; 
Prompter: Company and Auditor; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: Cost or Expense; 
Reason 3: [Empty]. 

Company Name: Flow International Corporation; 
Ticker: FLOW; 
Market: Nasdaq; 
Date: 03/24/03; 
Shares: 15,348,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: Revenue; 
Reason 3: [Empty]. 

Company Name: UnumProvident Corporation; 
Ticker: UNM; 
Market: NYSE; 
Date: 03/24/03; 
Shares: 241,619,400; 
Prompter: SEC; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Foamex International, Inc; 
Ticker: FMXI; 
Market: Nasdaq; 
Date: 03/25/03; 
Shares: 24,351,000; 
Prompter: Company; 
Reason 1: Reclassification; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Rotech Healthcare, Inc; 
Ticker: ROHI; 
Market: OTC; 
Date: 03/25/03; 
Shares: 25,200,000; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Foster Wheeler Ltd; 
Ticker: FWC; 
Market: NYSE; 
Date: 03/ 26/03; 
Shares: 41,035,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Moore Medical Corp; 
Ticker: MMD; 
Market: Amex; 
Date: 03/ 26/03; 
Shares: 3,190,000; 
Prompter: Company; 
Reason 1: Reclassification; 
Reason 2: Cost or Expense; 
Reason 3: [Empty]. 

Company Name: Networks Associates, Inc; 
Ticker: NET; 
Market: NYSE; 
Date: 03/26/03; 
Shares: 159,552,000; 
Prompter: SEC; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: T-NETIX, Inc; 
Ticker: TNTX; 
Market: Nasdaq; 
Date: 03/26/ 03; 
Shares: 15,052,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Watts Industries, Inc; 
Ticker: WTS; 
Market: NYSE; 
Date: 03/26/03; 
Shares: 27,264,000; 
Prompter: Company; 
Reason 1: Other; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Halliburton Company; 
Ticker: HAL; 
Market: NYSE; 
Date: 03/ 27/03; 
Shares: 436,000,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Cognitronics Corporation; 
Ticker: CGN; 
Market: Amex; 
Date: 03/28/03; 
Shares: 5,654,494; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Fleming Companies, Inc; 
Ticker: FLM; 
Market: NYSE; 
Date: 03/28/03; 
Shares: 53,950,000; 
Prompter: Company; 
Reason 1: Other; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Newmont Mining Corporation; 
Ticker: NEM; 
Market: NYSE; 
Date: 03/28/03; 
Shares: 408,242,000; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: PAR Technology Corporation; 
Ticker: PTC; 
Market: NYSE; 
Date: 03/28/03; 
Shares: 8,767,000; 
Prompter: Company and Auditor; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: PubliCARD, Inc; 
Ticker: CARD; 
Market: OTC; 
Date: 03/28/ 03; 
Shares: 26,103,402; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: The Commerce Group, Inc; 
Ticker: CGI; 
Market: NYSE; 
Date: 03/28/03; 
Shares: 32,263,706; 
Prompter: Company and Auditor; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: AHL Services, Inc; 
Ticker: AHLS; 
Market: Nasdaq; 
Date: 03/31/03; 
Shares: 15,247,000; 
Prompter: Company; 
Reason 1: Reclassification; 
Reason 2: Other; 
Reason 3: [Empty]. 

Company Name: America West Holdings Corporation; 
Ticker: AWA; 
Market: NYSE; 
Date: 03/31/03; 
Shares: 33,713,000; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: American States Water Company; 
Ticker: AWR; 
Market: NYSE; 
Date: 03/31/03; 
Shares: 15,194,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: Cost or Expense; 
Reason 3: [Empty]. 

Company Name: Books-A-Million, Inc; 
Ticker: BAMM; 
Market: Nasdaq; 
Date: 03/31/03; 
Shares: 16,220,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Capital Bank Corporation; 
Ticker: CBKN; 
Market: Nasdaq; 
Date: 03/31/03; 
Shares: 6,904,526; 
Prompter: Company; 
Reason 1: Acquisition or Merger; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Charter Communications, Inc; 
Ticker: CHTR; 
Market: Nasdaq; 
Date: 03/31/03; 
Shares: 294,466,137; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: Securities Related; 
Reason 3: [Empty]. 

Company Name: Core Laboratories N.V; 
Ticker: CLB; 
Market: NYSE; 
Date: 03/31/03; 
Shares: 32,520,000; 
Prompter: Company; 
Reason 1: Other; 
Reason 2: Cost or Expense; 
Reason 3: Revenue. 

Company Name: D&E Communications, Inc; 
Ticker: DECC; 
Market: Nasdaq; 
Date: 03/31/03; 
Shares: 15,421,000; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: Reclassification; 
Reason 3: [Empty]. 

Company Name: deCODE genetics; 
Ticker: DCGN; 
Market: Nasdaq; 
Date: 03/ 31/03; 
Shares: 51,156,718; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: Cost or Expense; 
Reason 3: [Empty]. 

Company Name: ESG Re Ltd; 
Ticker: ESREF; 
Market: OTC; 
Date: 03/31/03; 
Shares: 11,884,173; 
Prompter: Unknown; 
Reason 1: Related Party Transaction; 
Reason 2: Other; 
Reason 3: [Empty]. 

Company Name: Gemstar-TV Guide International Inc; 
Ticker: GMSTE; 
Market: Nasdaq; 
Date: 03/31/03; 
Shares: 408,156,000; 
Prompter: Company and Auditor; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: Cost or Expense; 
Reason 3: Revenue. 

Company Name: Gold Banc Corporation, Inc; 
Ticker: GLDB; 
Market: Nasdaq; 
Date: 03/31/03; 
Shares: 38,128,000; 
Prompter: Unknown; 
Reason 1: Other; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Imclone Systems Inc; 
Ticker: IMCL; 
Market: Nasdaq; 
Date: 03/31/03; 
Shares: 73,653,000; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: Cost or Expense; 
Reason 3: Other. 

Company Name: Massey Energy Company; 
Ticker: MEE; 
Market: NYSE; 
Date: 03/31/03; 
Shares: 74,531,000; 
Prompter: SEC; 
Reason 1: Reclassification; 
Reason 2: Cost or Expense; 
Reason 3: Securities Related. 

Company Name: OneSource Technologies, Inc; 
Ticker: OSRC; 
Market: OTC; 
Date: 03/31/03; 
Shares: 37,246,402; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: Securities Related; 
Reason 3: Other. 

Company Name: OpenTV Corporation; 
Ticker: OPTV; 
Market: Nasdaq; 
Date: 03/31/03; 
Shares: 72,275,480; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: Securities Related; 
Reason 3: Reclassification. 

Company Name: Pico Holdings, Inc; 
Ticker: PICO; 
Market: Nasdaq; 
Date: 03/31/03; 
Shares: 12,379,042; 
Prompter: Unknown; 
Reason 1: Securities Related; 
Reason 2: Restructuring, Assets or Inventory; 
Reason 3: [Empty]. 

Company Name: Scott's Liquid Gold-Inc; 
Ticker: SLGD; 
Market: OTC; 
Date: 03/31/03; 
Shares: 10,153,100; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: Revenue; 
Reason 3: [Empty]. 

Company Name: AstroPower, Inc; 
Ticker: APWRE; 
Market: Nasdaq; 
Date: 04/01/03; 
Shares: 22,682,839; 
Prompter: Unknown; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Fischer Imaging Corporation; 
Ticker: FIMG; 
Market: Nasdaq; 
Date: 04/01/03; 
Shares: 9,325,000; 
Prompter: Company and Auditor; 
Reason 1: Revenue; 
Reason 2: Restructuring, Assets or Inventory; 
Reason 3: [Empty]. 

Company Name: Gateway, Inc; 
Ticker: GTW; 
Market: NYSE; 
Date: 04/01/03; 
Shares: 324,072,000; 
Prompter: Unknown; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Hines Horticulture, Inc; 
Ticker: HORT; 
Market: Nasdaq; 
Date: 04/01/03; 
Shares: 22,072,549; 
Prompter: Company and Auditor; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Northwestern Corporation; 
Ticker: NOR; 
Market: NYSE; 
Date: 04/01/03; 
Shares: 37,397,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: Revenue; 
Reason 3: [Empty]. 

Company Name: Abington Bancorp, Inc; 
Ticker: ABBKE; 
Market: Nasdaq; 
Date: 04/02/03; 
Shares: 3,955,000; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Crystallex International Corporation; 
Ticker: KRY; 
Market: Amex; 
Date: 04/03/03; 
Shares: 118,309,198; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Ariba, Inc; 
Ticker: ARBA; 
Market: Nasdaq; 
Date: 04/10/ 03; 
Shares: 267,002,000; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: Acquisition or Merger; 
Reason 3: Revenue. 

Company Name: Sharper Image Corporation; 
Ticker: SHRP; 
Market: Nasdaq; 
Date: 04/14/03; 
Shares: 15,717,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: Cost or Expense; 
Reason 3: Securities Related. 

Company Name: Aquila, Inc; 
Ticker: ILA; 
Market: NYSE; 
Date: 04/15/03; 
Shares: 194,300,000; 
Prompter: Unknown; 
Reason 1: Reclassification; 
Reason 2: Restructuring, Assets or Inventory; 
Reason 3: [Empty]. 

Company Name: Digital Video Systems, Inc; 
Ticker: DVID; 
Market: Nasdaq; 
Date: 04/15/03; 
Shares: 6,487,000; 
Prompter: Company; 
Reason 1: Related Party Transaction; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Electro Scientific Industries, Inc; 
Ticker: ESIO; 
Market: Nasdaq; 
Date: 04/15/03; 
Shares: 27,782,000; 
Prompter: Company; 
Reason 1: Other; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: First Southern Bancshares, Inc; 
Ticker: FSTH; 
Market: OTC; 
Date: 04/15/03; 
Shares: 1,256,715; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Gold Banc Corporation, Inc; 
Ticker: GLDB; 
Market: Nasdaq; 
Date: 04/15/03; 
Shares: 38,128,000; 
Prompter: Company; 
Reason 1: Other; 
Reason 2: Restructuring, Assets or Inventory; 
Reason 3: Securities Related. 

Company Name: Provident Financial Group, Inc; 
Ticker: PFGI; 
Market: Nasdaq; 
Date: 04/15/03; 
Shares: 50,766,000; 
Prompter: Auditor; 
Reason 1: Reclassification; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Stronghold Technologies, Inc; 
Ticker: SGHT; 
Market: OTC; 
Date: 04/15/03; 
Shares: 11,304,347; 
Prompter: Company and Auditor; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Crescent Banking Company; 
Ticker: CSNT; 
Market: Nasdaq; 
Date: 04/16/03; 
Shares: 2,565,108; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: Revenue; 
Reason 3: [Empty]. 

Company Name: Huntington Bancshares, Inc; 
Ticker: HBAN; 
Market: Nasdaq; 
Date: 04/16/03; 
Shares: 232,805,000; 
Prompter: Auditor; 
Reason 1: Reclassification; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: US Dataworks, Inc; 
Ticker: UDW; 
Market: Amex; 
Date: 04/ 17/03; 
Shares: 60,841,738; 
Prompter: Company and Auditor; 
Reason 1: Acquisition or Merger; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Avery Communications, Inc; 
Ticker: AVYC; 
Market: OTC; 
Date: 04/18/03; 
Shares: 888,483; 
Prompter: Unknown; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: AFC Enterprises, Inc; 
Ticker: AFCEE; 
Market: Nasdaq; 
Date: 04/22/03; 
Shares: 28,600,000; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: Cost or Expense; 
Reason 3: [Empty]. 

Company Name: The Perrigo Company; 
Ticker: PRGO; 
Market: Nasdaq; 
Date: 04/23/03; 
Shares: 71,158,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Microtune, Inc; 
Ticker: TUNEE; 
Market: Nasdaq; 
Date: 04/ 29/03; 
Shares: 49,773,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Phelps Dodge Corporation; 
Ticker: PD; 
Market: NYSE; 
Date: 04/29/03; 
Shares: 88,600,000; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: Cost or Expense; 
Reason 3: [Empty]. 

Company Name: Placer Dome Inc; 
Ticker: PDG; 
Market: NYSE; 
Date: 04/29/ 03; 
Shares: 411,300,000; 
Prompter: Unknown; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: U.S. Liquids Inc; 
Ticker: USL; 
Market: Amex; 
Date: 04/ 29/03; 
Shares: 16,233,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: Restructuring, Assets or Inventory; 
Reason 3: [Empty]. 

Company Name: Value City Department Stores, Inc; 
Ticker: VCD; 
Market: NYSE; 
Date: 04/29/03; 
Shares: 33,673,000; 
Prompter: Unknown; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Wilsons The Leather Experts Inc; 
Ticker: WLSN; 
Market: Nasdaq; 
Date: 05/02/03; 
Shares: 20,480,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Computer Associates International, Inc; 
Ticker: CA; 
Market: NYSE; 
Date: 05/06/03; 
Shares: 580,000,000; 
Prompter: Company and Auditor; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: eUniverse, Inc; 
Ticker: EUNI; 
Market: Nasdaq; 
Date: 05/ 06/03; 
Shares: 26,505,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: IXOS Software AG; 
Ticker: XOSY; 
Market: Nasdaq; 
Date: 05/ 06/03; 
Shares: 21,059,116; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Rayonier Inc; 
Ticker: RYN; 
Market: NYSE; 
Date: 05/07/03; 
Shares: 42,516,508; 
Prompter: Auditor; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Artisoft, Inc; 
Ticker: ASFT; 
Market: Nasdaq; 
Date: 05/ 08/03; 
Shares: 2,889,000; 
Prompter: SEC; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Callifornia Micro Devices Corporation; 
Ticker: CAMD; 
Market: Nasdaq; 
Date: 05/08/03; 
Shares: 15,885,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Carolina Group; 
Ticker: CG; 
Market: NYSE; 
Date: 05/08/03; 
Shares: 39,910,000; 
Prompter: Unknown; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: AMERCO; 
Ticker: UHAL; 
Market: Nasdaq; 
Date: 05/12/03; 
Shares: 19,825,852; 
Prompter: SEC; 
Reason 1: Related Party Transaction; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Applix, Inc; 
Ticker: APLX; 
Market: Nasdaq; 
Date: 05/13/ 03; 
Shares: 12,649,000; 
Prompter: Unknown; 
Reason 1: Acquisition or Merger; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: IXYS Corporation; 
Ticker: SYXI; 
Market: Nasdaq; 
Date: 05/ 13/03; 
Shares: 33,116,000; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: PW Eagle, Inc; 
Ticker: PWEI; 
Market: Nasdaq; 
Date: 05/ 14/03; 
Shares: 6,820,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: AirNet Communications Corporation; 
Ticker: ANCC; 
Market: Nasdaq; 
Date: 05/15/03; 
Shares: 23,854,132; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Canyon Resources Corporation; 
Ticker: CAU; 
Market: Amex; 
Date: 05/15/03; 
Shares: 21,021,100; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Detrex, Corporation; 
Ticker: DTRX; 
Market: Nasdaq; 
Date: 05/15/03; 
Shares: 1,583,414; 
Prompter: Auditor; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: ElkCorporation; 
Ticker: ELK; 
Market: NYSE; 
Date: 05/15/ 03; 
Shares: 19,600,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: TeamStaff, Inc; 
Ticker: TSTF; 
Market: Nasdaq; 
Date: 05/ 15/03; 
Shares: 15,683,844; 
Prompter: Company and Auditor; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: Cost or Expense; 
Reason 3: Revenue. 

Company Name: Vectren Corporation; 
Ticker: VVC; 
Market: NYSE; 
Date: 05/ 15/03; 
Shares: 68,100,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: Other; 
Reason 3: [Empty]. 

Company Name: Vical Corporation; 
Ticker: VICL; 
Market: Nasdaq; 
Date: 05/15/03; 
Shares: 20,091,344; 
Prompter: Unknown; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: CPI Corporation; 
Ticker: CPY; 
Market: NYSE; 
Date: 05/16/ 03; 
Shares: 8,100,868; 
Prompter: SEC; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Shurgard Storage Centers, Inc; 
Ticker: SHU; 
Market: NYSE; 
Date: 05/16/03; 
Shares: 35,953,318; 
Prompter: Auditor; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Touch America Holdings, Inc; 
Ticker: TCAHQ; 
Market: OTC; 
Date: 05/16/03; 
Shares: 103,737,000; 
Prompter: SEC; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Varco International, Inc; 
Ticker: VRC; 
Market: NYSE; 
Date: 05/16/03; 
Shares: 97,970,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Viad Corporation; 
Ticker: VVI; 
Market: NYSE; 
Date: 05/16/ 03; 
Shares: 86,508,000; 
Prompter: Company and Auditor; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Clean Harbors, Inc; 
Ticker: CLHB; 
Market: Nasdaq; 
Date: 05/20/03; 
Shares: 13,436,000; 
Prompter: Company and Auditor; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Hollinger International, Inc; 
Ticker: HLR; 
Market: NYSE; 
Date: 05/20/03; 
Shares: 86,869,000; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Rural/Metro Corporation; 
Ticker: RURL; 
Market: Nasdaq; 
Date: 05/20/03; 
Shares: 16,116,000; 
Prompter: Company; 
Reason 1: Other; 
Reason 2: Revenue; 
Reason 3: [Empty]. 

Company Name: SIFCO Industries, Inc; 
Ticker: SIF; 
Market: Amex; 
Date: 05/20/03; 
Shares: 5,252,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Aerosonic Corporation; 
Ticker: AIM; 
Market: Amex; 
Date: 05/22/03; 
Shares: 3,921,019; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: Revenue; 
Reason 3: Cost or Expense. 

Company Name: Computerized Thermal Imaging, Inc; 
Ticker: CIO; 
Market: Amex; 
Date: 05/22/03; 
Shares: 91,669,483; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Sports Club Company, Inc; 
Ticker: SCYL; 
Market: OTC; 
Date: 05/23/03; 
Shares: 18,326,000; 
Prompter: Auditor; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Audiovox Corporation; 
Ticker: VOXXE; 
Market: Nasdaq; 
Date: 05/29/03; 
Shares: 21,873,875; 
Prompter: SEC; 
Reason 1: Revenue; 
Reason 2: Restructuring, Assets or Inventory; 
Reason 3: Cost or Expense. 

Company Name: Monro Muffler Brake, Inc; 
Ticker: MNRO; 
Market: Nasdaq; 
Date: 05/30/03; 
Shares: 9,587,000; 
Prompter: Unknown; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: BAA PLC; 
Ticker: BAAPF; 
Market: OTC; 
Date: 06/03/03; 
Shares: 1,172,000,000; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: National Vision, Inc; 
Ticker: NVI; 
Market: Amex; 
Date: 06/04/03; 
Shares: 5,099,000; 
Prompter: Company; 
Reason 1: Reclassification; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Intervoice, Inc; 
Ticker: INTV; 
Market: Nasdaq; 
Date: 06/ 09/03; 
Shares: 34,360,000; 
Prompter: Unknown; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Interferon Sciences, Inc; 
Ticker: IFSC; 
Market: OTC; 
Date: 06/10/03; 
Shares: 36,292,142; 
Prompter: Unknown; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: Cost or Expense; 
Reason 3: [Empty]. 

Company Name: Video Display Corporation; 
Ticker: VIDE; 
Market: Nasdaq; 
Date: 06/12/03; 
Shares: 4,922,000; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Tyco International Ltd; 
Ticker: TYC; 
Market: NYSE; 
Date: 06/16/03; 
Shares: 2,203,800,000; 
Prompter: SEC; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Alliance Atlantis Communications Inc; 
Ticker: AACB; 
Market: Nasdaq; 
Date: 06/18/03; 
Shares: 42,800,000; 
Prompter: Auditor; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Cypress Semiconductor Corporation; 
Ticker: CY; 
Market: NYSE; 
Date: 06/19/03; 
Shares: 122,941,000; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: LaSalle Hotel Properties; 
Ticker: LHO; 
Market: NYSE; 
Date: 06/20/03; 
Shares: 18,912,120; 
Prompter: Unknown; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: Revenue; 
Reason 3: [Empty]. 

Company Name: Warrantech Corporation; 
Ticker: WTEC; 
Market: OTC; 
Date: 06/25/03; 
Shares: 15,672,197; 
Prompter: SEC; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Cryo-Cell International, Inc; 
Ticker: CCCEC; 
Market: Nasdaq; 
Date: 06/27/03; 
Shares: 11,352,379; 
Prompter: Company and Auditor; 
Reason 1: Revenue; 
Reason 2: Cost or Expense; 
Reason 3: [Empty]. 

Company Name: PG&E Corporation; 
Ticker: PCG; 
Market: NYSE; 
Date: 06/27/ 03; 
Shares: 409,000,000; 
Prompter: Company; 
Reason 1: Reclassification; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: The Singing Machine Company; 
Ticker: SMD; 
Market: Amex; 
Date: 06/27/03; 
Shares: 8,278,469; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: 3D Systems Corporation; 
Ticker: TDSCE; 
Market: Nasdaq; 
Date: 06/30/03; 
Shares: 12,778,000; 
Prompter: Auditor; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: AXA; 
Ticker: AXA; 
Market: NYSE; 
Date: 06/30/03; 
Shares: 1,778,000,000; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Catalina Marketing Corporation; 
Ticker: POS; 
Market: NYSE; 
Date: 06/30/03; 
Shares: 52,569,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Polymedica Corporation; 
Ticker: PLMD; 
Market: Nasdaq; 
Date: 06/30/03; 
Shares: 25,810,000; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Verizon Communications Inc; 
Ticker: VZ; 
Market: NYSE; 
Date: 07/01/03; 
Shares: 2,786,000,000; 
Prompter: Unknown; 
Reason 1: Revenue; 
Reason 2: Cost or Expense; 
Reason 3: [Empty]. 

Company Name: Tractor Supply Company; 
Ticker: TSCO; 
Market: Nasdaq; 
Date: 07/02/03; 
Shares: 40,553,000; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Zindart Ltd; 
Ticker: ZNDT; 
Market: Nasdaq; 
Date: 07/02/ 03; 
Shares: 9,044,000; 
Prompter: Auditor; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Cryopak Industries Inc; 
Ticker: CYPKF; 
Market: OTC; 
Date: 07/03/03; 
Shares: 35,114,346; 
Prompter: Unknown; 
Reason 1: Revenue; 
Reason 2: Securities Related; 
Reason 3: Restructuring, Assets or Inventory. 

Company Name: Imaging Technologies Corporation; 
Ticker: IMTO; 
Market: OTC; 
Date: 07/07/03; 
Shares: 240,556,000; 
Prompter: SEC; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Crystallex International Corporation; 
Ticker: KRY; 
Market: Amex; 
Date: 07/09/03; 
Shares: 118,309,198; 
Prompter: Company and Auditor; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Willis Lease Finance Corporation; 
Ticker: WLFC; 
Market: Nasdaq; 
Date: 07/14/03; 
Shares: 8,874,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Electro Scientific Industries, Inc; 
Ticker: ESIOE; 
Market: Nasdaq; 
Date: 07/15/03; 
Shares: 27,745,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: Revenue; 
Reason 3: [Empty]. 

Company Name: Fisher Communications, Inc; 
Ticker: FSCI; 
Market: Nasdaq; 
Date: 07/18/03; 
Shares: 8,595,000; 
Prompter: Auditor; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Intrepid Capital Corporation; 
Ticker: ICAP; 
Market: OTC; 
Date: 07/18/03; 
Shares: 3,399,183; 
Prompter: Company and Auditor; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: IDT Corporation; 
Ticker: IDT; 
Market: NYSE; 
Date: 07/21/ 03; 
Shares: 80,262,000; 
Prompter: SEC; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Northeast Pennsylvania Financial Corporation; 
Ticker: NEPF; 
Market: Nasdaq; 
Date: 07/21/03; 
Shares: 3,934,135; 
Prompter: Unknown; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Riverstone Networks, Inc; 
Ticker: RSTN; 
Market: Nasdaq; 
Date: 07/21/03; 
Shares: 126,319,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Riverstone Networks, Inc; 
Ticker: RSTNE; 
Market: Nasdaq; 
Date: 07/22/03; 
Shares: 126,319,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: AOL Time Warner Inc; 
Ticker: AOL; 
Market: NYSE; 
Date: 07/23/03; 
Shares: 4,677,300,000; 
Prompter: SEC; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Quest Software, Inc; 
Ticker: QSFT; 
Market: Nasdaq; 
Date: 07/23/03; 
Shares: 92,195,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Scientific Games Corporation; 
Ticker: SGMS; 
Market: Nasdaq; 
Date: 07/24/03; 
Shares: 89,228,000; 
Prompter: Unknown; 
Reason 1: Acquisition or Merger; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Elan Corporation, plc; 
Ticker: ELN; 
Market: NYSE; 
Date: 07/30/03; 
Shares: 386,200,000; 
Prompter: SEC; 
Reason 1: Related Party Transaction; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Hanover Compressor Company; 
Ticker: HC; 
Market: NYSE; 
Date: 07/30/03; 
Shares: 82,004,000; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Impath Inc; 
Ticker: IMPH; 
Market: Nasdaq; 
Date: 07/30/ 03; 
Shares: 16,384,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Midwest Express Holdings, Inc; 
Ticker: MEH; 
Market: NYSE; 
Date: 07/30/03; 
Shares: 15,538,228; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Handleman Company; 
Ticker: HDL; 
Market: NYSE; 
Date: 08/ 01/03; 
Shares: 25,504,000; 
Prompter: SEC; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: O'Sullivan Industries Holdings, Inc; 
Ticker: OSULP; 
Market: OTC; 
Date: 08/04/03; 
Shares: 1,368,000; 
Prompter: SEC; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Asante Technologies, Inc; 
Ticker: ASNT; 
Market: OTC; 
Date: 08/05/03; 
Shares: 10,150,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: FirstEnergy Corporation; 
Ticker: FE; 
Market: NYSE; 
Date: 08/05/03; 
Shares: 294,166,000; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Millennium Chemicals Inc; 
Ticker: MCH; 
Market: NYSE; 
Date: 08/06/03; 
Shares: 64,050,943; 
Prompter: SEC; 
Reason 1: Cost or Expense; 
Reason 2: Reclassification; 
Reason 3: [Empty]. 

Company Name: Bema Gold Corporation; 
Ticker: BGO; 
Market: Amex; 
Date: 08/07/03; 
Shares: 323,475,000; 
Prompter: Unknown; 
Reason 1: Other; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: eBay, Inc; 
Ticker: EBAY; 
Market: Nasdaq; 
Date: 08/11/03; 
Shares: 656,147,000; 
Prompter: Other; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: MetLife Inc; 
Ticker: MET; 
Market: NYSE; 
Date: 08/11/03; 
Shares: 731,256,454; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: HPSC, Inc; 
Ticker: HDR; 
Market: Amex; 
Date: 08/13/03; 
Shares: 4,538,070; 
Prompter: Company and Auditor; 
Reason 1: Reclassification; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: OPNET Technologies, Inc; 
Ticker: OPNT; 
Market: Nasdaq; 
Date: 08/13/03; 
Shares: 20,479,000; 
Prompter: Company and Auditor; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: BearingPoint, Inc; 
Ticker: BE; 
Market: NYSE; 
Date: 08/ 14/03; 
Shares: 185,637,693; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: Acquisition or Merger; 
Reason 3: Revenue. 

Company Name: Internet Pictures Corporation; 
Ticker: IPIX; 
Market: Nasdaq; 
Date: 08/14/03; 
Shares: 7,613,000; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Perot Systems Corporation; 
Ticker: PER; 
Market: NYSE; 
Date: 08/14/03; 
Shares: 114,694,000; 
Prompter: Auditor; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Smith & Wesson Holding Corporation; 
Ticker: SWB; 
Market: Amex; 
Date: 08/14/03; 
Shares: 37,126,451; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: Acquisition or Merger; 
Reason 3: [Empty]. 

Company Name: Stonepath Group, Inc; 
Ticker: STG; 
Market: Amex; 
Date: 08/14/03; 
Shares: 38,082,567; 
Prompter: SEC; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: First Southern Bancshares, Inc; 
Ticker: FSTH; 
Market: OTC; 
Date: 08/15/03; 
Shares: 1,453,539; 
Prompter: Unknown; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Arden Group, Inc; 
Ticker: ARDNA; 
Market: Nasdaq; 
Date: 08/18/03; 
Shares: 3,382,016; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Onyx Acceptance Corporation; 
Ticker: ONYX; 
Market: Nasdaq; 
Date: 08/19/03; 
Shares: 6,002,979; 
Prompter: Company and Auditor; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: Acquisition or Merger; 
Reason 3: [Empty]. 

Company Name: The Andersons, Inc; 
Ticker: ANDE; 
Market: Nasdaq; 
Date: 08/19/03; 
Shares: 7,106,000; 
Prompter: Company and Auditor; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: EP MedSystems, Inc; 
Ticker: EPMD; 
Market: Nasdaq; 
Date: 08/20/03; 
Shares: 18,766,433; 
Prompter: Unknown; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: AMERCO; 
Ticker: UHAEQ; 
Market: Nasdaq; 
Date: 08/25/03; 
Shares: 20,514,958; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: Restructuring, Assets or Inventory; 
Reason 3: [Empty]. 

Company Name: AmeriCredit Corporation; 
Ticker: ACF; 
Market: NYSE; 
Date: 08/25/03; 
Shares: 137,807,775; 
Prompter: Company and Auditor; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: BIOLASE Technology, Inc; 
Ticker: BLTIE; 
Market: Nasdaq; 
Date: 08/29/03; 
Shares: 23,037,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Accredo Health, Inc; 
Ticker: ACDO; 
Market: Nasdaq; 
Date: 09/04/03; 
Shares: 48,554,127; 
Prompter: Unknown; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Counsel Corporation; 
Ticker: CXSN; 
Market: Nasdaq; 
Date: 09/04/03; 
Shares: 25,596,000; 
Prompter: Unknown; 
Reason 1: Acquisition or Merger; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Fidelity Southern Corporation; 
Ticker: LION; 
Market: Nasdaq; 
Date: 09/10/03; 
Shares: 8,991,252; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Western Wireless Corporation; 
Ticker: WWCA; 
Market: Nasdaq; 
Date: 09/11/03; 
Shares: 82,348,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: Other; 
Reason 3: [Empty]. 

Company Name: Fisher Communications, Inc; 
Ticker: FSCI; 
Market: Nasdaq; 
Date: 09/15/03; 
Shares: 8,595,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: FactSet Research Systems Inc; 
Ticker: FDS; 
Market: NYSE; 
Date: 09/16/03; 
Shares: 35,540,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: National Construction Inc; 
Ticker: NATS; 
Market: OTC; 
Date: 09/18/03; 
Shares: 14,406,000; 
Prompter: Unknown; 
Reason 1: Other; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Endocare Inc; 
Ticker: ENDO; 
Market: OTC; 
Date: 09/26/03; 
Shares: 24,162,090; 
Prompter: Company and Auditor; 
Reason 1: Revenue; 
Reason 2: Cost or Expense; 
Reason 3: Other. 

Company Name: SportsLine.com, Inc; 
Ticker: SPLN; 
Market: Nasdaq; 
Date: 09/26/03; 
Shares: 43,669,743; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: Reclassification; 
Reason 3: Securities Related. 

Company Name: MAPICS, Inc; 
Ticker: MAPX; 
Market: Nasdaq; 
Date: 09/28/ 03; 
Shares: 25,928,000; 
Prompter: Unknown; 
Reason 1: Acquisition or Merger; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Rural/Metro Corporation; 
Ticker: RUREC; 
Market: Nasdaq; 
Date: 09/29/03; 
Shares: 17,286,000; 
Prompter: SEC; 
Reason 1: Cost or Expense; 
Reason 2: Revenue; 
Reason 3: [Empty]. 

Company Name: Sun Microsystems, Inc; 
Ticker: SUNW; 
Market: Nasdaq; 
Date: 09/29/03; 
Shares: 3,190,000,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Frontline Communications Corporation; 
Ticker: FNT; 
Market: Amex; 
Date: 10/06/03; 
Shares: 11,069,102; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Computer Associates International, Inc; 
Ticker: CA; 
Market: NYSE; 
Date: 10/08/03; 
Shares: 579,000,000; 
Prompter: Company and Auditor; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Lindsay Manufacturing Company; 
Ticker: LNN; 
Market: NYSE; 
Date: 10/13/03; 
Shares: 148,250,000; 
Prompter: Unknown; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Analogic Corporation; 
Ticker: ALOG; 
Market: Nasdaq; 
Date: 10/15/03; 
Shares: 13,547,000; 
Prompter: Unknown; 
Reason 1: Revenue; 
Reason 2: Related Party Transaction; 
Reason 3: [Empty]. 

Company Name: Huntington Bancshares, Inc; 
Ticker: HBAN; 
Market: Nasdaq; 
Date: 10/15/03; 
Shares: 230,966,000; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: Revenue; 
Reason 3: Other. 

Company Name: Jacuzzi Brands, Inc; 
Ticker: JJZ; 
Market: NYSE; 
Date: 10/16/03; 
Shares: 75,300,000; 
Prompter: SEC; 
Reason 1: Acquisition or Merger; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Crown Financial Group, Inc; 
Ticker: MHMY and CFGI; 
Market: Nasdaq; 
Date: 10/17/03; 
Shares: 9,955,182; 
Prompter: Company; 
Reason 1: Other; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Sterling Bancshares, Inc; 
Ticker: SBIB; 
Market: Nasdaq; 
Date: 10/21/03; 
Shares: 44,852,000; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Goodyear Tire & Rubber Company; 
Ticker: GT; 
Market: NYSE; 
Date: 10/22/03; 
Shares: 175,300,000; 
Prompter: Company; 
Reason 1: Other; 
Reason 2: Cost or Expense; 
Reason 3: [Empty]. 

Company Name: ProLogis; 
Ticker: PLD; 
Market: NYSE; 
Date: 10/22/03; 
Shares: 187,222,000; 
Prompter: Unknown; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Nortel Networks, Corporation; 
Ticker: NT; 
Market: NYSE; 
Date: 10/23/03; 
Shares: 4,338,000,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: Revenue; 
Reason 3: Reclassification. 

Company Name: Outback Steakhouse, Inc; 
Ticker: OSI; 
Market: NYSE; 
Date: 10/23/03; 
Shares: 78,354,000; 
Prompter: SEC; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Trinity Biotech plc; 
Ticker: TRIB; 
Market: Nasdaq; 
Date: 10/23/03; 
Shares: 50,583,247; 
Prompter: Unknown; 
Reason 1: Other; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Waypoint Financial Corporation; 
Ticker: WYPT; 
Market: Nasdaq; 
Date: 10/23/03; 
Shares: 33,065,457; 
Prompter: Unknown; 
Reason 1: Reclassification; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Pechiney; 
Ticker: PY; 
Market: NYSE; 
Date: 10/24/03; 
Shares: 157,041,628; 
Prompter: Company; 
Reason 1: Other; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Sapient Corporation; 
Ticker: SAPE; 
Market: Nasdaq; 
Date: 10/24/03; 
Shares: 121,188,000; 
Prompter: Unknown; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Isolagen, Inc; 
Ticker: ILE; 
Market: Amex; 
Date: 10/27/ 03; 
Shares: 19,726,478; 
Prompter: SEC; 
Reason 1: Cost or Expense; 
Reason 2: Securities Related; 
Reason 3: [Empty]. 

Company Name: Federal National Mortgage Association; 
Ticker: FNM; 
Market: NYSE; 
Date: 10/29/03; 
Shares: 976,000,000; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Thomas Group, Inc; 
Ticker: TGIS; 
Market: OTC; 
Date: 10/ 29/03; 
Shares: 10,169,575; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: STAAR Surgical Company; 
Ticker: STAA; 
Market: Nasdaq; 
Date: 10/30/03; 
Shares: 18,281,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Aerosonic Corporation; 
Ticker: AIM; 
Market: Amex; 
Date: 10/31/03; 
Shares: 3,921,019; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: Revenue; 
Reason 3: [Empty]. 

Company Name: Northeast Pennsylvania Financial Corporation; 
Ticker: NEPF; 
Market: Nasdaq; 
Date: 10/31/03; 
Shares: 4,084,574; 
Prompter: Unknown; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Anchor Glass Container Corporation; 
Ticker: AGCC; 
Market: Nasdaq; 
Date: 11/03/03; 
Shares: 16,364,196; 
Prompter: Unknown; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Optical Communication Products, Inc; 
Ticker: OCPI; 
Market: Nasdaq; 
Date: 11/03/03; 
Shares: 112,287,000; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: CryoLife, Inc; 
Ticker: CRY; 
Market: NYSE; 
Date: 11/04/ 03; 
Shares: 19,684,000; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Wickes Inc; 
Ticker: WIKS; 
Market: OTC; 
Date: 11/04/03; 
Shares: 8,307,984; 
Prompter: Unknown; 
Reason 1: Reclassification; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: CarrAmerica Realty Corporation; 
Ticker: CRE; 
Market: NYSE; 
Date: 11/05/03; 
Shares: 53,794,000; 
Prompter: SEC; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Cablevision Systems Corporation; 
Ticker: CVC; 
Market: NYSE; 
Date: 11/11/03; 
Shares: 286,716,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: PlanVista Corporation; 
Ticker: PVST; 
Market: OTC; 
Date: 11/11/03; 
Shares: 16,899,000; 
Prompter: Unknown; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Conolog Corporation; 
Ticker: CNLG; 
Market: Nasdaq; 
Date: 11/12/03; 
Shares: 1,300,013; 
Prompter: Unknown; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Tenneco Automotive Inc; 
Ticker: TEN; 
Market: NYSE; 
Date: 11/13/03; 
Shares: 42,187,011; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: Cost or Expense; 
Reason 3: [Empty]. 

Company Name: U.S. Concrete, Inc; 
Ticker: RMIX; 
Market: Nasdaq; 
Date: 11/13/03; 
Shares: 28,105,000; 
Prompter: Unknown; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Vail Resorts, Inc; 
Ticker: MTN; 
Market: NYSE; 
Date: 11/ 13/03; 
Shares: 35,286,000; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: Restructuring, Assets or Inventory; 
Reason 3: [Empty]. 

Company Name: Washington Mutual, Inc; 
Ticker: WM; 
Market: NYSE; 
Date: 11/13/03; 
Shares: 921,757,000; 
Prompter: Unknown; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Sandy Spring Bancorp, Inc; 
Ticker: SASR; 
Market: Nasdaq; 
Date: 11/14/03; 
Shares: 14,677,000; 
Prompter: Company and Auditor; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: United Security Bancshares; 
Ticker: UBFO; 
Market: Nasdaq; 
Date: 11/14/03; 
Shares: 5,512,000; 
Prompter: SEC; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: VantageMed Corporation; 
Ticker: VMDC; 
Market: OTC; 
Date: 11/14/03; 
Shares: 8,400,000; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: VaxGen, Inc; 
Ticker: VXGN; 
Market: Nasdaq; 
Date: 11/14/ 03; 
Shares: 18,916,000; 
Prompter: Unknown; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Friedman's Inc; 
Ticker: FRM; 
Market: NYSE; 
Date: 11/17/ 03; 
Shares: 19,142,000; 
Prompter: Unknown; 
Reason 1: Other; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: MDSI Mobile Data Solutions Inc; 
Ticker: MDSI; 
Market: Nasdaq; 
Date: 11/17/03; 
Shares: 8,201,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Atwood Oceanics, Inc; 
Ticker: ATW; 
Market: NYSE; 
Date: 11/18/03; 
Shares: 13,852,301; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: 5G Wireless Communications, Inc; 
Ticker: FGWC; 
Market: OTC; 
Date: 11/19/03; 
Shares: 120,043,524; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Digital Generation Systems, Inc; 
Ticker: DGIT; 
Market: Nasdaq; 
Date: 11/19/03; 
Shares: 74,891,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Dynex Capital, Inc; 
Ticker: DX; 
Market: NYSE; 
Date: 11/ 19/03; 
Shares: 10,873,903; 
Prompter: Unknown; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Helmerich & Payne, Inc; 
Ticker: HP; 
Market: NYSE; 
Date: 11/19/03; 
Shares: 50,168,655; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Natural Health Trends Corporation; 
Ticker: NHLC; 
Market: OTC; 
Date: 11/19/03; 
Shares: 5,688,099; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: Cost or Expense; 
Reason 3: [Empty]. 

Company Name: SportsLine.com, Inc; 
Ticker: SPLN; 
Market: Nasdaq; 
Date: 11/19/03; 
Shares: 43,502,652; 
Prompter: Company and Auditor; 
Reason 1: Revenue; 
Reason 2: Cost or Expense; 
Reason 3: [Empty]. 

Company Name: Virbac Corporation; 
Ticker: VBACE; 
Market: Nasdaq; 
Date: 11/24/03; 
Shares: 22,234,000; 
Prompter: Company and Auditor; 
Reason 1: Revenue; 
Reason 2: Restructuring, Assets or Inventory; 
Reason 3: [Empty]. 

Company Name: Cotelligent, Inc; 
Ticker: CGZT; 
Market: OTC; 
Date: 11/ 25/03; 
Shares: 13,324,217; 
Prompter: Unknown; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Capital Environmental Resource Inc; 
Ticker: CERI; 
Market: Nasdaq; 
Date: 11/26/03; 
Shares: 38,782,000; 
Prompter: Unknown; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Financial Industries Corporation; 
Ticker: FNIN; 
Market: Nasdaq; 
Date: 11/26/03; 
Shares: 9,634,000; 
Prompter: Unknown; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Mercury Air Group, Inc; 
Ticker: MAX; 
Market: Amex; 
Date: 12/02/03; 
Shares: 3,268,211; 
Prompter: Company and Auditor; 
Reason 1: Other; 
Reason 2: Securities Related; 
Reason 3: Reclassification. 

Company Name: First Southern Bancshares, Inc; 
Ticker: FSTH; 
Market: OTC; 
Date: 12/03/03; 
Shares: 1,463,103; 
Prompter: Unknown; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Verdisys, Inc; 
Ticker: VDYS; 
Market: OTC; 
Date: 12/04/ 03; 
Shares: 34,404,860; 
Prompter: Unknown; 
Reason 1: Revenue; 
Reason 2: Other; 
Reason 3: Reclassification. 

Company Name: Keithley Instruments, Inc; 
Ticker: KEI; 
Market: NYSE; 
Date: 12/08/03; 
Shares: 15,487,000; 
Prompter: Company and Auditor; 
Reason 1: Reclassification; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Greenland Corporation; 
Ticker: GRLC; 
Market: OTC; 
Date: 12/09/03; 
Shares: 197,436,000; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: VendingData Corporation; 
Ticker: VNDC; 
Market: OTC; 
Date: 12/10/03; 
Shares: 8,134,173; 
Prompter: Unknown; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Richardson Electronics, Ltd; 
Ticker: RELL; 
Market: Nasdaq; 
Date: 12/18/03; 
Shares: 14,361,000; 
Prompter: Company and Auditor; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Citizens Bancshares Corporation; 
Ticker: CZBS; 
Market: OTC; 
Date: 12/22/03; 
Shares: 2,073,000; 
Prompter: Auditor; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: First Sentinel Bancorp, Inc; 
Ticker: FSLA; 
Market: Nasdaq; 
Date: 12/22/03; 
Shares: 27,358,536; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Whitehall Jewellers, Inc; 
Ticker: JWL; 
Market: NYSE; 
Date: 12/22/03; 
Shares: 14,098,000; 
Prompter: Unknown; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: Cost or Expense; 
Reason 3: Other. 

Company Name: NAPCO Security Systems, Inc; 
Ticker: NSSCE; 
Market: Nasdaq; 
Date: 12/29/03; 
Shares: 3,488,567; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Stonepath Group, Inc; 
Ticker: STG; 
Market: Amex; 
Date: 12/29/03; 
Shares: 39,918,712; 
Prompter: Company; 
Reason 1: Related Party Transaction; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Micromuse Inc; 
Ticker: MUSE; 
Market: Nasdaq; 
Date: 12/ 30/03; 
Shares: 82,063,000; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: TALX Corporation; 
Ticker: TALX; 
Market: Nasdaq; 
Date: 01/ 05/04; 
Shares: 14,023,878; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Castle Energy Corporation; 
Ticker: CECX; 
Market: Nasdaq; 
Date: 01/06/04; 
Shares: 6,889,729; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Axcan Pharma Inc; 
Ticker: AXCA; 
Market: Nasdaq; 
Date: 01/07/04; 
Shares: 45,562,336; 
Prompter: Unknown; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Royal Dutch Petroleum Company; 
Ticker: RD; 
Market: NYSE; 
Date: 01/09/04; 
Shares: 2,083,500,000; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: Securities Related; 
Reason 3: Cost or Expense. 

Company Name: Shell Transport and Trading Company, PLC; 
Ticker: SC; 
Market: NYSE; 
Date: 01/09/04; 
Shares: 1,604,150,454; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: Securities Related; 
Reason 3: Cost or Expense. 

Company Name: Metromedia International Group, Inc; 
Ticker: MTRM; 
Market: OTC; 
Date: 01/12/04; 
Shares: 94,035,000; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: Securities Related; 
Reason 3: [Empty]. 

Company Name: Advanced Marketing Services, Inc; 
Ticker: MKT; 
Market: NYSE; 
Date: 01/14/04; 
Shares: 19,624,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: United States Exploration, Inc; 
Ticker: UXP; 
Market: Amex; 
Date: 01/14/04; 
Shares: 18,891,167; 
Prompter: SEC; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: National City Corporation; 
Ticker: NCC; 
Market: NYSE; 
Date: 01/15/04; 
Shares: 643,004,817; 
Prompter: SEC; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Adecco S.A; 
Ticker: ADO; 
Market: NYSE; 
Date: 01/16/04; 
Shares: 805,312,696; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Wells Fargo & Company; 
Ticker: WFC; 
Market: NYSE; 
Date: 01/16/04; 
Shares: 1,721,200,000; 
Prompter: Unknown; 
Reason 1: Reclassification; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Medicsight, Inc; 
Ticker: MSHT; 
Market: OTC; 
Date: 01/20/ 04; 
Shares: 21,154,874; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: Restructuring, Assets or Inventory; 
Reason 3: [Empty]. 

Company Name: Rag Shops, Inc; 
Ticker: RAGS; 
Market: Nasdaq; 
Date: 01/ 20/04; 
Shares: 4,797,983; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Foamex International, Inc; 
Ticker: FMXI; 
Market: Nasdaq; 
Date: 01/22/04; 
Shares: 24,394,000; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: Reclassification; 
Reason 3: [Empty]. 

Company Name: Core Molding Technologies, Inc; 
Ticker: CMT; 
Market: Amex; 
Date: 01/26/04; 
Shares: 9,778,680; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: John B. Sanfilippo & Sons Inc; 
Ticker: JBSS; 
Market: Nasdaq; 
Date: 01/27/04; 
Shares: 9,606,761; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Cadence Design Systems, Inc; 
Ticker: CDN; 
Market: NYSE; 
Date: 01/28/04; 
Shares: 271,477,000; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: Other; 
Reason 3: [Empty]. 

Company Name: Captaris, Inc; 
Ticker: CAPA; 
Market: Nasdaq; 
Date: 01/ 30/04; 
Shares: 32,293,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Take-Two Interactive Software, Inc; 
Ticker: TTWO; 
Market: Nasdaq; 
Date: 01/30/04; 
Shares: 43,297,000; 
Prompter: SEC; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: El Paso Corporation; 
Ticker: EP; 
Market: NYSE; 
Date: 02/ 02/04; 
Shares: 638,000,000; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Kerzner International Ltd; 
Ticker: KZL; 
Market: NYSE; 
Date: 02/02/04; 
Shares: 33,884,075; 
Prompter: Company and Auditor; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: KSW Inc; 
Ticker: KSWW; 
Market: OTC; 
Date: 02/02/04; 
Shares: 5,470,311; 
Prompter: Company; 
Reason 1: Related Party Transaction; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Principal Financial Group, Inc; 
Ticker: PFG; 
Market: NYSE; 
Date: 02/02/04; 
Shares: 322,000,000; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Quality Distribution, Inc; 
Ticker: QLTY; 
Market: Nasdaq; 
Date: 02/02/04; 
Shares: 19,114,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Flowserve Corporation; 
Ticker: FLS; 
Market: NYSE; 
Date: 02/03/04; 
Shares: 55,429,000; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Diageo plc; 
Ticker: DEO; 
Market: NYSE; 
Date: 02/04/04; 
Shares: 757,750,000; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: LION bioscience AG; 
Ticker: LEON; 
Market: Nasdaq; 
Date: 02/04/04; 
Shares: 19,870,175; 
Prompter: Company and Auditor; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Commerce One, Inc; 
Ticker: CMRC; 
Market: Nasdaq; 
Date: 02/05/04; 
Shares: 30,431,000; 
Prompter: Unknown; 
Reason 1: Reclassification; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Great American Bancorp Inc; 
Ticker: GTPS; 
Market: Nasdaq; 
Date: 02/05/04; 
Shares: 824,155,000; 
Prompter: Auditor; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: The GEO Group, Inc; 
Ticker: GGI; 
Market: NYSE; 
Date: 02/ 05/04; 
Shares: 9,712,000; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: PepsiCo Inc; 
Ticker: PEP; 
Market: NYSE; 
Date: 02/09/04; 
Shares: 1,736,000,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: CNA Surety Corporation; 
Ticker: SUR; 
Market: NYSE; 
Date: 02/11/04; 
Shares: 43,055,000; 
Prompter: Unknown; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Health Net, Inc; 
Ticker: HNT; 
Market: NYSE; 
Date: 02/11/ 04; 
Shares: 113,235,000; 
Prompter: Auditor; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Vital Images, Inc; 
Ticker: VTAL; 
Market: Nasdaq; 
Date: 02/11/04; 
Shares: 11,338,829; 
Prompter: Company; 
Reason 1: Reclassification; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Tripos, Inc; 
Ticker: TRPS; 
Market: Nasdaq; 
Date: 02/12/ 04; 
Shares: 9,047,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: HickoryTech Corporation; 
Ticker: HTCO; 
Market: Nasdaq; 
Date: 02/16/04; 
Shares: 13,020,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Cicinnati Bell Inc; 
Ticker: CBB; 
Market: NYSE; 
Date: 02/ 17/04; 
Shares: 253,600,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: Revenue; 
Reason 3: [Empty]. 

Company Name: Marsh Supermarkets, Inc; 
Ticker: MARSA AND MARSB; 
Market: Nasdaq; 
Date: 02/17/04; 
Shares: 8,050,000; 
Prompter: Unknown; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: National R.V. Holdings, Inc; 
Ticker: NVH; 
Market: NYSE; 
Date: 02/17/04; 
Shares: 10,334,000; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: OM Group, Inc; 
Ticker: OMG; 
Market: NYSE; 
Date: 02/17/ 04; 
Shares: 28,587,000; 
Prompter: SEC; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Young Broadcasting Inc; 
Ticker: YBTVA; 
Market: Nasdaq; 
Date: 02/17/04; 
Shares: 19,737,156; 
Prompter: SEC; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Calais Resources Inc; 
Ticker: CAAUF; 
Market: OTC; 
Date: 02/18/04; 
Shares: 10,812,795; 
Prompter: Other; 
Reason 1: Other; 
Reason 2: Restructuring, Assets or Inventory; 
Reason 3: Related Party Transaction. 

Company Name: Ceridian Corporation; 
Ticker: CEN; 
Market: NYSE; 
Date: 02/18/04; 
Shares: 153,072,000; 
Prompter: Company and Auditor; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: JLG Industries, Inc; 
Ticker: JLG; 
Market: NYSE; 
Date: 02/18/04; 
Shares: 44,013,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Sauer-Danfoss Inc; 
Ticker: SHS; 
Market: NYSE; 
Date: 02/ 18/04; 
Shares: 47,659,284; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Terex Corporation; 
Ticker: TEX; 
Market: NYSE; 
Date: 02/ 18/04; 
Shares: 50,600,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: HCC Insurance Holdings, Inc; 
Ticker: HCC; 
Market: NYSE; 
Date: 02/19/04; 
Shares: 65,416,000; 
Prompter: Company and Auditor; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Health & Nutrition Systems International, Inc; 
Ticker: HNNS; 
Market: OTC; 
Date: 02/19/04; 
Shares: 3,832,813; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Voxware, Inc; 
Ticker: VOXW; 
Market: OTC; 
Date: 02/19/04; 
Shares: 36,684,000; 
Prompter: Company and Auditor; 
Reason 1: Securities Related; 
Reason 2: Cost or Expense; 
Reason 3: Revenue. 

Company Name: Liquidmetal Technologies, Inc; 
Ticker: LQMTE; 
Market: Nasdaq; 
Date: 02/20/04; 
Shares: 41,610,000; 
Prompter: Unknown; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Goodrich Corporation; 
Ticker: GR; 
Market: NYSE; 
Date: 02/ 24/04; 
Shares: 119,900,000; 
Prompter: Other; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Alaska Air Group, Inc; 
Ticker: ALK; 
Market: NYSE; 
Date: 02/26/04; 
Shares: 26,778,000; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Insight Communications Company, Inc; 
Ticker: ICCI; 
Market: Nasdaq; 
Date: 02/26/04; 
Shares: 59,661,000; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Alpharma Inc; 
Ticker: ALO; 
Market: NYSE; 
Date: 02/27/04; 
Shares: 52,010,000; 
Prompter: Unknown; 
Reason 1: Other; 
Reason 2: Reclassification; 
Reason 3: [Empty]. 

Company Name: Avalon Correctional Services, Inc; 
Ticker: CITY; 
Market: Nasdaq; 
Date: 02/27/04; 
Shares: 6,187,622; 
Prompter: SEC; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Archon Corporation; 
Ticker: ARHN; 
Market: OTC; 
Date: 03/ 01/04; 
Shares: 6,221,431; 
Prompter: Company; 
Reason 1: Other; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: IMPAC Medical Systems, Inc; 
Ticker: IMPCE; 
Market: Nasdaq; 
Date: 03/01/04; 
Shares: 10,315,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Cablevision Systems Corporation; 
Ticker: CVC; 
Market: NYSE; 
Date: 03/02/04; 
Shares: 286,842,000; 
Prompter: Company and Auditor; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Granite Broadcasting Corporation; 
Ticker: GBTVK; 
Market: OTC; 
Date: 03/02/04; 
Shares: 19,319,460; 
Prompter: SEC; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Metris Companies Inc; 
Ticker: MXT; 
Market: NYSE; 
Date: 03/02/04; 
Shares: 89,382,000; 
Prompter: Unknown; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Ace Ltd; 
Ticker: ACE; 
Market: NYSE; 
Date: 03/05/04; 
Shares: 284,289,568; 
Prompter: Unknown; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Annuity and Life Re (Holdings), Ltd; 
Ticker: ANR; 
Market: NYSE; 
Date: 03/08/04; 
Shares: 25,880,202; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Gray Television, Inc; 
Ticker: GTN; 
Market: NYSE; 
Date: 03/08/04; 
Shares: 50,503,000; 
Prompter: Company; 
Reason 1: Reclassification; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Safescript Pharmacies Inc; 
Ticker: SAFS; 
Market: OTC; 
Date: 03/08/04; 
Shares: 6,794,834; 
Prompter: SEC; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Tower Automotive, Inc; 
Ticker: TWR; 
Market: NYSE; 
Date: 03/08/04; 
Shares: 58,110,000; 
Prompter: Company and Auditor; 
Reason 1: Revenue; 
Reason 2: Cost or Expense; 
Reason 3: [Empty]. 

Company Name: Intermet Corporation; 
Ticker: INMT; 
Market: Nasdaq; 
Date: 03/09/04; 
Shares: 25,676,000; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Nortel Networks, Corporation; 
Ticker: NT; 
Market: NYSE; 
Date: 03/10/04; 
Shares: 4,379,000,000; 
Prompter: Unknown; 
Reason 1: Other; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Bally Total Fitness Holding Corporation; 
Ticker: BFT; 
Market: NYSE; 
Date: 03/11/04; 
Shares: 33,171,836; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Echostar Communications Corporation; 
Ticker: DISH; 
Market: Nasdaq; 
Date: 03/11/04; 
Shares: 478,919,000; 
Prompter: SEC; 
Reason 1: Reclassification; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Lennox International, Inc; 
Ticker: LII; 
Market: NYSE; 
Date: 03/11/04; 
Shares: 59,500,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Bristol-Myers Squibb Company; 
Ticker: BMY; 
Market: NYSE; 
Date: 03/15/04; 
Shares: 1,976,000,000; 
Prompter: Company; 
Reason 1: Reclassification; 
Reason 2: Cost or Expense; 
Reason 3: [Empty]. 

Company Name: Middlesex Water Company; 
Ticker: MSEX; 
Market: Nasdaq; 
Date: 03/15/04; 
Shares: 11,411,304; 
Prompter: Unknown; 
Reason 1: Reclassification; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: P.F. Chang's China Bistro, Inc; 
Ticker: PFCB; 
Market: Nasdaq; 
Date: 03/15/04; 
Shares: 26,038,000; 
Prompter: SEC; 
Reason 1: Reclassification; 
Reason 2: Related Party Transaction; 
Reason 3: Restructuring, Assets or Inventory. 

Company Name: Paxson Communications Corporation; 
Ticker: PAX; 
Market: Amex; 
Date: 03/15/04; 
Shares: 67,540,702; 
Prompter: Unknown; 
Reason 1: Acquisition or Merger; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Quovadx, Inc; 
Ticker: QVDX; 
Market: Nasdaq; 
Date: 03/15/ 04; 
Shares: 39,279,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Service Corporation International; 
Ticker: SRV; 
Market: NYSE; 
Date: 03/15/04; 
Shares: 353,088,000; 
Prompter: Unknown; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: SPSS Inc; 
Ticker: SPSS; 
Market: Nasdaq; 
Date: 03/15/04; 
Shares: 17,228,000; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: Cost or Expense; 
Reason 3: [Empty]. 

Company Name: The Phoenix Companies, Inc; 
Ticker: PNX; 
Market: NYSE; 
Date: 03/15/04; 
Shares: 102,301,000; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Verdisys, Inc; 
Ticker: VDYS; 
Market: OTC; 
Date: 03/15/ 04; 
Shares: 30,259,880; 
Prompter: SEC; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Veritas Software Corporation; 
Ticker: VRTS; 
Market: Nasdaq; 
Date: 03/15/04; 
Shares: 444,921,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: Cost or Expense; 
Reason 3: Acquisition or Merger. 

Company Name: CMS Energy Corporation; 
Ticker: CMS; 
Market: NYSE; 
Date: 03/17/04; 
Shares: 161,100,000; 
Prompter: SEC; 
Reason 1: Related Party Transaction; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: MedicalCV Inc; 
Ticker: MDCVU; 
Market: OTC; 
Date: 03/17/ 04; 
Shares: 9,489,670; 
Prompter: Company; 
Reason 1: Reclassification; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Evans & Sutherland Computer Corporation; 
Ticker: ESCC; 
Market: Nasdaq; 
Date: 03/18/04; 
Shares: 10,488,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: Cost or Expense; 
Reason 3: [Empty]. 

Company Name: Lattice Semiconductor Corporation; 
Ticker: LSCC; 
Market: Nasdaq; 
Date: 03/18/04; 
Shares: 112,627,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Gyrodyne Company of America Inc; 
Ticker: GYRO; 
Market: Nasdaq; 
Date: 03/22/04; 
Shares: 1,155,838; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Asconi Corporation; 
Ticker: ACD; 
Market: Amex; 
Date: 03/ 23/04; 
Shares: 12,048,933; 
Prompter: SEC; 
Reason 1: Securities Related; 
Reason 2: Cost or Expense; 
Reason 3: [Empty]. 

Company Name: Cellegy Pharmaceuticals, Inc; 
Ticker: CLGY; 
Market: Nasdaq; 
Date: 03/24/04; 
Shares: 20,087,000; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Blue Ridge Energy, Inc; 
Ticker: BREY; 
Market: OTC; 
Date: 03/25/04; 
Shares: 7,516,094; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Comarco, Inc; 
Ticker: CMRO; 
Market: Nasdaq; 
Date: 03/25/ 04; 
Shares: 7,285,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Westar Energy, Inc; 
Ticker: WR; 
Market: NYSE; 
Date: 03/ 25/04; 
Shares: 74,464,910; 
Prompter: Company; 
Reason 1: Reclassification; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Claimsnet.com Inc; 
Ticker: CLAI; 
Market: OTC; 
Date: 03/ 26/04; 
Shares: 20,537,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Credit Suisse Group; 
Ticker: CSR; 
Market: NYSE; 
Date: 03/ 26/04; 
Shares: 1,110,819,481; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Shurgard Storage Centers, Inc; 
Ticker: SHU; 
Market: NYSE; 
Date: 03/26/04; 
Shares: 45,654,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Key Energy Services, Inc; 
Ticker: KEG; 
Market: NYSE; 
Date: 03/29/04; 
Shares: 131,433,000; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Sonus Networks, Inc; 
Ticker: SONS; 
Market: Nasdaq; 
Date: 03/29/04; 
Shares: 255,592,000; 
Prompter: Company and Auditor; 
Reason 1: Revenue; 
Reason 2: Other; 
Reason 3: [Empty]. 

Company Name: AaiPharma, Inc; 
Ticker: AAII; 
Market: Nasdaq; 
Date: 03/ 30/04; 
Shares: 28,653,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Allied Holdings, Inc; 
Ticker: AHI; 
Market: Amex; 
Date: 03/30/04; 
Shares: 8,789,000; 
Prompter: Company; 
Reason 1: Reclassification; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Goodrich Petroleum Corporation; 
Ticker: GDP; 
Market: NYSE; 
Date: 03/30/04; 
Shares: 20,796,148; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Hollywood Media Corporation; 
Ticker: HOLL; 
Market: Nasdaq; 
Date: 03/30/04; 
Shares: 26,308,112; 
Prompter: Company and Auditor; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: MSC.Software Corporation; 
Ticker: MNS; 
Market: NYSE; 
Date: 03/30/04; 
Shares: 42,803,000; 
Prompter: Auditor; 
Reason 1: Revenue; 
Reason 2: Cost or Expense; 
Reason 3: Restructuring, Assets or Inventory. 

Company Name: Scan-Optics, Inc; 
Ticker: SOCR; 
Market: OTC; 
Date: 03/ 30/04; 
Shares: 7,026,232; 
Prompter: Company; 
Reason 1: Other; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: SmartVideo Technologies Inc; 
Ticker: SMVD; 
Market: OTC; 
Date: 03/30/04; 
Shares: 10,084,446; 
Prompter: Company; 
Reason 1: Reclassification; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Synagro Technologies, Inc; 
Ticker: SYGR; 
Market: Nasdaq; 
Date: 03/30/04; 
Shares: 19,775,821; 
Prompter: Unknown; 
Reason 1: Reclassification; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Wilshire Financial Services Group Inc; 
Ticker: WFSG; 
Market: Nasdaq; 
Date: 03/30/04; 
Shares: 21,288,258; 
Prompter: Company; 
Reason 1: Acquisition or Merger; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Data Systems & Software Inc; 
Ticker: DSSCE; 
Market: Nasdaq; 
Date: 03/31/04; 
Shares: 7,570,000; 
Prompter: Auditor; 
Reason 1: Securities Related; 
Reason 2: Acquisition or Merger; 
Reason 3: [Empty]. 

Company Name: Kansas City Southern Industries Inc; 
Ticker: KSU; 
Market: NYSE; 
Date: 03/31/04; 
Shares: 63,811,000; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Paxson Communications Corporation; 
Ticker: PAX; 
Market: Amex; 
Date: 03/31/04; 
Shares: 67,540,702; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Pemco Aviation Group, Inc; 
Ticker: PAGI; 
Market: Nasdaq; 
Date: 03/31/04; 
Shares: 4,544,000; 
Prompter: Unknown; 
Reason 1: Related Party Transaction; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Premier Financial Bancorp, Inc; 
Ticker: PFBI; 
Market: Nasdaq; 
Date: 03/31/04; 
Shares: 5,235,000; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: Other; 
Reason 3: [Empty]. 

Company Name: Strategic Distribution, Inc; 
Ticker: STRD; 
Market: Nasdaq; 
Date: 03/31/04; 
Shares: 2,953,301; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Dynacq Healthcare, Inc; 
Ticker: DYIIE; 
Market: Nasdaq; 
Date: 04/06/04; 
Shares: 14,962,864; 
Prompter: SEC; 
Reason 1: Reclassification; 
Reason 2: Securities Related; 
Reason 3: [Empty]. 

Company Name: First Bancshares, Inc; 
Ticker: FSLO; 
Market: OTC; 
Date: 04/06/04; 
Shares: ; 
Prompter: Unknown; 
Reason 1: Securities Related; 
Reason 2: Other; 
Reason 3: [Empty]. 

Company Name: Goodyear Tire & Rubber Company; 
Ticker: GT; 
Market: NYSE; 
Date: 04/12/04; 
Shares: 175,300,000; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: Cost or Expense; 
Reason 3: Other. 

Company Name: Pro-Fac Cooperative, Inc; 
Ticker: PFACP; 
Market: Nasdaq; 
Date: 04/12/04; 
Shares: 1,833,738; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Nektar Therapeutics; 
Ticker: NKTR; 
Market: Nasdaq; 
Date: 04/13/04; 
Shares: 83,501,000; 
Prompter: Company and Auditor; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Blyth, Inc; 
Ticker: BTH; 
Market: NYSE; 
Date: 04/14/04; 
Shares: 46,105,000; 
Prompter: Company and Auditor; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: Reclassification; 
Reason 3: [Empty]. 

Company Name: Prolong International Corporation; 
Ticker: PRL; 
Market: Amex; 
Date: 04/14/04; 
Shares: 29,789,598; 
Prompter: Company; 
Reason 1: Reclassification; 
Reason 2: Cost or Expense; 
Reason 3: [Empty]. 

Company Name: Royal BodyCare, Inc; 
Ticker: ROBE; 
Market: OTC; 
Date: 04/14/04; 
Shares: 20,813,667; 
Prompter: Company and Auditor; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Diversified Corporate Resources, Inc; 
Ticker: HIR; 
Market: Amex; 
Date: 04/15/04; 
Shares: 4,932,000; 
Prompter: Unknown; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Telephone and Data Systems, Inc; 
Ticker: TDS; 
Market: Amex; 
Date: 04/19/04; 
Shares: 57,579,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: Reclassification; 
Reason 3: [Empty]. 

Company Name: United States Cellular Corporation; 
Ticker: USM; 
Market: Amex; 
Date: 04/19/04; 
Shares: 86,653,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: Reclassification; 
Reason 3: [Empty]. 

Company Name: Computer Associates International, Inc; 
Ticker: CA; 
Market: NYSE; 
Date: 04/26/04; 
Shares: 615,000,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Advanced Materials Group, Inc; 
Ticker: ADMG; 
Market: OTC; 
Date: 04/27/04; 
Shares: 9,226,829; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Global Crossing Ltd; 
Ticker: GLBC; 
Market: Nasdaq; 
Date: 04/27/04; 
Shares: 22,000,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Mesa Air Group, Inc; 
Ticker: MESA; 
Market: Nasdaq; 
Date: 04/30/04; 
Shares: 42,435,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Asconi Corporation; 
Ticker: ACD; 
Market: Amex; 
Date: 05/ 03/04; 
Shares: 12,057,440; 
Prompter: SEC; 
Reason 1: Related Party Transaction; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Catalina Marketing Corporation; 
Ticker: POS; 
Market: NYSE; 
Date: 05/03/04; 
Shares: 52,245,000; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: Cost or Expense; 
Reason 3: [Empty]. 

Company Name: Acclaim Entertainment, Inc; 
Ticker: AKLM; 
Market: Nasdaq; 
Date: 05/05/04; 
Shares: 109,254,000; 
Prompter: Unknown; 
Reason 1: Reclassification; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Alpharma Inc; 
Ticker: ALO; 
Market: NYSE; 
Date: 05/06/04; 
Shares: 52,518,000; 
Prompter: Other; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Computer Associates International, Inc; 
Ticker: CA; 
Market: NYSE; 
Date: 05/06/04; 
Shares: 615,000,000; 
Prompter: SEC; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Tegal Corporation; 
Ticker: TGAL; 
Market: Nasdaq; 
Date: 05/06/04; 
Shares: 41,812,000; 
Prompter: Unknown; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Cinergy Corporation; 
Ticker: CIN; 
Market: NYSE; 
Date: 05/ 07/04; 
Shares: 180,236,000; 
Prompter: Unknown; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Biotel Inc; 
Ticker: BTEL; 
Market: OTC; 
Date: 05/10/04; 
Shares: 2,967,131; 
Prompter: Unknown; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Churchill Downs Inc; 
Ticker: CHDN; 
Market: Nasdaq; 
Date: 05/10/04; 
Shares: 13,460,000; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Sierra Pacific Resources; 
Ticker: SRP; 
Market: NYSE; 
Date: 05/10/04; 
Shares: 117,279,506; 
Prompter: Unknown; 
Reason 1: Securities Related; 
Reason 2: Cost or Expense; 
Reason 3: [Empty]. 

Company Name: Alaska Air Group, Inc; 
Ticker: ALK; 
Market: NYSE; 
Date: 05/11/04; 
Shares: 26,818,000; 
Prompter: Unknown; 
Reason 1: Reclassification; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: BCSB Bankcorp, Inc; 
Ticker: BCSB; 
Market: Nasdaq; 
Date: 05/12/04; 
Shares: 5,841,516; 
Prompter: Company; 
Reason 1: Other; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: ViaSat Inc; 
Ticker: VSAT; 
Market: Nasdaq; 
Date: 05/12/ 04; 
Shares: 28,276,000; 
Prompter: Unknown; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Checkpoint Systems, Inc; 
Ticker: CKP; 
Market: NYSE; 
Date: 05/13/04; 
Shares: 37,200,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Per-Se Technologies, Inc; 
Ticker: PSTIE; 
Market: Nasdaq; 
Date: 05/13/04; 
Shares: 31,530,000; 
Prompter: Unknown; 
Reason 1: Reclassification; 
Reason 2: Revenue; 
Reason 3: Cost or Expense. 

Company Name: Global Power Equipment Group, Inc; 
Ticker: GEG; 
Market: NYSE; 
Date: 05/14/04; 
Shares: 46,949,000; 
Prompter: Unknown; 
Reason 1: Reclassification; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: J. Alexander's Corporation; 
Ticker: JAX; 
Market: Amex; 
Date: 05/14/04; 
Shares: 6,776,000; 
Prompter: Auditor; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Analytical Surveys, Inc; 
Ticker: ANLT; 
Market: Nasdaq; 
Date: 05/17/04; 
Shares: 1,858,000; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Covad Communications Group, Inc; 
Ticker: COVD; 
Market: OTC; 
Date: 05/17/04; 
Shares: 242,359,000; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: HMI Industries Inc; 
Ticker: HMII; 
Market: OTC; 
Date: 05/ 17/04; 
Shares: 6,746,000; 
Prompter: SEC; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: NYFIX, Inc; 
Ticker: NYFXE; 
Market: Nasdaq; 
Date: 05/17/ 04; 
Shares: 32,243,000; 
Prompter: SEC; 
Reason 1: Acquisition or Merger; 
Reason 2: Securities Related; 
Reason 3: [Empty]. 

Company Name: Pegasus Communications Corporation; 
Ticker: PGTVE; 
Market: Nasdaq; 
Date: 05/17/04; 
Shares: 6,016,000; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: The BISYS Group, Inc; 
Ticker: BSG; 
Market: NYSE; 
Date: 05/17/04; 
Shares: 120,575,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: BakBone Software, Inc; 
Ticker: BKBOF; 
Market: OTC; 
Date: 05/20/04; 
Shares: 58,621,216; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: Revenue; 
Reason 3: [Empty]. 

Company Name: Orthodontic Centers of America, Inc; 
Ticker: OCA; 
Market: NYSE; 
Date: 05/20/04; 
Shares: 50,270,000; 
Prompter: Unknown; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Commerical National Financial Corporation; 
Ticker: CNAF; 
Market: Nasdaq; 
Date: 05/21/04; 
Shares: 3,427,262; 
Prompter: Company; 
Reason 1: Acquisition or Merger; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: RCG Companies Inc; 
Ticker: RCG; 
Market: Amex; 
Date: 05/ 24/04; 
Shares: 16,799,540; 
Prompter: Company; 
Reason 1: Acquisition or Merger; 
Reason 2: Reclassification; 
Reason 3: [Empty]. 

Company Name: Canyon Resources Corporation; 
Ticker: CAU; 
Market: Amex; 
Date: 05/25/04; 
Shares: 27,985,900; 
Prompter: Unknown; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Grill Concepts, Inc; 
Ticker: GRIL; 
Market: Nasdaq; 
Date: 05/26/04; 
Shares: 5,590,445; 
Prompter: Auditor; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Arena Resources, Inc; 
Ticker: ARD; 
Market: Amex; 
Date: 05/28/04; 
Shares: 7,183,855; 
Prompter: Unknown; 
Reason 1: Acquisition or Merger; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Astris Energi Inc; 
Ticker: ASRNF; 
Market: OTC; 
Date: 05/ 28/04; 
Shares: 26,316,551; 
Prompter: Unknown; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: CHC Helicopter Corporation; 
Ticker: FLI; 
Market: NYSE; 
Date: 06/08/04; 
Shares: 42,673,000; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: AMC Entertainment Inc; 
Ticker: AEN; 
Market: Amex; 
Date: 06/09/04; 
Shares: 37,608,000; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Warrantech Corporation; 
Ticker: WTEC; 
Market: OTC; 
Date: 06/09/04; 
Shares: 15,398,677; 
Prompter: SEC; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: DIMON Inc; 
Ticker: DMN; 
Market: NYSE; 
Date: 06/10/04; 
Shares: 48,004,000; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: HiEnergy Technologies, Inc; 
Ticker: HIET; 
Market: OTC; 
Date: 06/14/04; 
Shares: 31,261,473; 
Prompter: Unknown; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Sola International Inc; 
Ticker: SOL; 
Market: NYSE; 
Date: 06/14/04; 
Shares: 32,577,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Lowrance Electronics, Inc; 
Ticker: LEIX; 
Market: Nasdaq; 
Date: 06/15/04; 
Shares: 4,395,000; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Transcat, Inc; 
Ticker: TRNS; 
Market: Nasdaq; 
Date: 06/ 21/04; 
Shares: 6,321,000; 
Prompter: Unknown; 
Reason 1: Reclassification; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Omnivision Technologies, Inc; 
Ticker: OVTI; 
Market: Nasdaq; 
Date: 06/23/04; 
Shares: 61,131,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: BankAtlantic Bancorp, Inc; 
Ticker: BBX; 
Market: NYSE; 
Date: 06/24/04; 
Shares: 62,807,683; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: GoldSpring, Inc; 
Ticker: GSPG; 
Market: OTC; 
Date: 06/24/ 04; 
Shares: 196,355,461; 
Prompter: Company; 
Reason 1: Acquisition or Merger; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Sonus Networks, Inc; 
Ticker: SONSE; 
Market: Nasdaq; 
Date: 06/24/04; 
Shares: 250,127,000; 
Prompter: Company and Auditor; 
Reason 1: Revenue; 
Reason 2: Other; 
Reason 3: [Empty]. 

Company Name: Rentrak Corporation; 
Ticker: RENT; 
Market: Nasdaq; 
Date: 06/29/04; 
Shares: 10,471,252; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Opticare Health Systems, Inc; 
Ticker: OPT; 
Market: Amex; 
Date: 07/01/04; 
Shares: 30,663,562; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: Reclassification; 
Reason 3: [Empty]. 

Company Name: Fonix Corporation; 
Ticker: FNIX; 
Market: OTC; 
Date: 07/ 02/04; 
Shares: 87,435,055; 
Prompter: Company; 
Reason 1: Acquisition or Merger; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Life Partners Holdings, Inc; 
Ticker: LPHI; 
Market: Nasdaq; 
Date: 07/07/04; 
Shares: 9,494,785; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Newmont Mining Corporation; 
Ticker: NEM; 
Market: NYSE; 
Date: 07/08/04; 
Shares: 447,060,000; 
Prompter: Company; 
Reason 1: Reclassification; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: World Heart Corporation; 
Ticker: WHRT; 
Market: Nasdaq; 
Date: 07/12/04; 
Shares: 16,556,950; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Red Hat Inc; 
Ticker: RHAT; 
Market: Nasdaq; 
Date: 07/13/ 04; 
Shares: 195,633,000; 
Prompter: Auditor; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Eagle Broadband, Inc; 
Ticker: EAG; 
Market: Amex; 
Date: 07/15/04; 
Shares: 209,418,000; 
Prompter: Unknown; 
Reason 1: Acquisition or Merger; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: VaxGen, Inc; 
Ticker: VXGNE; 
Market: Nasdaq; 
Date: 07/19/ 04; 
Shares: 20,561,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: FormFactor, Inc; 
Ticker: FORM; 
Market: Nasdaq; 
Date: 07/ 20/04; 
Shares: 37,090,000; 
Prompter: Auditor; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Taser International, Inc; 
Ticker: TASR; 
Market: Nasdaq; 
Date: 07/20/04; 
Shares: 63,948,784; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Bay View Capital Corporation; 
Ticker: BVC; 
Market: NYSE; 
Date: 07/21/04; 
Shares: 6,588,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Nature's Sunshine Products, Inc; 
Ticker: NATR; 
Market: Nasdaq; 
Date: 07/21/04; 
Shares: 15,654,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Advent Software, Inc; 
Ticker: ADVS; 
Market: Nasdaq; 
Date: 07/22/04; 
Shares: 33,179,000; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Baxter International Inc; 
Ticker: BAX; 
Market: NYSE; 
Date: 07/22/04; 
Shares: 619,000,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: Other; 
Reason 3: [Empty]. 

Company Name: Crosstex Energy, Inc; 
Ticker: XTXI; 
Market: Nasdaq; 
Date: 07/22/04; 
Shares: 12,918,000; 
Prompter: Company; 
Reason 1: Other; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Crosstex Energy, L.P; 
Ticker: XTEX; 
Market: Nasdaq; 
Date: 07/22/04; 
Shares: 18,662,000; 
Prompter: Company; 
Reason 1: Other; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Impac Mortgage Holdings, Inc; 
Ticker: IMH; 
Market: NYSE; 
Date: 07/22/04; 
Shares: 65,939,000; 
Prompter: Unknown; 
Reason 1: Revenue; 
Reason 2: Reclassification; 
Reason 3: [Empty]. 

Company Name: Middleby Corporation; 
Ticker: MIDD; 
Market: Nasdaq; 
Date: 07/22/04; 
Shares: 10,048,000; 
Prompter: Company; 
Reason 1: Reclassification; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Philadelphia Consolidated Holding Corporation; 
Ticker: PHLY; 
Market: Nasdaq; 
Date: 07/22/04; 
Shares: 23,193,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Ferro Corporation; 
Ticker: FOE; 
Market: NYSE; 
Date: 07/ 23/04; 
Shares: 43,747,430; 
Prompter: Company; 
Reason 1: Other; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Berry Petroleum Company; 
Ticker: BRY; 
Market: NYSE; 
Date: 07/26/04; 
Shares: 22,416,000; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: McAfee, Inc; 
Ticker: MFE; 
Market: NYSE; 
Date: 07/27/04; 
Shares: 172,103,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: Cost or Expense; 
Reason 3: [Empty]. 

Company Name: SITEL Corporation; 
Ticker: SWW; 
Market: NYSE; 
Date: 07/ 28/04; 
Shares: 73,710,000; 
Prompter: Unknown; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Tengtu International Corporation; 
Ticker: TNTU; 
Market: OTC; 
Date: 07/28/04; 
Shares: 102,792,110; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Thomson Corporation; 
Ticker: TOC; 
Market: NYSE; 
Date: 07/ 28/04; 
Shares: 655,835,944; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: CGI Group Inc; 
Ticker: GIB; 
Market: NYSE; 
Date: 07/29/ 04; 
Shares: 419,510,503; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: LION, Inc; 
Ticker: LINN; 
Market: OTC; 
Date: 07/29/04; 
Shares: 34,096,314; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Millennium Chemicals Inc; 
Ticker: MCH; 
Market: NYSE; 
Date: 07/29/04; 
Shares: 76,976,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Minerals Technologies Inc; 
Ticker: MTX; 
Market: NYSE; 
Date: 07/29/04; 
Shares: 20,769,000; 
Prompter: Company and Auditor; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Telewest Global, Inc; 
Ticker: TLWT; 
Market: Nasdaq; 
Date: 07/29/04; 
Shares: 245,000,000; 
Prompter: Company; 
Reason 1: Reclassification; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Thomas Group, Inc; 
Ticker: TGIS; 
Market: OTC; 
Date: 07/ 29/04; 
Shares: 10,529,020; 
Prompter: Company and Auditor; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Highwoods Properties, Inc; 
Ticker: HIW; 
Market: NYSE; 
Date: 08/04/04; 
Shares: 54,002,000; 
Prompter: Company and Auditor; 
Reason 1: Revenue; 
Reason 2: Reclassification; 
Reason 3: [Empty]. 

Company Name: The Brink's Company; 
Ticker: BCO; 
Market: NYSE; 
Date: 08/ 04/04; 
Shares: 55,500,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Wireless Facilities, Inc; 
Ticker: WFII; 
Market: Nasdaq; 
Date: 08/04/04; 
Shares: 75,700,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: XATA Corporation; 
Ticker: XATA; 
Market: Nasdaq; 
Date: 08/ 04/04; 
Shares: 7,021,573; 
Prompter: Unknown; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Covansys Corporation; 
Ticker: CVNSE; 
Market: Nasdaq; 
Date: 08/05/04; 
Shares: 28,616,000; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Zix Corporation; 
Ticker: ZIXI; 
Market: Nasdaq; 
Date: 08/ 05/04; 
Shares: 32,029,000; 
Prompter: Unknown; 
Reason 1: Acquisition or Merger; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Granite Broadcasting Corporation; 
Ticker: GBTVK; 
Market: OTC; 
Date: 08/06/04; 
Shares: 19,381,124; 
Prompter: SEC; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Bally Total Fitness Holding Corporation; 
Ticker: BFT; 
Market: NYSE; 
Date: 08/09/04; 
Shares: 33,171,836; 
Prompter: Unknown; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Coeur d'Alene Mines Corporation; 
Ticker: CDE; 
Market: NYSE; 
Date: 08/09/04; 
Shares: 213,261,000; 
Prompter: Unknown; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: CP Ships Ltd; 
Ticker: TEU; 
Market: NYSE; 
Date: 08/09/04; 
Shares: 90,297,528; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Interstate Bakeries Corporation; 
Ticker: IBC; 
Market: NYSE; 
Date: 08/09/04; 
Shares: 44,903,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: ScanSoft, Inc; 
Ticker: SSFT; 
Market: Nasdaq; 
Date: 08/ 09/04; 
Shares: 115,992,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Symantec Corporation; 
Ticker: SYMC; 
Market: Nasdaq; 
Date: 08/09/04; 
Shares: 368,269,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: eCollege; 
Ticker: ECLG; 
Market: Nasdaq; 
Date: 08/10/04; 
Shares: 20,694,481; 
Prompter: Unknown; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Hanover Direct, Inc; 
Ticker: HNV; 
Market: Amex; 
Date: 08/10/04; 
Shares: 31,356,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: MSC.Software Corporation; 
Ticker: MNS; 
Market: NYSE; 
Date: 08/11/04; 
Shares: 42,360,000; 
Prompter: Company and Auditor; 
Reason 1: Revenue; 
Reason 2: Other; 
Reason 3: [Empty]. 

Company Name: Stratagene Corporation; 
Ticker: STGN; 
Market: Nasdaq; 
Date: 08/12/04; 
Shares: 22,077,933; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Teleglobe International Holdings Ltd; 
Ticker: TLGB; 
Market: Nasdaq; 
Date: 08/12/04; 
Shares: 38,985,663; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: United PanAm Financial Corporation; 
Ticker: UPFC; 
Market: Nasdaq; 
Date: 08/12/04; 
Shares: 18,022,000; 
Prompter: Company and Auditor; 
Reason 1: Other; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Electro Rent Corporation; 
Ticker: ELRC; 
Market: Nasdaq; 
Date: 08/13/04; 
Shares: 25,102,000; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Huffy Corporation; 
Ticker: HUF; 
Market: NYSE; 
Date: 08/ 13/04; 
Shares: 15,350,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: Restructuring, Assets or Inventory; 
Reason 3: Revenue. 

Company Name: Integrated Electrical Services, Inc; 
Ticker: IES; 
Market: NYSE; 
Date: 08/13/04; 
Shares: 38,835,737; 
Prompter: Company and Auditor; 
Reason 1: Cost or Expense; 
Reason 2: Revenue; 
Reason 3: [Empty]. 

Company Name: Sight Resource Corporation; 
Ticker: VISN; 
Market: OTC; 
Date: 08/15/04; 
Shares: 30,698,000; 
Prompter: Unknown; 
Reason 1: Other; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Hanger Orthopedic Group, Inc; 
Ticker: HGR; 
Market: NYSE; 
Date: 08/16/04; 
Shares: 21,548,925; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: iSecureTrac Corporation; 
Ticker: ISRE; 
Market: OTC; 
Date: 08/16/04; 
Shares: 57,721,146; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: Securities Related; 
Reason 3: [Empty]. 

Company Name: Isramco, Inc; 
Ticker: ISRL; 
Market: Nasdaq; 
Date: 08/16/ 04; 
Shares: 2,639,853; 
Prompter: Company and Auditor; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Pegasus Communications Corporation; 
Ticker: PGTVE; 
Market: Nasdaq; 
Date: 08/16/04; 
Shares: 12,323,000; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Transpro, Inc; 
Ticker: TPR; 
Market: Amex; 
Date: 08/16/ 04; 
Shares: 7,367,000; 
Prompter: Unknown; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Warwick Valley Telephone Company; 
Ticker: WWVYE; 
Market: Nasdaq; 
Date: 08/16/04; 
Shares: 5,401,780; 
Prompter: Other; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: MetroCorp Bancshares, Inc; 
Ticker: MCBI; 
Market: Nasdaq; 
Date: 08/17/04; 
Shares: 7,235,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: Cost or Expense; 
Reason 3: [Empty]. 

Company Name: Golden Enterprises, Inc; 
Ticker: GLDC; 
Market: Nasdaq; 
Date: 08/18/04; 
Shares: 11,852,830; 
Prompter: Auditor; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: UniSource Energy Corporation; 
Ticker: UNS; 
Market: NYSE; 
Date: 08/23/04; 
Shares: 35,113,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Centennial Communications Corporation; 
Ticker: CYCL; 
Market: Nasdaq; 
Date: 08/31/04; 
Shares: 104,366,000; 
Prompter: Company and Auditor; 
Reason 1: Other; 
Reason 2: Revenue; 
Reason 3: [Empty]. 

Company Name: Implant Services Corporation; 
Ticker: IMX; 
Market: Amex; 
Date: 09/01/04; 
Shares: 10,962,703; 
Prompter: Auditor; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Kookmin Bank; 
Ticker: KB; 
Market: NYSE; 
Date: 09/01/04; 
Shares: 306,650,000; 
Prompter: Other; 
Reason 1: Acquisition or Merger; 
Reason 2: Cost or Expense; 
Reason 3: Securities Related. 

Company Name: Veritas DGC Inc; 
Ticker: VTS; 
Market: NYSE; 
Date: 09/01/ 04; 
Shares: 34,895,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Riverstone Networks, Inc; 
Ticker: RSTN; 
Market: OTC; 
Date: 09/02/04; 
Shares: 127,247,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Canyon Resources Corporation; 
Ticker: CAU; 
Market: Amex; 
Date: 09/08/04; 
Shares: 28,557,500; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: Cost or Expense; 
Reason 3: [Empty]. 

Company Name: Cardinal Health, Inc; 
Ticker: CAH; 
Market: NYSE; 
Date: 09/13/04; 
Shares: 434,700,000; 
Prompter: SEC; 
Reason 1: Revenue; 
Reason 2: Cost or Expense; 
Reason 3: Other. 

Company Name: Digimarc Corporation; 
Ticker: DMRC; 
Market: Nasdaq; 
Date: 09/13/04; 
Shares: 20,371,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Global Crossing Ltd; 
Ticker: GLBCE; 
Market: Nasdaq; 
Date: 09/13/04; 
Shares: 22,000,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Rag Shops, Inc; 
Ticker: RAGS; 
Market: Nasdaq; 
Date: 09/ 13/04; 
Shares: 4,797,983; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: The Pantry, Inc; 
Ticker: PTRY; 
Market: Nasdaq; 
Date: 09/ 13/04; 
Shares: 21,102,000; 
Prompter: Company; 
Reason 1: Reclassification; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Quality Dining, Inc; 
Ticker: QDIN; 
Market: Nasdaq; 
Date: 09/15/04; 
Shares: 10,212,000; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Aerosonic Corporation; 
Ticker: AIM; 
Market: Amex; 
Date: 09/16/04; 
Shares: 3,921,019; 
Prompter: Other; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Netopia, Inc; 
Ticker: NTPAE; 
Market: Nasdaq; 
Date: 09/ 16/04; 
Shares: 24,748,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Williams Companies Inc; 
Ticker: WMB; 
Market: NYSE; 
Date: 09/16/04; 
Shares: 529,525,000; 
Prompter: Unknown; 
Reason 1: Reclassification; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Flow International Corporation; 
Ticker: FLOW; 
Market: Nasdaq; 
Date: 09/20/04; 
Shares: 15,916,000; 
Prompter: Company; 
Reason 1: Reclassification; 
Reason 2: Cost or Expense; 
Reason 3: [Empty]. 

Company Name: Stonepath Group, Inc; 
Ticker: STG; 
Market: Amex; 
Date: 09/20/04; 
Shares: 41,352,332; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Tefron Ltd; 
Ticker: TFR; 
Market: NYSE; 
Date: 09/20/04; 
Shares: 15,603,904; 
Prompter: Company and Auditor; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Dynegy Inc; 
Ticker: DYN; 
Market: NYSE; 
Date: 09/22/04; 
Shares: 504,000,000; 
Prompter: Company and Auditor; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: Cost or Expense; 
Reason 3: [Empty]. 

Company Name: Municipal Mortgage & Equity, LLC; 
Ticker: MMA; 
Market: NYSE; 
Date: 09/23/04; 
Shares: 35,267,697; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Intelligroup, Inc; 
Ticker: ITIGE; 
Market: Nasdaq; 
Date: 09/24/04; 
Shares: 35,103,000; 
Prompter: Company; 
Reason 1: Other; 
Reason 2: Revenue; 
Reason 3: [Empty]. 

Company Name: Edelbrock Corporation; 
Ticker: EDEL; 
Market: Nasdaq; 
Date: 09/28/04; 
Shares: 5,637,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Acceris Communications Inc; 
Ticker: ACRS; 
Market: OTC; 
Date: 09/29/04; 
Shares: 19,261,000; 
Prompter: Auditor; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Energy West, Inc; 
Ticker: EWST; 
Market: Nasdaq; 
Date: 09/29/04; 
Shares: 2,598,506; 
Prompter: Auditor; 
Reason 1: Reclassification; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: IMPAC Medical Systems, Inc; 
Ticker: IMPCE; 
Market: Nasdaq; 
Date: 09/29/04; 
Shares: 9,933,000; 
Prompter: Auditor; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: PDI, Inc; 
Ticker: PDII; 
Market: Nasdaq; 
Date: 09/29/04; 
Shares: 14,933,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: UIL Holdings Corporation; 
Ticker: UIL; 
Market: NYSE; 
Date: 09/29/04; 
Shares: 14,593,000; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Ceridian Corporation; 
Ticker: CEN; 
Market: NYSE; 
Date: 09/30/04; 
Shares: 150,642,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Ship Finance International Ltd; 
Ticker: SFL; 
Market: NYSE; 
Date: 09/30/04; 
Shares: 74,610,946; 
Prompter: Auditor; 
Reason 1: Cost or Expense; 
Reason 2: Reclassification; 
Reason 3: [Empty]. 

Company Name: Axesstel, Inc; 
Ticker: AFT; 
Market: Amex; 
Date: 10/05/04; 
Shares: 22,325,978; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: CyGene Laboratories, Inc; 
Ticker: CYGE; 
Market: OTC; 
Date: 10/07/04; 
Shares: 42,712,579; 
Prompter: Unknown; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: ACR Group, Inc; 
Ticker: ACRG; 
Market: OTC; 
Date: 10/08/ 04; 
Shares: 11,030,000; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Computer Horizons Corporation; 
Ticker: CHRZ; 
Market: Nasdaq; 
Date: 10/08/04; 
Shares: 30,931,000; 
Prompter: Company; 
Reason 1: Related Party Transaction; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: SunTrust Banks, Inc; 
Ticker: STI; 
Market: NYSE; 
Date: 10/11/04; 
Shares: 283,502,000; 
Prompter: Company; 
Reason 1: Other; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: AMB Property Corporation; 
Ticker: AMB; 
Market: NYSE; 
Date: 10/12/04; 
Shares: 86,516,695; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Pegasus Communications Corporation; 
Ticker: PGTVE; 
Market: Nasdaq; 
Date: 10/12/04; 
Shares: 12,323,000; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: BRE Properties, Inc; 
Ticker: BRE; 
Market: NYSE; 
Date: 10/13/04; 
Shares: 51,330,000; 
Prompter: Company and Auditor; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Analogic Corporation; 
Ticker: ALOGE; 
Market: Nasdaq; 
Date: 10/14/04; 
Shares: 13,546,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Centerplate, Inc; 
Ticker: CVP; 
Market: Amex; 
Date: 10/ 14/04; 
Shares: 22,524,992; 
Prompter: SEC; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Morgan Stanley; 
Ticker: MWD; 
Market: NYSE; 
Date: 10/14/ 04; 
Shares: 1,084,121,708; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: IMCO Recycling Inc; 
Ticker: IMF; 
Market: NYSE; 
Date: 10/ 19/04; 
Shares: 15,186,000; 
Prompter: Company and Auditor; 
Reason 1: Acquisition or Merger; 
Reason 2: Reclassification; 
Reason 3: [Empty]. 

Company Name: Sprint Corporation; 
Ticker: FON; 
Market: NYSE; 
Date: 10/ 19/04; 
Shares: 1,443,400,000; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: Cost or Expense; 
Reason 3: [Empty]. 

Company Name: Washington Federal, Inc; 
Ticker: WFSL; 
Market: Nasdaq; 
Date: 10/19/04; 
Shares: 87,440,181; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Transmeta Corporation; 
Ticker: TMTA; 
Market: Nasdaq; 
Date: 10/20/04; 
Shares: 175,487,000; 
Prompter: Unknown; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: First Industrial Realty Trust, Inc; 
Ticker: FR; 
Market: NYSE; 
Date: 10/21/04; 
Shares: 42,466,376; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: D&E Communications, Inc; 
Ticker: DECC; 
Market: Nasdaq; 
Date: 10/22/04; 
Shares: 14,308,000; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Vail Banks, Inc; 
Ticker: VAIL; 
Market: Nasdaq; 
Date: 10/ 25/04; 
Shares: 5,471,864; 
Prompter: Auditor; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Flowserve Corporation; 
Ticker: FLS; 
Market: NYSE; 
Date: 10/26/04; 
Shares: 55,429,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Intergraph Corporation; 
Ticker: INGR; 
Market: Nasdaq; 
Date: 10/27/04; 
Shares: 35,398,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Investors Financial Services Corporation; 
Ticker: IFIN; 
Market: Nasdaq; 
Date: 10/27/04; 
Shares: 68,617,491; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: NII Holdings, Inc; 
Ticker: NIHD; 
Market: Nasdaq; 
Date: 10/27/04; 
Shares: 79,196,000; 
Prompter: Company; 
Reason 1: Other; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: SOURCECORP, Inc; 
Ticker: SRCP; 
Market: Nasdaq; 
Date: 10/ 27/04; 
Shares: 16,217,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Island Pacific, Inc; 
Ticker: IPI; 
Market: Amex; 
Date: 10/28/04; 
Shares: 63,031,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: Cost or Expense; 
Reason 3: Acquisition or Merger. 

Company Name: Martha Stewart Living Omnimedia, Inc; 
Ticker: MSO; 
Market: NYSE; 
Date: 10/28/04; 
Shares: 49,698,000; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: EMC Insurance Group, Inc; 
Ticker: EMCI; 
Market: Nasdaq; 
Date: 10/29/04; 
Shares: 11,561,870; 
Prompter: Unknown; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: NovaDel Pharma Inc; 
Ticker: NVD; 
Market: Amex; 
Date: 11/ 01/04; 
Shares: 40,606,000; 
Prompter: Auditor; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Stillwater Mining Company; 
Ticker: SWC; 
Market: NYSE; 
Date: 11/01/04; 
Shares: 90,714,000; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Blount International, Inc; 
Ticker: BLT; 
Market: NYSE; 
Date: 11/02/04; 
Shares: 47,292,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Material Sciences Corporation; 
Ticker: MSC; 
Market: NYSE; 
Date: 11/02/04; 
Shares: 14,448,000; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: Reclassification; 
Reason 3: [Empty]. 

Company Name: Western Wireless Corporation; 
Ticker: WCA; 
Market: Nasdaq; 
Date: 11/02/04; 
Shares: 102,106,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Cephalon, Inc; 
Ticker: CEPH; 
Market: Nasdaq; 
Date: 11/ 03/04; 
Shares: 65,065,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: DPL Inc; 
Ticker: DPL; 
Market: NYSE; 
Date: 11/03/04; 
Shares: 127,800,000; 
Prompter: Employee; 
Reason 1: Securities Related; 
Reason 2: Cost or Expense; 
Reason 3: [Empty]. 

Company Name: Haggar Corporation; 
Ticker: HGGR; 
Market: Nasdaq; 
Date: 11/03/04; 
Shares: 7,072,000; 
Prompter: Unknown; 
Reason 1: Other; 
Reason 2: Related Party Transaction; 
Reason 3: [Empty]. 

Company Name: Presidential Life Corporation; 
Ticker: PLFE; 
Market: Nasdaq; 
Date: 11/03/04; 
Shares: 29,444,050; 
Prompter: Company; 
Reason 1: Acquisition or Merger; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Terremark Worldwide, Inc; 
Ticker: TWW; 
Market: Amex; 
Date: 11/03/04; 
Shares: 39,100,568; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Time Warner Inc; 
Ticker: TWX; 
Market: NYSE; 
Date: 11/03/ 04; 
Shares: 4,722,300,000; 
Prompter: SEC; 
Reason 1: Acquisition or Merger; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Carrollton Bancorp; 
Ticker: CRRB; 
Market: Nasdaq; 
Date: 11/04/04; 
Shares: 2,851,158; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: E-Loan, Inc; 
Ticker: EELN; 
Market: Nasdaq; 
Date: 11/04/ 04; 
Shares: 68,291,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: Cost or Expense; 
Reason 3: [Empty]. 

Company Name: The Smith & Wollensky Restaurant Group, Inc; 
Ticker: SWRG; 
Market: Nasdaq; 
Date: 11/04/04; 
Shares: 9,841,596; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Emeritus Assisted Living; 
Ticker: ESC; 
Market: Amex; 
Date: 11/05/04; 
Shares: 10,821,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Goodyear Tire & Rubber Company; 
Ticker: GT; 
Market: NYSE; 
Date: 11/05/04; 
Shares: 177,900,000; 
Prompter: Company; 
Reason 1: Reclassification; 
Reason 2: Cost or Expense; 
Reason 3: Restructuring, Assets or Inventory. 

Company Name: United PanAm Financial Corporation; 
Ticker: UPFC; 
Market: Nasdaq; 
Date: 11/05/04; 
Shares: 18,385,000; 
Prompter: Company; 
Reason 1: Other; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Albany Molecular Research, Inc; 
Ticker: AMRI; 
Market: Nasdaq; 
Date: 11/08/04; 
Shares: 32,183,000; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Blonder Tongue Laboratories, Inc; 
Ticker: BDR; 
Market: Amex; 
Date: 11/08/04; 
Shares: 8,015,000; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Symbol Technologies, Inc; 
Ticker: SBL; 
Market: NYSE; 
Date: 11/08/04; 
Shares: 241,402,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: Restructuring, Assets or Inventory; 
Reason 3: [Empty]. 

Company Name: CGI Group Inc; 
Ticker: GIB; 
Market: NYSE; 
Date: 11/09/ 04; 
Shares: 441,573,512; 
Prompter: Company; 
Reason 1: Acquisition or Merger; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Hercules Inc; 
Ticker: HPC; 
Market: NYSE; 
Date: 11/09/04; 
Shares: 110,500,000; 
Prompter: Other; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: IMPAX Laboratories, Inc; 
Ticker: IPXL; 
Market: Nasdaq; 
Date: 11/09/04; 
Shares: 62,417,454; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: Cost or Expense; 
Reason 3: [Empty]. 

Company Name: Lamar Advertising Company; 
Ticker: LAMR; 
Market: Nasdaq; 
Date: 11/09/04; 
Shares: 104,945,008; 
Prompter: Company and Auditor; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: Cost or Expense; 
Reason 3: [Empty]. 

Company Name: Mayor's Jewelers, Inc; 
Ticker: MYR; 
Market: Amex; 
Date: 11/09/04; 
Shares: 95,582,537; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Register.com, Inc; 
Ticker: RCOM; 
Market: Nasdaq; 
Date: 11/09/04; 
Shares: 25,056,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Vintage Petroleum, Inc; 
Ticker: VPI; 
Market: NYSE; 
Date: 11/09/04; 
Shares: 66,888,000; 
Prompter: Unknown; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Compass Minerals International, Inc; 
Ticker: CMP; 
Market: NYSE; 
Date: 11/10/04; 
Shares: 32,323,129; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: FIND/SVP, Inc; 
Ticker: FSVP; 
Market: OTC; 
Date: 11/10/ 04; 
Shares: 21,502,585; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Hanover Direct, Inc; 
Ticker: HNV; 
Market: Amex; 
Date: 11/10/04; 
Shares: 32,585,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Laidlaw International, Inc; 
Ticker: LI; 
Market: NYSE; 
Date: 11/10/04; 
Shares: 104,100,000; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Vital Images, Inc; 
Ticker: VTAL; 
Market: Nasdaq; 
Date: 11/10/04; 
Shares: 12,482,797; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Telewest Global, Inc; 
Ticker: TLWT; 
Market: Nasdaq; 
Date: 11/11/04; 
Shares: 245,000,000; 
Prompter: Company; 
Reason 1: Reclassification; 
Reason 2: Cost or Expense; 
Reason 3: [Empty]. 

Company Name: West Marine, Inc; 
Ticker: WMAR; 
Market: Nasdaq; 
Date: 11/11/04; 
Shares: 21,229,000; 
Prompter: Company and Auditor; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Applied Imaging Corporation; 
Ticker: AICX; 
Market: Nasdaq; 
Date: 11/15/04; 
Shares: 4,772,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Autobytel, Inc; 
Ticker: ABTL; 
Market: Nasdaq; 
Date: 11/ 15/04; 
Shares: 44,049,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: Cost or Expense; 
Reason 3: [Empty]. 

Company Name: Bally Total Fitness Holding Corporation; 
Ticker: BFT; 
Market: NYSE; 
Date: 11/15/04; 
Shares: 33,268,395; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: Other; 
Reason 3: [Empty]. 

Company Name: Carver Bancorp, Inc; 
Ticker: CNY; 
Market: Amex; 
Date: 11/15/04; 
Shares: 2,504,747; 
Prompter: Unknown; 
Reason 1: Securities Related; 
Reason 2: Restructuring, Assets or Inventory; 
Reason 3: [Empty]. 

Company Name: Electronic Data Systems Corporation; 
Ticker: EDS; 
Market: NYSE; 
Date: 11/15/04; 
Shares: 523,000,000; 
Prompter: Auditor; 
Reason 1: Cost or Expense; 
Reason 2: Revenue; 
Reason 3: [Empty]. 

Company Name: Integrity Bancshares, Inc; 
Ticker: ITYC; 
Market: OTC; 
Date: 11/15/04; 
Shares: 4,293,193; 
Prompter: Unknown; 
Reason 1: Other; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: MDC Partners Inc; 
Ticker: MDCAE; 
Market: Nasdaq; 
Date: 11/15/04; 
Shares: 22,207,229; 
Prompter: Auditor; 
Reason 1: Securities Related; 
Reason 2: Cost or Expense; 
Reason 3: Revenue. 

Company Name: TurboChef Technologies, Inc; 
Ticker: TCF; 
Market: Amex; 
Date: 11/15/04; 
Shares: 80,030,949; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Integrity Financial Corporation; 
Ticker: IFCB; 
Market: Nasdaq; 
Date: 11/16/04; 
Shares: 5,075,588; 
Prompter: Company; 
Reason 1: Other; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Motorcar Parts of America, Inc; 
Ticker: MPAA; 
Market: OTC; 
Date: 11/16/04; 
Shares: 8,590,828; 
Prompter: SEC; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Petroleum Geo-Services ASA; 
Ticker: PGEOY; 
Market: OTC; 
Date: 11/16/04; 
Shares: 20,000,000; 
Prompter: Auditor; 
Reason 1: Revenue; 
Reason 2: Restructuring, Assets or Inventory; 
Reason 3: Cost or Expense. 

Company Name: BearingPoint, Inc; 
Ticker: BE; 
Market: NYSE; 
Date: 11/ 18/04; 
Shares: 197,039,303; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Tri-Valley Corporation; 
Ticker: TIV; 
Market: Amex; 
Date: 11/19/04; 
Shares: 22,123,363; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Willamette Valley Vineyards, Inc; 
Ticker: WVVI; 
Market: Nasdaq; 
Date: 11/19/04; 
Shares: 4,580,883; 
Prompter: SEC; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: VirtGame Corporation; 
Ticker: VTGI; 
Market: OTC; 
Date: 11/22/04; 
Shares: 33,472,827; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: CKE Restaurants, Inc; 
Ticker: CKR; 
Market: NYSE; 
Date: 11/23/04; 
Shares: 71,417,000; 
Prompter: Company and Auditor; 
Reason 1: Cost or Expense; 
Reason 2: Restructuring, Assets or Inventory; 
Reason 3: [Empty]. 

Company Name: Houston Exploration Company; 
Ticker: THX; 
Market: NYSE; 
Date: 11/23/04; 
Shares: 28,486,000; 
Prompter: Company; 
Reason 1: Reclassification; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: PDC Innovative Industries, Inc; 
Ticker: PDCN; 
Market: OTC; 
Date: 11/23/04; 
Shares: 58,930,000; 
Prompter: SEC; 
Reason 1: Acquisition or Merger; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Aspen Technology, Inc; 
Ticker: AZPNE; 
Market: Nasdaq; 
Date: 11/24/04; 
Shares: 42,153,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: UGI Corporation; 
Ticker: UGI; 
Market: NYSE; 
Date: 11/29/ 04; 
Shares: 52,600,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Inverness Medical Innovations, Inc; 
Ticker: IMA; 
Market: Amex; 
Date: 12/02/04; 
Shares: 20,942,000; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Pegasus Communications Corporation; 
Ticker: PGTVE; 
Market: Nasdaq; 
Date: 12/02/04; 
Shares: 12,323,000; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Bindview Corporation; 
Ticker: BVEWE; 
Market: Nasdaq; 
Date: 12/06/04; 
Shares: 47,889,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: McRae Industries, Inc; 
Ticker: MRIA; 
Market: Amex; 
Date: 12/07/04; 
Shares: 2,768,499; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: King Pharmaceuticals, Inc; 
Ticker: KG; 
Market: NYSE; 
Date: 12/08/04; 
Shares: 241,803,000; 
Prompter: Company and Auditor; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: ViryaNet, Ltd; 
Ticker: VRYA; 
Market: Nasdaq; 
Date: 12/ 09/04; 
Shares: 4,981,749; 
Prompter: Company and Auditor; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Analogic Corporation; 
Ticker: ALOGE; 
Market: Nasdaq; 
Date: 12/13/04; 
Shares: 13,464,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Carmike Cinemas, Inc; 
Ticker: CKECE; 
Market: Nasdaq; 
Date: 12/14/04; 
Shares: 12,601,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: Reclassification; 
Reason 3: [Empty]. 

Company Name: Integrated Electrical Services, Inc; 
Ticker: IES; 
Market: NYSE; 
Date: 12/14/04; 
Shares: 38,665,537; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: Cost or Expense; 
Reason 3: Restructuring, Assets or Inventory. 

Company Name: Peoples Energy Corporation; 
Ticker: PGL; 
Market: NYSE; 
Date: 12/14/04; 
Shares: 37,993,000; 
Prompter: Company; 
Reason 1: Other; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: United Retail Group, Inc; 
Ticker: URGI; 
Market: Nasdaq; 
Date: 12/14/04; 
Shares: 12,869,947; 
Prompter: Company and Auditor; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: MFRI, Inc; 
Ticker: MFRI; 
Market: Nasdaq; 
Date: 12/15/04; 
Shares: 5,234,000; 
Prompter: Company; 
Reason 1: Reclassification; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Darden Restaurants, Inc; 
Ticker: DRI; 
Market: NYSE; 
Date: 12/16/04; 
Shares: 163,400,000; 
Prompter: Company and Auditor; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Federal National Mortgage Association; 
Ticker: FNM; 
Market: NYSE; 
Date: 12/16/04; 
Shares: 970,000,000; 
Prompter: Other; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Jack in the Box Inc; 
Ticker: JBX; 
Market: NYSE; 
Date: 12/16/04; 
Shares: 37,313,000; 
Prompter: Company and Auditor; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Scientific Learning Corporation; 
Ticker: SCILE; 
Market: Nasdaq; 
Date: 12/17/04; 
Shares: 16,408,039; 
Prompter: Company and Auditor; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: ABM Industries Inc; 
Ticker: ABM; 
Market: NYSE; 
Date: 12/ 20/04; 
Shares: 49,785,000; 
Prompter: Company; 
Reason 1: Other; 
Reason 2: Restructuring, Assets or Inventory; 
Reason 3: [Empty]. 

Company Name: Asyst Technologies, Inc; 
Ticker: ASYTE; 
Market: Nasdaq; 
Date: 12/20/04; 
Shares: 47,553,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: Revenue; 
Reason 3: [Empty]. 

Company Name: Flow International Corporation; 
Ticker: FLOW; 
Market: Nasdaq; 
Date: 12/20/04; 
Shares: 15,950,000; 
Prompter: Company; 
Reason 1: Reclassification; 
Reason 2: Securities Related; 
Reason 3: [Empty]. 

Company Name: Granite City Food & Brewery Ltd; 
Ticker: GCFB; 
Market: Nasdaq; 
Date: 12/20/04; 
Shares: 4,132,933; 
Prompter: SEC; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Brinker International, Inc; 
Ticker: EAT; 
Market: NYSE; 
Date: 12/22/04; 
Shares: 96,471,000; 
Prompter: Company and Auditor; 
Reason 1: Cost or Expense; 
Reason 2: Restructuring, Assets or Inventory; 
Reason 3: [Empty]. 

Company Name: Telephone and Data Systems, Inc; 
Ticker: TDS; 
Market: Amex; 
Date: 12/22/04; 
Shares: 57,823,000; 
Prompter: Company; 
Reason 1: Reclassification; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: United States Cellular Corporation; 
Ticker: USM; 
Market: Amex; 
Date: 12/22/04; 
Shares: 87,125,000; 
Prompter: Company; 
Reason 1: Reclassification; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Valley Commerce Bancorp; 
Ticker: VCBP; 
Market: OTC; 
Date: 12/22/04; 
Shares: 2,110,206; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Alaska Air Group, Inc; 
Ticker: ALK; 
Market: NYSE; 
Date: 12/23/04; 
Shares: 26,932,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: BakBone Software, Inc; 
Ticker: BKBOE; 
Market: OTC; 
Date: 12/23/04; 
Shares: 64,523,199; 
Prompter: Company and Auditor; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Genius Products, Inc; 
Ticker: GNPI; 
Market: OTC; 
Date: 12/23/04; 
Shares: 28,000,009; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: NATCO Group Inc; 
Ticker: NTG; 
Market: NYSE; 
Date: 12/23/ 04; 
Shares: 16,042,000; 
Prompter: Company; 
Reason 1: Reclassification; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: TeleTech Holdings Inc; 
Ticker: TTEC; 
Market: Nasdaq; 
Date: 12/30/04; 
Shares: 76,109,000; 
Prompter: SEC; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Krispy Kreme Doughnuts, Inc; 
Ticker: KKD; 
Market: NYSE; 
Date: 01/04/05; 
Shares: 63,351,000; 
Prompter: Company; 
Reason 1: Acquisition or Merger; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: NDCHealth Corporation; 
Ticker: NDC; 
Market: NYSE; 
Date: 01/05/05; 
Shares: 35,987,000; 
Prompter: SEC; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Savient Pharmaceuticals, Inc; 
Ticker: SVNT; 
Market: Nasdaq; 
Date: 01/05/05; 
Shares: 60,545,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Brocade Communications Systems, Inc; 
Ticker: BRCD; 
Market: Nasdaq; 
Date: 01/06/05; 
Shares: 271,767,000; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: PeopleSupport, Inc; 
Ticker: PSPT; 
Market: Nasdaq; 
Date: 01/11/05; 
Shares: 18,946,000; 
Prompter: Company and Auditor; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Volt Information Sciences, Inc; 
Ticker: VOL; 
Market: NYSE; 
Date: 01/11/05; 
Shares: 15,291,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: PEMSTAR, Inc; 
Ticker: PMTRE; 
Market: Nasdaq; 
Date: 01/ 13/05; 
Shares: 45,154,000; 
Prompter: Company; 
Reason 1: Other; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Terex Corporation; 
Ticker: TEX; 
Market: NYSE; 
Date: 01/ 13/05; 
Shares: 51,100,000; 
Prompter: Company; 
Reason 1: Related Party Transaction; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Mitek Systems, Inc; 
Ticker: MITK; 
Market: OTC; 
Date: 01/ 14/05; 
Shares: 11,841,862; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Embarcadero Technologies, Inc; 
Ticker: EMBTE; 
Market: Nasdaq; 
Date: 01/18/05; 
Shares: 25,982,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Ferro Corporation; 
Ticker: FOE; 
Market: NYSE; 
Date: 01/ 18/05; 
Shares: 42,235,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Hollinger International, Inc; 
Ticker: HLR; 
Market: NYSE; 
Date: 01/18/05; 
Shares: 90,486,000; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: Securities Related; 
Reason 3: [Empty]. 

Company Name: Cardinal Financial Corporation; 
Ticker: CFNL; 
Market: Nasdaq; 
Date: 01/19/05; 
Shares: 18,830,000; 
Prompter: Unknown; 
Reason 1: Acquisition or Merger; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Collectors Universe, Inc; 
Ticker: CLCT; 
Market: Nasdaq; 
Date: 01/19/05; 
Shares: 7,571,000; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: PlanetLink Communications, Inc; 
Ticker: PLKC; 
Market: OTC; 
Date: 01/19/05; 
Shares: 209,369,558; 
Prompter: Company; 
Reason 1: Other; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Rubio's Restaurants, Inc; 
Ticker: RUBO; 
Market: Nasdaq; 
Date: 01/19/05; 
Shares: 9,679,000; 
Prompter: Company and Auditor; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Bandag, Inc; 
Ticker: BDG; 
Market: NYSE; 
Date: 01/20/05; 
Shares: 19,707,000; 
Prompter: Company; 
Reason 1: Acquisition or Merger; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: K-tel International, Inc; 
Ticker: KTEL; 
Market: OTC; 
Date: 01/20/05; 
Shares: 13,654,000; 
Prompter: Unknown; 
Reason 1: Other; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Total Entertainment Restaurant Corporation; 
Ticker: TENT; 
Market: Nasdaq; 
Date: 01/24/05; 
Shares: 10,392,639; 
Prompter: Other; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Brocade Communications Systems, Inc; 
Ticker: BRCD; 
Market: Nasdaq; 
Date: 01/25/05; 
Shares: 271,767,000; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: ILOG S.A; 
Ticker: ILOG; 
Market: Nasdaq; 
Date: 01/25/05; 
Shares: 18,722,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Northeast Utilities; 
Ticker: NU; 
Market: NYSE; 
Date: 01/ 25/05; 
Shares: 129,278,505; 
Prompter: Unknown; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Lone Star Steakhouse & Saloon, Inc; 
Ticker: STAR; 
Market: Nasdaq; 
Date: 01/26/05; 
Shares: 22,211,000; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Comstock Resources, Inc; 
Ticker: CRK; 
Market: NYSE; 
Date: 01/27/05; 
Shares: 37,356,000; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Siebel Systems, Inc; 
Ticker: SEBL; 
Market: Nasdaq; 
Date: 01/27/05; 
Shares: 512,963,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Wendy's International, Inc; 
Ticker: WEN; 
Market: NYSE; 
Date: 01/27/05; 
Shares: 114,596,000; 
Prompter: Company and Auditor; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Ashland, Inc; 
Ticker: ASH; 
Market: NYSE; 
Date: 01/28/05; 
Shares: 74,000,000; 
Prompter: Auditor; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Tripath Technology, Inc; 
Ticker: TRPH; 
Market: Nasdaq; 
Date: 01/28/05; 
Shares: 51,950,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Ceridian Corporation; 
Ticker: CEN; 
Market: NYSE; 
Date: 01/31/05; 
Shares: 150,662,000; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: Revenue; 
Reason 3: Cost or Expense. 

Company Name: Champps Entertainment, Inc; 
Ticker: CMPP; 
Market: Nasdaq; 
Date: 01/31/05; 
Shares: 12,888,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: I/OMagic Corporation; 
Ticker: IOMG; 
Market: OTC; 
Date: 01/31/05; 
Shares: 4,529,672; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: MeadWestvaco Corporation; 
Ticker: MWV; 
Market: NYSE; 
Date: 01/31/05; 
Shares: 205,900,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Navistar International Corporation; 
Ticker: NAV; 
Market: NYSE; 
Date: 01/31/05; 
Shares: 76,300,000; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: The Pep Boys - Manny, Moe & Jack; 
Ticker: PBY; 
Market: NYSE; 
Date: 01/31/05; 
Shares: 55,185,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Visteon Corporation; 
Ticker: VC; 
Market: NYSE; 
Date: 01/ 31/05; 
Shares: 125,600,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: Restructuring, Assets or Inventory; 
Reason 3: Other. 

Company Name: CEC Entertainment, Inc; 
Ticker: CEC; 
Market: NYSE; 
Date: 02/01/05; 
Shares: 37,451,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Allis-Chalmers Energy, Inc; 
Ticker: ALY; 
Market: Amex; 
Date: 02/03/05; 
Shares: 17,789,000; 
Prompter: Company; 
Reason 1: Acquisition or Merger; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Dot Hill Systems Corporation; 
Ticker: HILL; 
Market: Nasdaq; 
Date: 02/03/05; 
Shares: 45,717,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: Restructuring, Assets or Inventory; 
Reason 3: [Empty]. 

Company Name: Ingles Markets, Inc; 
Ticker: IMKT; 
Market: Nasdaq; 
Date: 02/03/05; 
Shares: 24,217,776; 
Prompter: SEC; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Maxtor Corporation; 
Ticker: MXO; 
Market: NYSE; 
Date: 02/ 03/05; 
Shares: 251,595,181; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: Restructuring, Assets or Inventory; 
Reason 3: [Empty]. 

Company Name: Royal Dutch Petroleum Company; 
Ticker: RD; 
Market: NYSE; 
Date: 02/03/05; 
Shares: 2,023,212,126; 
Prompter: SEC; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Shell Transport and Trading Company, PLC; 
Ticker: SC; 
Market: NYSE; 
Date: 02/03/05; 
Shares: 1,604,150,454; 
Prompter: SEC; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Target Corporation; 
Ticker: TGT; 
Market: NYSE; 
Date: 02/ 03/05; 
Shares: 885,553,006; 
Prompter: Company and Auditor; 
Reason 1: Cost or Expense; 
Reason 2: Securities Related; 
Reason 3: [Empty]. 

Company Name: WebMethods, Inc; 
Ticker: WEBM; 
Market: Nasdaq; 
Date: 02/ 03/05; 
Shares: 53,103,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: Cost or Expense; 
Reason 3: [Empty]. 

Company Name: Hypercom Corporation; 
Ticker: HYC; 
Market: NYSE; 
Date: 02/04/05; 
Shares: 52,391,115; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: UGI Corporation; 
Ticker: UGI; 
Market: NYSE; 
Date: 02/04/ 05; 
Shares: 52,543,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Flowserve Corporation; 
Ticker: FLS; 
Market: NYSE; 
Date: 02/07/05; 
Shares: 55,700,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: UbiquiTel Inc; 
Ticker: UPCS; 
Market: Nasdaq; 
Date: 02/ 07/05; 
Shares: 98,644,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: BRE Properties, Inc; 
Ticker: BRE; 
Market: NYSE; 
Date: 02/08/05; 
Shares: 51,330,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: CECO Environmental Corp; 
Ticker: CECE; 
Market: Nasdaq; 
Date: 02/08/05; 
Shares: 9,993,260; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Taubman Centers, Inc; 
Ticker: TCO; 
Market: NYSE; 
Date: 02/08/05; 
Shares: 49,791,718; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: UTStarcom, Inc; 
Ticker: UTSI; 
Market: Nasdaq; 
Date: 02/ 08/05; 
Shares: 132,949,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Applebee's International, Inc; 
Ticker: APPB; 
Market: Nasdaq; 
Date: 02/09/05; 
Shares: 82,375,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Big 5 Sporting Goods Corporation; 
Ticker: BGFV; 
Market: Nasdaq; 
Date: 02/09/05; 
Shares: 22,792,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Borders Group Inc; 
Ticker: BGP; 
Market: NYSE; 
Date: 02/ 09/05; 
Shares: 77,900,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: CIGNA Corporation; 
Ticker: CI; 
Market: NYSE; 
Date: 02/09/ 05; 
Shares: 132,726,000; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: URS Corporation; 
Ticker: URS; 
Market: NYSE; 
Date: 02/09/ 05; 
Shares: 44,823,000; 
Prompter: Company; 
Reason 1: Other; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: H.B. Fuller Company; 
Ticker: FUL; 
Market: NYSE; 
Date: 02/ 10/05; 
Shares: 28,962,240; 
Prompter: Company; 
Reason 1: Other; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: AnnTaylor Stores Corporation; 
Ticker: ANN; 
Market: NYSE; 
Date: 02/11/05; 
Shares: 72,933,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Buca, Inc; 
Ticker: BUCA; 
Market: Nasdaq; 
Date: 02/11/05; 
Shares: 20,180,235; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Friedman Industries Inc; 
Ticker: FRD; 
Market: Amex; 
Date: 02/11/05; 
Shares: 7,736,885; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Kmart Holding Corporation; 
Ticker: KMRT; 
Market: Nasdaq; 
Date: 02/11/05; 
Shares: 101,400,000; 
Prompter: SEC; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Wild Oats Markets, Inc; 
Ticker: OATS; 
Market: Nasdaq; 
Date: 02/11/05; 
Shares: 28,554,000; 
Prompter: Company; 
Reason 1: Other; 
Reason 2: Restructuring, Assets or Inventory; 
Reason 3: [Empty]. 

Company Name: Data I/O Corporation; 
Ticker: DAIO; 
Market: Nasdaq; 
Date: 02/14/05; 
Shares: 8,550,000; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: EPlus Inc; 
Ticker: PLUS; 
Market: Nasdaq; 
Date: 02/14/05; 
Shares: 9,433,250; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: MAIR Holdings, Inc; 
Ticker: MAIR; 
Market: Nasdaq; 
Date: 02/14/05; 
Shares: 21,050,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Molex Inc; 
Ticker: MOLXE; 
Market: Nasdaq; 
Date: 02/14/ 05; 
Shares: 190,509,000; 
Prompter: Company; 
Reason 1: Other; 
Reason 2: Cost or Expense; 
Reason 3: Restructuring, Assets or Inventory. 

Company Name: OfficeMax, Inc; 
Ticker: OMX; 
Market: NYSE; 
Date: 02/14/ 05; 
Shares: 92,956,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Seacoast Banking Corporation of Florida; 
Ticker: SBCF; 
Market: Nasdaq; 
Date: 02/14/05; 
Shares: 15,692,505; 
Prompter: Auditor; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Abercrombie & Fitch Company; 
Ticker: ANF; 
Market: NYSE; 
Date: 02/15/05; 
Shares: 95,110,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: American Petroleum Group, Inc; 
Ticker: AMPE; 
Market: OTC; 
Date: 02/15/05; 
Shares: 5,401,000; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: Other; 
Reason 3: [Empty]. 

Company Name: Career Education Corporation; 
Ticker: CECO; 
Market: Nasdaq; 
Date: 02/15/05; 
Shares: 105,195,000; 
Prompter: Unknown; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: CFC International, Inc; 
Ticker: CFCI; 
Market: Nasdaq; 
Date: 02/15/05; 
Shares: 4,612,655; 
Prompter: Company; 
Reason 1: Other; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Crown Castle International Corporation; 
Ticker: CCI; 
Market: NYSE; 
Date: 02/15/05; 
Shares: 223,601,000; 
Prompter: Company and Auditor; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Nordstrom, Inc; 
Ticker: JWN; 
Market: NYSE; 
Date: 02/15/ 05; 
Shares: 139,197,000; 
Prompter: SEC; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Sears, Roebuck & Company; 
Ticker: S; 
Market: NYSE; 
Date: 02/15/05; 
Shares: 216,700,000; 
Prompter: SEC; 
Reason 1: Reclassification; 
Reason 2: Cost or Expense; 
Reason 3: [Empty]. 

Company Name: Benihana Inc; 
Ticker: BNHNA and BNHN; 
Market: Nasdaq; 
Date: 02/16/05; 
Shares: 10,188,000; 
Prompter: SEC; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Datastream Systems, Inc; 
Ticker: DSTM; 
Market: Nasdaq; 
Date: 02/16/05; 
Shares: 20,153,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Starbucks Corporation; 
Ticker: SBUX; 
Market: Nasdaq; 
Date: 02/16/05; 
Shares: 414,031,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: The Mills Corporation; 
Ticker: MLS; 
Market: NYSE; 
Date: 02/16/05; 
Shares: 55,323,000; 
Prompter: Company; 
Reason 1: Related Party Transaction; 
Reason 2: Cost or Expense; 
Reason 3: [Empty]. 

Company Name: Too, Inc; 
Ticker: TOO; 
Market: NYSE; 
Date: 02/16/05; 
Shares: 34,955,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: CBRL Group, Inc; 
Ticker: CBRL; 
Market: Nasdaq; 
Date: 02/ 17/05; 
Shares: 53,816,998; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Denny's Corporation; 
Ticker: DNYY; 
Market: OTC; 
Date: 02/ 17/05; 
Shares: 90,219,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Design Within Reach, Inc; 
Ticker: DWRI; 
Market: Nasdaq; 
Date: 02/17/05; 
Shares: 14,706,000; 
Prompter: Auditor; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Motorcar Parts of America, Inc; 
Ticker: MPAA; 
Market: OTC; 
Date: 02/17/05; 
Shares: 8,599,969; 
Prompter: SEC; 
Reason 1: Revenue; 
Reason 2: Cost or Expense; 
Reason 3: [Empty]. 

Company Name: Nextel Communications Inc; 
Ticker: NXTL; 
Market: Nasdaq; 
Date: 02/17/05; 
Shares: 1,139,000,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: INVESTools, Inc; 
Ticker: IED; 
Market: Amex; 
Date: 02/18/ 05; 
Shares: 44,971,000; 
Prompter: Company and Auditor; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Toys "R" Us, Inc; 
Ticker: TOY; 
Market: NYSE; 
Date: 02/ 18/05; 
Shares: 218,100,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Wild Oats Markets, Inc; 
Ticker: OATS; 
Market: Nasdaq; 
Date: 02/18/05; 
Shares: 28,554,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Systemax Inc; 
Ticker: SYX; 
Market: NYSE; 
Date: 02/21/05; 
Shares: 35,500,000; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: A.C. Moore Arts & Crafts, Inc; 
Ticker: ACMR; 
Market: Nasdaq; 
Date: 02/22/05; 
Shares: 20,209,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Ampex Corporation; 
Ticker: AEXCA; 
Market: OTC; 
Date: 02/ 22/05; 
Shares: 3,901,223; 
Prompter: SEC; 
Reason 1: Other; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Chiron Corporation; 
Ticker: CHIR; 
Market: Nasdaq; 
Date: 02/22/05; 
Shares: 187,108,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: Cost or Expense; 
Reason 3: [Empty]. 

Company Name: Countrywide Financial Corporation; 
Ticker: CFC; 
Market: NYSE; 
Date: 02/22/05; 
Shares: 610,676,000; 
Prompter: Auditor; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Dominoís Pizza, Inc; 
Ticker: DPZ; 
Market: NYSE; 
Date: 02/22/05; 
Shares: 71,555,554; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Glimcher Realty Trust; 
Ticker: GRT; 
Market: NYSE; 
Date: 02/22/05; 
Shares: 39,703,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: JAKKS Pacific, Inc; 
Ticker: JAKK; 
Market: Nasdaq; 
Date: 02/22/05; 
Shares: 32,256,000; 
Prompter: SEC; 
Reason 1: Acquisition or Merger; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Kohl's Corporation; 
Ticker: KSS; 
Market: NYSE; 
Date: 02/ 22/05; 
Shares: 344,773,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: RenaissanceRe Holdings Ltd; 
Ticker: RNR; 
Market: NYSE; 
Date: 02/22/05; 
Shares: 71,950,688; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: The Gymboree Corporation; 
Ticker: GYMB; 
Market: Nasdaq; 
Date: 02/22/05; 
Shares: 31,391,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Big Lots, Inc; 
Ticker: BLI; 
Market: NYSE; 
Date: 02/23/ 05; 
Shares: 114,801,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Lowe's Companies, Inc; 
Ticker: LOW; 
Market: NYSE; 
Date: 02/23/05; 
Shares: 805,000,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Pacific Sunwear of California Inc; 
Ticker: PSUN; 
Market: Nasdaq; 
Date: 02/23/05; 
Shares: 77,464,000; 
Prompter: SEC; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Presidential Life Corporation; 
Ticker: PLFE; 
Market: Nasdaq; 
Date: 02/23/05; 
Shares: 29,452,395; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Synagro Technologies, Inc; 
Ticker: SYGR; 
Market: Nasdaq; 
Date: 02/23/05; 
Shares: 20,020,183; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: The J. Jill Group, Inc; 
Ticker: JILL; 
Market: Nasdaq; 
Date: 02/23/05; 
Shares: 20,145,000; 
Prompter: SEC; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Calpine Corporation; 
Ticker: CPN; 
Market: NYSE; 
Date: 02/ 24/05; 
Shares: 447,599,000; 
Prompter: Unknown; 
Reason 1: Other; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Industrial Distribution Group, Inc; 
Ticker: IDGR; 
Market: Nasdaq; 
Date: 02/24/05; 
Shares: 9,793,911; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Internap Network Services Corporation; 
Ticker: IIP; 
Market: Amex; 
Date: 02/24/05; 
Shares: 338,199,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Limited Brands, Inc; 
Ticker: LTD; 
Market: NYSE; 
Date: 02/24/05; 
Shares: 417,234,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: The Dress Barn, Inc; 
Ticker: DBRN; 
Market: Nasdaq; 
Date: 02/24/05; 
Shares: 30,491,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Bakers Footwear Group; 
Ticker: BKRS; 
Market: Nasdaq; 
Date: 02/25/05; 
Shares: 5,147,601; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: CVS Corporation; 
Ticker: CVS; 
Market: NYSE; 
Date: 02/25/ 05; 
Shares: 418,600,000; 
Prompter: SEC; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: SBA Communications Corporation; 
Ticker: SBAC; 
Market: Nasdaq; 
Date: 02/25/05; 
Shares: 65,260,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: American Tower Corporation; 
Ticker: AMT; 
Market: NYSE; 
Date: 02/28/05; 
Shares: 230,158,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Brown Shoe Company, Inc; 
Ticker: BWS; 
Market: NYSE; 
Date: 02/28/05; 
Shares: 18,808,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Build-A-Bear Workshop, Inc; 
Ticker: BBW; 
Market: NYSE; 
Date: 02/28/05; 
Shares: 20,123,927; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Calton, Inc; 
Ticker: CTON; 
Market: OTC; 
Date: 02/28/05; 
Shares: 9,373,000; 
Prompter: Company; 
Reason 1: Other; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: CAS Medical Systems, Inc; 
Ticker: CAMY; 
Market: OTC; 
Date: 02/28/05; 
Shares: 11,435,494; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: GulfWest Energy Inc; 
Ticker: GULF; 
Market: OTC; 
Date: 02/28/05; 
Shares: 31,618,275; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Macrovision Corporation; 
Ticker: MVSN; 
Market: Nasdaq; 
Date: 02/28/05; 
Shares: 51,341,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Midwest Banc Holdings, Inc; 
Ticker: MBHI; 
Market: Nasdaq; 
Date: 02/28/05; 
Shares: 18,439,000; 
Prompter: Auditor; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Providian Financial Corporation; 
Ticker: PVN; 
Market: NYSE; 
Date: 02/28/05; 
Shares: 340,436,000; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Tractor Supply Company; 
Ticker: TSCO; 
Market: Nasdaq; 
Date: 02/28/05; 
Shares: 40,914,000; 
Prompter: SEC; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Willbros Group Inc; 
Ticker: WG; 
Market: NYSE; 
Date: 02/ 28/05; 
Shares: 21,250,257; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: Related Party Transaction; 
Reason 3: Other. 

Company Name: Curtiss-Wright Corporation; 
Ticker: CW; 
Market: NYSE; 
Date: 03/01/05; 
Shares: 12,673,912; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Halliburton Company; 
Ticker: HAL; 
Market: NYSE; 
Date: 03/ 01/05; 
Shares: 510,000,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Nektar Therapeutics; 
Ticker: NKTR; 
Market: Nasdaq; 
Date: 03/01/05; 
Shares: 84,708,000; 
Prompter: Company; 
Reason 1: Reclassification; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Payless ShoeSource, Inc; 
Ticker: PSS; 
Market: NYSE; 
Date: 03/01/05; 
Shares: 68,020,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Red Robin Gourmet Burgers, Inc; 
Ticker: RRGB; 
Market: Nasdaq; 
Date: 03/01/05; 
Shares: 16,406,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Savannah Electric Power Co; 
Ticker: SZH; 
Market: NYSE; 
Date: 03/01/05; 
Shares: 10,844,635; 
Prompter: Unknown; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Talk America Holdings, Inc; 
Ticker: TALK; 
Market: Nasdaq; 
Date: 03/01/05; 
Shares: 27,813,000; 
Prompter: SEC; 
Reason 1: Reclassification; 
Reason 2: Restructuring, Assets or Inventory; 
Reason 3: [Empty]. 

Company Name: American Eagle Outfitters, Inc; 
Ticker: AEOS; 
Market: Nasdaq; 
Date: 03/02/05; 
Shares: 156,109,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Collins Industries, Inc; 
Ticker: COLL; 
Market: Nasdaq; 
Date: 03/02/05; 
Shares: 6,178,537; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Global Signal Inc; 
Ticker: GSL; 
Market: NYSE; 
Date: 03/ 02/05; 
Shares: 53,935,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Hot Topic, Inc; 
Ticker: HOTT; 
Market: Nasdaq; 
Date: 03/ 02/05; 
Shares: 47,875,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Jo-Ann Stores, Inc; 
Ticker: JAS; 
Market: NYSE; 
Date: 03/ 02/05; 
Shares: 22,887,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Main Street Restaurant Group Inc; 
Ticker: MAIN; 
Market: Nasdaq; 
Date: 03/02/05; 
Shares: 14,856,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: New World Restaurant Group, Inc; 
Ticker: NWRG; 
Market: OTC; 
Date: 03/02/05; 
Shares: 9,842,414; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Regal Entertainment Group; 
Ticker: RGC; 
Market: NYSE; 
Date: 03/02/05; 
Shares: 149,220,000; 
Prompter: Unknown; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Shoe Pavilion, Inc; 
Ticker: SHOE; 
Market: Nasdaq; 
Date: 03/02/05; 
Shares: 6,909,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: SpectraSite, Inc; 
Ticker: SSI; 
Market: NYSE; 
Date: 03/ 02/05; 
Shares: 51,957,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Charlotte Russe Holding, Inc; 
Ticker: CHIC; 
Market: Nasdaq; 
Date: 03/03/05; 
Shares: 21,985,105; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Deutsche Telekom AG; 
Ticker: DT; 
Market: NYSE; 
Date: 03/ 03/05; 
Shares: 4,172,000,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Dollar General Corporation; 
Ticker: DG; 
Market: NYSE; 
Date: 03/03/05; 
Shares: 332,068,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: EGL, Inc; 
Ticker: EAGL; 
Market: Nasdaq; 
Date: 03/03/05; 
Shares: 52,595,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Friendly Ice Cream Corporation; 
Ticker: FRN; 
Market: Amex; 
Date: 03/03/05; 
Shares: 7,637,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Hercules Inc; 
Ticker: HPC; 
Market: NYSE; 
Date: 03/03/05; 
Shares: 109,000,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Pride International, Inc; 
Ticker: PDE; 
Market: NYSE; 
Date: 03/03/05; 
Shares: 158,648,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: Reclassification; 
Reason 3: [Empty]. 

Company Name: Ross Stores, Inc; 
Ticker: ROST; 
Market: Nasdaq; 
Date: 03/03/05; 
Shares: 148,464,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Saks, Inc; 
Ticker: SKS; 
Market: NYSE; 
Date: 03/03/05; 
Shares: 143,739,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: Cost or Expense; 
Reason 3: [Empty]. 

Company Name: The SCO Group, Inc; 
Ticker: SCOX; 
Market: Nasdaq; 
Date: 03/03/05; 
Shares: 17,751,000; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Terex Corporation; 
Ticker: TEX; 
Market: NYSE; 
Date: 03/ 03/05; 
Shares: 51,100,000; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: The Buckle, Inc; 
Ticker: BKE; 
Market: NYSE; 
Date: 03/03/ 05; 
Shares: 21,508,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: The Children's Place Retail Stores, Inc; 
Ticker: PLCE; 
Market: Nasdaq; 
Date: 03/03/05; 
Shares: 28,611,000; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: The Warnaco Group, Inc; 
Ticker: WRNC; 
Market: Nasdaq; 
Date: 03/03/05; 
Shares: 46,422,928; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Crown Resources Corporation; 
Ticker: CRCE; 
Market: OTC; 
Date: 03/04/05; 
Shares: 45,264,000; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Delphi Corporation; 
Ticker: DPH; 
Market: NYSE; 
Date: 03/ 04/05; 
Shares: 555,242,000; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: Cost or Expense; 
Reason 3: [Empty]. 

Company Name: Duquesne Light Holdings, Inc; 
Ticker: DQE; 
Market: NYSE; 
Date: 03/04/05; 
Shares: 78,400,000; 
Prompter: SEC; 
Reason 1: Reclassification; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Office Depot, Inc; 
Ticker: ODP; 
Market: NYSE; 
Date: 03/ 04/05; 
Shares: 315,625,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: The Cheesecake Factory Inc; 
Ticker: CAKE; 
Market: Nasdaq; 
Date: 03/04/05; 
Shares: 79,925,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Buffalo Wild Wings, Inc; 
Ticker: BWLD; 
Market: Nasdaq; 
Date: 03/07/05; 
Shares: 8,603,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Citrix Systems, Inc; 
Ticker: CTXS; 
Market: Nasdaq; 
Date: 03/07/05; 
Shares: 174,734,000; 
Prompter: Unknown; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Computer Network Technology Corp; 
Ticker: CMNT; 
Market: Nasdaq; 
Date: 03/07/05; 
Shares: 27,981,000; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: NII Holdings, Inc; 
Ticker: NIHD; 
Market: Nasdaq; 
Date: 03/07/05; 
Shares: 85,815,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: Restructuring, Assets or Inventory; 
Reason 3: [Empty]. 

Company Name: The Kroger Company; 
Ticker: KR; 
Market: NYSE; 
Date: 03/ 07/05; 
Shares: 736,000,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Advent Software, Inc; 
Ticker: ADVS; 
Market: Nasdaq; 
Date: 03/08/05; 
Shares: 32,661,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: America West Holdings Corporation; 
Ticker: AWA; 
Market: NYSE; 
Date: 03/08/05; 
Shares: 62,372,000; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Harold's Stores, Inc; 
Ticker: HLD; 
Market: Amex; 
Date: 03/08/05; 
Shares: 17,644,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: MBIA, Inc; 
Ticker: MBI; 
Market: NYSE; 
Date: 03/08/05; 
Shares: 140,442,217; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: BJ's Restaurants, Inc; 
Ticker: BJRI; 
Market: Nasdaq; 
Date: 03/09/05; 
Shares: 21,666,000; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Blockbuster, Inc; 
Ticker: BBI; 
Market: NYSE; 
Date: 03/ 09/05; 
Shares: 183,700,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Books-A-Million, Inc; 
Ticker: BAMM; 
Market: Nasdaq; 
Date: 03/09/05; 
Shares: 16,922,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Coldwater Creek Inc; 
Ticker: CWTR; 
Market: Nasdaq; 
Date: 03/09/05; 
Shares: 60,495,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Gander Mountain Company; 
Ticker: GMTN; 
Market: Nasdaq; 
Date: 03/09/05; 
Shares: 14,235,000; 
Prompter: SEC; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Interlink Electronics, Inc; 
Ticker: LINK; 
Market: Nasdaq; 
Date: 03/09/05; 
Shares: 13,692,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: Restructuring, Assets or Inventory; 
Reason 3: [Empty]. 

Company Name: 7-Eleven, Inc; 
Ticker: SE; 
Market: NYSE; 
Date: 03/10/05; 
Shares: 130,510,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Credit Acceptance Corporation; 
Ticker: CACC; 
Market: Nasdaq; 
Date: 03/10/05; 
Shares: 39,457,287; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Linens'n Things, Inc; 
Ticker: LIN; 
Market: NYSE; 
Date: 03/10/05; 
Shares: 45,685,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: Reclassification; 
Reason 3: [Empty]. 

Company Name: Marlin Business Services Corporation; 
Ticker: MRLN; 
Market: Nasdaq; 
Date: 03/10/05; 
Shares: 11,842,236; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Nabi Biopharmaceuticals; 
Ticker: NABI; 
Market: Nasdaq; 
Date: 03/10/05; 
Shares: 59,530,000; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Ramco-Gershenson Properties Trust; 
Ticker: RPT; 
Market: NYSE; 
Date: 03/10/05; 
Shares: 16,877,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Sipex Corporation; 
Ticker: SIPX; 
Market: Nasdaq; 
Date: 03/10/05; 
Shares: 33,707,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Stage Stores, Incorporated; 
Ticker: STGS; 
Market: Nasdaq; 
Date: 03/10/05; 
Shares: 18,311,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: The Sports Authority, Inc; 
Ticker: TSA; 
Market: NYSE; 
Date: 03/10/05; 
Shares: 26,412,279; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: AirNet Communications Corporation; 
Ticker: ANCC; 
Market: Nasdaq; 
Date: 03/11/05; 
Shares: 12,476,113; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Flagstar Bancorp, Inc; 
Ticker: FBC; 
Market: NYSE; 
Date: 03/11/05; 
Shares: 63,899,000; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: Revenue; 
Reason 3: [Empty]. 

Company Name: Nextel Partners, Inc; 
Ticker: NXTP; 
Market: Nasdaq; 
Date: 03/11/05; 
Shares: 304,985,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: North American Scientific Inc; 
Ticker: NASI; 
Market: Nasdaq; 
Date: 03/11/05; 
Shares: 16,256,775; 
Prompter: Company; 
Reason 1: Acquisition or Merger; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Service Corporation International; 
Ticker: SCI; 
Market: NYSE; 
Date: 03/11/05; 
Shares: 317,751,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: Cost or Expense; 
Reason 3: [Empty]. 

Company Name: The Phoenix Companies, Inc; 
Ticker: PNX; 
Market: NYSE; 
Date: 03/11/05; 
Shares: 100,800,000; 
Prompter: Unknown; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: USEC, Inc; 
Ticker: USU; 
Market: NYSE; 
Date: 03/11/05; 
Shares: 86,000,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: Cost or Expense; 
Reason 3: [Empty]. 

Company Name: Baxter International Inc; 
Ticker: BAX; 
Market: NYSE; 
Date: 03/14/05; 
Shares: 623,000,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Chordiant Software, Inc; 
Ticker: CHRD; 
Market: Nasdaq; 
Date: 03/14/05; 
Shares: 74,745,000; 
Prompter: Company; 
Reason 1: Other; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Coeur d'Alene Mines Corporation; 
Ticker: CDE; 
Market: NYSE; 
Date: 03/14/05; 
Shares: 239,985,000; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Countrywide Financial Corporation; 
Ticker: CFC; 
Market: NYSE; 
Date: 03/14/05; 
Shares: 610,676,000; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: IWO Holdings, Inc; 
Ticker: IWHD; 
Market: OTC; 
Date: 03/ 14/05; 
Shares: 5,000,005; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Pulitzer Inc; 
Ticker: PTZ; 
Market: NYSE; 
Date: 03/14/05; 
Shares: 22,138,000; 
Prompter: Company; 
Reason 1: Reclassification; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: United Rentals, Inc; 
Ticker: URI; 
Market: NYSE; 
Date: 03/14/05; 
Shares: 109,792,632; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: AMCOL International Corporation; 
Ticker: ACO; 
Market: NYSE; 
Date: 03/15/05; 
Shares: 30,769,482; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: Other; 
Reason 3: [Empty]. 

Company Name: Aspen Technology, Inc; 
Ticker: AZPNE; 
Market: Nasdaq; 
Date: 03/15/05; 
Shares: 42,639,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Autobytel, Inc; 
Ticker: ABTLE; 
Market: Nasdaq; 
Date: 03/ 15/05; 
Shares: 41,905,848; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: Cost or Expense; 
Reason 3: [Empty]. 

Company Name: Cache, Inc; 
Ticker: CACH; 
Market: Nasdaq; 
Date: 03/15/ 05; 
Shares: 16,004,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Cato Corporation; 
Ticker: CTR; 
Market: NYSE; 
Date: 03/15/ 05; 
Shares: 21,195,426; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: CharterMac; 
Ticker: CHC; 
Market: Amex; 
Date: 03/15/05; 
Shares: 55,147,000; 
Prompter: Unknown; 
Reason 1: Acquisition or Merger; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Clean Harbors, Inc; 
Ticker: CLHB; 
Market: Nasdaq; 
Date: 03/15/05; 
Shares: 18,072,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Covansys Corporation; 
Ticker: CVNS; 
Market: Nasdaq; 
Date: 03/15/05; 
Shares: 29,971,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Edge Petroleum; 
Ticker: EPEX; 
Market: Nasdaq; 
Date: 03/ 15/05; 
Shares: 17,692,122; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Fiberstars, Inc; 
Ticker: FBST; 
Market: Nasdaq; 
Date: 03/ 15/05; 
Shares: 7,269,000; 
Prompter: Unknown; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Harris & Harris Group, Inc; 
Ticker: TINY; 
Market: Nasdaq; 
Date: 03/15/05; 
Shares: 17,248,845; 
Prompter: Company; 
Reason 1: Other; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Retail Ventures Inc; 
Ticker: RVI; 
Market: NYSE; 
Date: 03/15/05; 
Shares: 36,164,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: United Mobile Homes Inc; 
Ticker: UMH; 
Market: Amex; 
Date: 03/15/05; 
Shares: 9,248,171; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: WatchGuard Technologies, Inc; 
Ticker: WGRD; 
Market: Nasdaq; 
Date: 03/15/05; 
Shares: 33,717,000; 
Prompter: Company and Auditor; 
Reason 1: Reclassification; 
Reason 2: Cost or Expense; 
Reason 3: Revenue. 

Company Name: Zi Corporation; 
Ticker: ZICA; 
Market: Nasdaq; 
Date: 03/ 15/05; 
Shares: 41,373,309; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Alcan Inc; 
Ticker: AL; 
Market: NYSE; 
Date: 03/16/05; 
Shares: 370,037,313; 
Prompter: Company; 
Reason 1: Acquisition or Merger; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: The Allied Defense Group, Inc; 
Ticker: ADG; 
Market: Amex; 
Date: 03/16/05; 
Shares: 5,609,351; 
Prompter: Auditor; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Apex Silver Mines Ltd; 
Ticker: SIL; 
Market: Amex; 
Date: 03/16/05; 
Shares: 47,681,043; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: Restructuring, Assets or Inventory; 
Reason 3: [Empty]. 

Company Name: Bowne & Company, Inc; 
Ticker: BNE; 
Market: NYSE; 
Date: 03/16/05; 
Shares: 35,355,150; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Eastman Kodak Company; 
Ticker: EK; 
Market: NYSE; 
Date: 03/16/05; 
Shares: 286,800,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: El Paso Corporation; 
Ticker: EP; 
Market: NYSE; 
Date: 03/ 16/05; 
Shares: 639,000,000; 
Prompter: Company and Auditor; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Fossil, Inc; 
Ticker: FOSL; 
Market: Nasdaq; 
Date: 03/16/ 05; 
Shares: 74,462,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: General Motors Corporation; 
Ticker: GM; 
Market: NYSE; 
Date: 03/16/05; 
Shares: 567,000,000; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: Cost or Expense; 
Reason 3: Revenue. 

Company Name: Goody's Family Clothing Inc; 
Ticker: GDYS; 
Market: Nasdaq; 
Date: 03/16/05; 
Shares: 32,917,000; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Grant Prideco, Inc; 
Ticker: GRP; 
Market: NYSE; 
Date: 03/ 16/05; 
Shares: 126,091,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Luby's Inc; 
Ticker: LUB; 
Market: NYSE; 
Date: 03/16/05; 
Shares: 26,671,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Outback Steakhouse, Inc; 
Ticker: OSI; 
Market: NYSE; 
Date: 03/16/05; 
Shares: 77,604,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: Reclassification; 
Reason 3: [Empty]. 

Company Name: S&K Famous Brands, Inc; 
Ticker: SKFB; 
Market: Nasdaq; 
Date: 03/16/05; 
Shares: 2,657,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Sterling Bancorp; 
Ticker: STL; 
Market: NYSE; 
Date: 03/16/ 05; 
Shares: 18,926,688; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: Other; 
Reason 3: [Empty]. 

Company Name: Visteon Corporation; 
Ticker: VC; 
Market: NYSE; 
Date: 03/ 16/05; 
Shares: 125,600,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Brigham Exploration Company; 
Ticker: BEXP; 
Market: Nasdaq; 
Date: 03/17/05; 
Shares: 43,166,000; 
Prompter: Company and Auditor; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Cost Plus, Inc; 
Ticker: CPWM; 
Market: Nasdaq; 
Date: 03/ 17/05; 
Shares: 21,914,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Interpool, Inc; 
Ticker: IPX; 
Market: NYSE; 
Date: 03/17/ 05; 
Shares: 33,193,000; 
Prompter: Company and Auditor; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Kirkland's Inc; 
Ticker: KIRK; 
Market: Nasdaq; 
Date: 03/ 17/05; 
Shares: 19,290,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: P.F. Chang's China Bistro, Inc; 
Ticker: PFCB; 
Market: Nasdaq; 
Date: 03/17/05; 
Shares: 26,575,000; 
Prompter: Company and Auditor; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Rite Aid Corporation; 
Ticker: RAD; 
Market: NYSE; 
Date: 03/17/05; 
Shares: 634,062,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: The AES Corporation; 
Ticker: AES; 
Market: NYSE; 
Date: 03/ 17/05; 
Shares: 660,000,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: Reclassification; 
Reason 3: Other. 

Company Name: ViryaNet, Ltd; 
Ticker: VRYA; 
Market: Nasdaq; 
Date: 03/ 17/05; 
Shares: 4,888,062; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: California Pizza Kitchen, Inc; 
Ticker: CPKI; 
Market: Nasdaq; 
Date: 03/18/05; 
Shares: 19,596,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: The Oilgear Company; 
Ticker: OLGR; 
Market: Nasdaq; 
Date: 03/18/05; 
Shares: 2,018,501; 
Prompter: Company; 
Reason 1: Other; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: World Fuel Services Corporation; 
Ticker: INT; 
Market: NYSE; 
Date: 03/18/05; 
Shares: 23,454,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: Cost or Expense; 
Reason 3: [Empty]. 

Company Name: Infodata Systems Inc; 
Ticker: INFD; 
Market: OTC; 
Date: 03/21/05; 
Shares: 5,303,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: New Brunswick Scientific Company, Inc; 
Ticker: NBSC; 
Market: Nasdaq; 
Date: 03/21/05; 
Shares: 8,990,000; 
Prompter: Unknown; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Walgreen Company; 
Ticker: WAG; 
Market: NYSE; 
Date: 03/21/ 05; 
Shares: 1,029,600,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Checkers Drive-In Restaurants, Inc; 
Ticker: CHKR; 
Market: Nasdaq; 
Date: 03/22/05; 
Shares: 12,266,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Family Dollar Stores, Inc; 
Ticker: FDO; 
Market: NYSE; 
Date: 03/22/05; 
Shares: 168,361,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Fred's Inc; 
Ticker: FRED; 
Market: Nasdaq; 
Date: 03/22/ 05; 
Shares: 39,532,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: The Bombay Company, Inc; 
Ticker: BBA; 
Market: NYSE; 
Date: 03/22/05; 
Shares: 35,939,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Empire Financial Holding Company; 
Ticker: EFH; 
Market: Amex; 
Date: 03/23/05; 
Shares: 3,945,922; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: NetSol Technologies, Inc; 
Ticker: NTWK; 
Market: Nasdaq; 
Date: 03/23/05; 
Shares: 15,642,430; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: Cost or Expense; 
Reason 3: [Empty]. 

Company Name: The Finish Line, Inc; 
Ticker: FINL; 
Market: Nasdaq; 
Date: 03/23/05; 
Shares: 49,903,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: ConAgra Foods, Inc; 
Ticker: CAG; 
Market: NYSE; 
Date: 03/ 24/05; 
Shares: 520,200,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Genesco Inc; 
Ticker: GCO; 
Market: NYSE; 
Date: 03/24/05; 
Shares: 26,377,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Solectron Corporation; 
Ticker: SLR; 
Market: NYSE; 
Date: 03/24/05; 
Shares: 977,100,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Worldwide Restaurant Concepts, Inc; 
Ticker: SZ; 
Market: NYSE; 
Date: 03/24/05; 
Shares: 27,648,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: First Industrial Realty Trust, Inc; 
Ticker: FR; 
Market: NYSE; 
Date: 03/28/05; 
Shares: 42,466,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Larrea Biosciences Corporation; 
Ticker: LRRA; 
Market: OTC; 
Date: 03/28/05; 
Shares: 19,483,415; 
Prompter: Unknown; 
Reason 1: Acquisition or Merger; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: McCormick & Schmick's Seafood Restaurants, Inc; 
Ticker: MSSR; 
Market: Nasdaq; 
Date: 03/28/05; 
Shares: 13,959,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Penton Media, Inc; 
Ticker: PTON; 
Market: OTC; 
Date: 03/ 28/05; 
Shares: 34,489,000; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: Other; 
Reason 3: [Empty]. 

Company Name: The Rowe Companies; 
Ticker: ROW; 
Market: Amex; 
Date: 03/ 28/05; 
Shares: 13,274,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Heritage Bankshares, Inc; 
Ticker: HBKS; 
Market: OTC; 
Date: 03/29/05; 
Shares: 1,766,778; 
Prompter: Unknown; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Lingo Media Inc; 
Ticker: LNGMF; 
Market: OTC; 
Date: 03/ 29/05; 
Shares: 23,992,239; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: CSK Auto Corporation; 
Ticker: CAO; 
Market: NYSE; 
Date: 03/30/05; 
Shares: 45,494,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Nara Bancorp, Inc; 
Ticker: NARA; 
Market: Nasdaq; 
Date: 03/30/05; 
Shares: 24,669,721; 
Prompter: Company; 
Reason 1: Related Party Transaction; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Navigant International, Inc; 
Ticker: FLYR; 
Market: Nasdaq; 
Date: 03/30/05; 
Shares: 19,840,000; 
Prompter: Company; 
Reason 1: Acquisition or Merger; 
Reason 2: Cost or Expense; 
Reason 3: [Empty]. 

Company Name: Protein Polymer Technologies, Inc; 
Ticker: PPTI; 
Market: OTC; 
Date: 03/30/05; 
Shares: 40,294,220; 
Prompter: Auditor; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Steelcase Inc; 
Ticker: SCS; 
Market: NYSE; 
Date: 03/30/ 05; 
Shares: 148,200,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: Securities Related; 
Reason 3: [Empty]. 

Company Name: The Allied Defense Group, Inc; 
Ticker: ADG; 
Market: Amex; 
Date: 03/31/05; 
Shares: 5,609,351; 
Prompter: Auditor; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Dick's Sporting Goods, Inc; 
Ticker: DKS; 
Market: NYSE; 
Date: 03/31/05; 
Shares: 49,054,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Elamex, S.A. de C.V; 
Ticker: ELAM; 
Market: Nasdaq; 
Date: 03/31/05; 
Shares: 7,502,561; 
Prompter: Unknown; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Grill Concepts, Inc; 
Ticker: GRIL; 
Market: Nasdaq; 
Date: 03/31/05; 
Shares: 5,608,541; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: Cost or Expense; 
Reason 3: [Empty]. 

Company Name: Origen Financial, Inc; 
Ticker: ORGN; 
Market: Nasdaq; 
Date: 03/31/05; 
Shares: 25,016,254; 
Prompter: Auditor; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Pemco Aviation Group, Inc; 
Ticker: PAGI; 
Market: Nasdaq; 
Date: 03/31/05; 
Shares: 4,411,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Burke Mills, Inc; 
Ticker: BMLS; 
Market: OTC; 
Date: 04/ 01/05; 
Shares: 2,741,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Dave & Busterís, Inc; 
Ticker: DAB; 
Market: NYSE; 
Date: 04/01/05; 
Shares: 16,540,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Diedrich Coffee, Inc; 
Ticker: DDRX; 
Market: Nasdaq; 
Date: 04/01/05; 
Shares: 5,368,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: National R.V. Holdings, Inc; 
Ticker: NVH; 
Market: NYSE; 
Date: 04/01/05; 
Shares: 10,339,000; 
Prompter: SEC; 
Reason 1: Cost or Expense; 
Reason 2: Revenue; 
Reason 3: [Empty]. 

Company Name: Star Buffet, Inc; 
Ticker: STRZ; 
Market: Nasdaq; 
Date: 04/01/05; 
Shares: 2,950,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Back Yard Burgers, Inc; 
Ticker: BYBI; 
Market: Nasdaq; 
Date: 04/04/05; 
Shares: 5,096,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Christopher & Banks Corporation; 
Ticker: CBK; 
Market: NYSE; 
Date: 04/04/05; 
Shares: 36,825,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: Reclassification; 
Reason 3: [Empty]. 

Company Name: Foamex International, Inc; 
Ticker: FMXI; 
Market: Nasdaq; 
Date: 04/04/05; 
Shares: 24,444,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Burlington Coat Factory; 
Ticker: BCF; 
Market: NYSE; 
Date: 04/05/05; 
Shares: 44,750,045; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: RADVISION Ltd; 
Ticker: RVSN; 
Market: Nasdaq; 
Date: 04/ 06/05; 
Shares: 21,399,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Signet Group plc; 
Ticker: SIG; 
Market: NYSE; 
Date: 04/06/ 05; 
Shares: 173,760,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: Cost or Expense; 
Reason 3: [Empty]. 

Company Name: El Paso Corporation; 
Ticker: EP; 
Market: NYSE; 
Date: 04/ 07/05; 
Shares: 639,000,000; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Interleukin Genetics, Inc; 
Ticker: ILGN; 
Market: OTC; 
Date: 04/07/05; 
Shares: 23,482,642; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: Cost or Expense; 
Reason 3: [Empty]. 

Company Name: NetGuru, Inc; 
Ticker: NGRU; 
Market: Nasdaq; 
Date: 04/07/ 05; 
Shares: 18,857,866; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: Reclassification; 
Reason 3: [Empty]. 

Company Name: 99 Cents Only Stores; 
Ticker: NDN; 
Market: NYSE; 
Date: 04/08/05; 
Shares: 71,016,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Richardson Electronics, Ltd; 
Ticker: RELL; 
Market: Nasdaq; 
Date: 04/08/05; 
Shares: 17,299,000; 
Prompter: Company; 
Reason 1: Other; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Sharper Image Corporation; 
Ticker: SHRP; 
Market: Nasdaq; 
Date: 04/08/05; 
Shares: 16,290,060; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Internet Initiative Japan Inc; 
Ticker: IIJI; 
Market: Nasdaq; 
Date: 04/10/05; 
Shares: 76,624,000; 
Prompter: SEC; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Ruby Tuesday, Inc; 
Ticker: RI; 
Market: NYSE; 
Date: 04/ 11/05; 
Shares: 65,063,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Conversion Services International, Inc; 
Ticker: CSII; 
Market: OTC; 
Date: 04/12/05; 
Shares: 772,974,953; 
Prompter: SEC; 
Reason 1: Acquisition or Merger; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: American Home Mortgage Investment Corporation; 
Ticker: AHM; 
Market: NYSE; 
Date: 04/13/05; 
Shares: 40,886,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Bluebook International, Inc; 
Ticker: BBKH; 
Market: OTC; 
Date: 04/13/05; 
Shares: 8,760,221; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Distribution and Service D&S Inc; 
Ticker: DYS; 
Market: NYSE; 
Date: 04/13/05; 
Shares: 108,666,667; 
Prompter: SEC; 
Reason 1: Other; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Gottschalks, Inc; 
Ticker: GOT; 
Market: NYSE; 
Date: 04/ 13/05; 
Shares: 13,352,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Regis Corporation; 
Ticker: RGS; 
Market: NYSE; 
Date: 04/ 13/05; 
Shares: 44,770,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: The Children's Place Retail Stores, Inc; 
Ticker: PLCE; 
Market: Nasdaq; 
Date: 04/13/05; 
Shares: 28,611,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: CKE Restaurants, Inc; 
Ticker: CKR; 
Market: NYSE; 
Date: 04/14/05; 
Shares: 73,693,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Dollar Tree Stores, Inc; 
Ticker: DLTR; 
Market: Nasdaq; 
Date: 04/14/05; 
Shares: 111,802,000; 
Prompter: SEC; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: The Menís Wearhouse, Inc; 
Ticker: MW; 
Market: NYSE; 
Date: 04/14/05; 
Shares: 37,223,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Vimpel-Communications; 
Ticker: VIP; 
Market: NYSE; 
Date: 04/14/05; 
Shares: 204,090,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: AaiPharma, Inc; 
Ticker: AAII; 
Market: Nasdaq; 
Date: 04/ 15/05; 
Shares: 28,565,000; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Apogee Technology, Inc; 
Ticker: ATA; 
Market: Amex; 
Date: 04/15/05; 
Shares: 11,838,332; 
Prompter: Auditor; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Global Matrechs, Inc; 
Ticker: GMTH; 
Market: OTC; 
Date: 04/15/05; 
Shares: 16,790,165; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: MarkWest Hydrocarbon, Inc; 
Ticker: MWP; 
Market: Amex; 
Date: 04/15/05; 
Shares: 10,740,000; 
Prompter: Company; 
Reason 1: Related Party Transaction; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: CSK Auto Corporation; 
Ticker: CAO; 
Market: NYSE; 
Date: 04/18/05; 
Shares: 45,494,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Doral Financial Corporation; 
Ticker: DRL; 
Market: NYSE; 
Date: 04/19/05; 
Shares: 111,070,048; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Taser International, Inc; 
Ticker: TASR; 
Market: Nasdaq; 
Date: 04/19/05; 
Shares: 63,951,739; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: The Neiman Marcus Group, Inc; 
Ticker: NMG; 
Market: NYSE; 
Date: 04/19/05; 
Shares: 49,695,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: BearingPoint, Inc; 
Ticker: BE; 
Market: NYSE; 
Date: 04/ 20/05; 
Shares: 197,039,303; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: Cost or Expense; 
Reason 3: [Empty]. 

Company Name: Ethan Allen Interiors Inc; 
Ticker: ETH; 
Market: NYSE; 
Date: 04/20/05; 
Shares: 36,148,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Bradley Pharmaceuticals, Inc; 
Ticker: BDY; 
Market: NYSE; 
Date: 04/21/05; 
Shares: 18,410,000; 
Prompter: Auditor; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Deb Shops, Inc; 
Ticker: DEBS; 
Market: Nasdaq; 
Date: 04/ 21/05; 
Shares: 13,753,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: Securities Related; 
Reason 3: [Empty]. 

Company Name: R&G Financial Corporation; 
Ticker: RGF; 
Market: NYSE; 
Date: 04/25/05; 
Shares: 51,364,805; 
Prompter: Company and Auditor; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: The Wet Seal, Inc; 
Ticker: WTSLA; 
Market: Nasdaq; 
Date: 04/25/05; 
Shares: 36,672,903; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Coherent, Inc; 
Ticker: COHR; 
Market: Nasdaq; 
Date: 04/ 26/05; 
Shares: 31,112,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Interleukin Genetics, Inc; 
Ticker: ILGN; 
Market: OTC; 
Date: 04/26/05; 
Shares: 23,482,642; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: Cost or Expense; 
Reason 3: [Empty]. 

Company Name: Kelly Services, Inc; 
Ticker: KELYA; 
Market: Nasdaq; 
Date: 04/26/05; 
Shares: 35,934,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: SonicWALL, Inc; 
Ticker: SNWL; 
Market: Nasdaq; 
Date: 04/ 26/05; 
Shares: 67,998,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Airspan Networks, Inc; 
Ticker: AIRN; 
Market: Nasdaq; 
Date: 04/27/05; 
Shares: 37,880,759; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: American Water Star, Inc; 
Ticker: AMW; 
Market: Amex; 
Date: 04/27/05; 
Shares: 77,020,086; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Scor; 
Ticker: SCO; 
Market: NYSE; 
Date: 04/29/05; 
Shares: 857,189,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: Reclassification; 
Reason 3: [Empty]. 

Company Name: Superclick, Inc; 
Ticker: SPCK; 
Market: OTC; 
Date: 04/29/ 05; 
Shares: 25,226,574; 
Prompter: SEC; 
Reason 1: Acquisition or Merger; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: American International Group, Inc; 
Ticker: AIG; 
Market: NYSE; 
Date: 05/01/05; 
Shares: 2,624,000,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: Reclassification; 
Reason 3: Securities Related. 

Company Name: Haverty Furniture Companies, Inc; 
Ticker: HVT; 
Market: NYSE; 
Date: 05/02/05; 
Shares: 22,913,000; 
Prompter: Company and Auditor; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: World Fuel Services Corporation; 
Ticker: INT; 
Market: NYSE; 
Date: 05/02/05; 
Shares: 23,977,000; 
Prompter: Company; 
Reason 1: Reclassification; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Carolina Group; 
Ticker: CG; 
Market: NYSE; 
Date: 05/03/05; 
Shares: 68,100,000; 
Prompter: Unknown; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: CNA Financial Corporation; 
Ticker: CNA; 
Market: NYSE; 
Date: 05/03/05; 
Shares: 256,000,000; 
Prompter: Unknown; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Macromedia, Inc; 
Ticker: MACR; 
Market: Nasdaq; 
Date: 05/ 03/05; 
Shares: 81,860,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Maxtor Corporation; 
Ticker: MXO; 
Market: NYSE; 
Date: 05/ 04/05; 
Shares: 251,595,181; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Photon Dynamics, Inc; 
Ticker: PHTN; 
Market: Nasdaq; 
Date: 05/04/05; 
Shares: 16,984,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Radiation Therapy Services; 
Ticker: RTSX; 
Market: Nasdaq; 
Date: 05/04/05; 
Shares: 23,630,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Whole Foods Market, Inc; 
Ticker: WFMI; 
Market: Nasdaq; 
Date: 05/04/05; 
Shares: 70,373,000; 
Prompter: SEC; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Cedar Fair, L.P; 
Ticker: FUN; 
Market: NYSE; 
Date: 05/05/ 05; 
Shares: 54,917,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: CellStar Corporation; 
Ticker: CLSTE; 
Market: Nasdaq; 
Date: 05/05/05; 
Shares: 20,367,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Rent-Way, Inc; 
Ticker: RWY; 
Market: NYSE; 
Date: 05/05/ 05; 
Shares: 26,250,000; 
Prompter: Company; 
Reason 1: Reclassification; 
Reason 2: Revenue; 
Reason 3: [Empty]. 

Company Name: W.P. Carey & Company LLC; 
Ticker: WPC; 
Market: NYSE; 
Date: 05/05/05; 
Shares: 39,017,636; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Brightpoint, Inc; 
Ticker: CELL; 
Market: NYSE; 
Date: 05/ 06/05; 
Shares: 18,230,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: Cost or Expense; 
Reason 3: [Empty]. 

Company Name: General Electric Company; 
Ticker: GE; 
Market: NYSE; 
Date: 05/06/05; 
Shares: 10,650,000,000; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: MarkWest Energy Partners L.P; 
Ticker: MWE; 
Market: Amex; 
Date: 05/06/05; 
Shares: 10,677,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: SEMCO Energy, Inc; 
Ticker: SEN; 
Market: NYSE; 
Date: 05/ 06/05; 
Shares: 28,494,000; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: The Great Atlantic & Pacific Tea Company, Inc; 
Ticker: GAP; 
Market: NYSE; 
Date: 05/06/05; 
Shares: 39,810,889; 
Prompter: Company and Auditor; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Leap Wireless International, Inc; 
Ticker: LEAP; 
Market: OTC; 
Date: 05/09/05; 
Shares: 60,242,000; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: Revenue; 
Reason 3: [Empty]. 

Company Name: May Department Stores Company; 
Ticker: MAY; 
Market: NYSE; 
Date: 05/09/05; 
Shares: 298,400,000; 
Prompter: Company; 
Reason 1: Reclassification; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: National Dentex Corporation; 
Ticker: NADX; 
Market: Nasdaq; 
Date: 05/09/05; 
Shares: 5,558,070; 
Prompter: Unknown; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Oppenheimer Holdings Inc; 
Ticker: OPY; 
Market: NYSE; 
Date: 05/09/05; 
Shares: 20,193,798; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Trikon Technologies, Inc; 
Ticker: TRKN; 
Market: Nasdaq; 
Date: 05/09/05; 
Shares: 15,755,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: Cost or Expense; 
Reason 3: [Empty]. 

Company Name: Central European Media Enterprises Ltd; 
Ticker: CETV; 
Market: Nasdaq; 
Date: 05/10/05; 
Shares: 35,145,000; 
Prompter: Unknown; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Indus International Inc; 
Ticker: IINT; 
Market: Nasdaq; 
Date: 05/10/05; 
Shares: 58,816,000; 
Prompter: Company and Auditor; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Outdoor Channel Holdings, Inc; 
Ticker: OUTD; 
Market: Nasdaq; 
Date: 05/10/05; 
Shares: 22,513,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Amkor Technology, Inc; 
Ticker: AMKR; 
Market: Nasdaq; 
Date: 05/11/05; 
Shares: 176,371,000; 
Prompter: Unknown; 
Reason 1: Reclassification; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Griffon Corporation; 
Ticker: GFF; 
Market: NYSE; 
Date: 05/ 11/05; 
Shares: 31,410,000; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Neenah Paper; 
Ticker: NP; 
Market: NYSE; 
Date: 05/11/05; 
Shares: 14,786,000; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Systemax Inc; 
Ticker: SYX; 
Market: NYSE; 
Date: 05/11/05; 
Shares: 35,500,000; 
Prompter: Unknown; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Encore Clean Energy, Inc; 
Ticker: ECLN; 
Market: OTC; 
Date: 05/12/05; 
Shares: 12,749,397; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: SRS Labs, Inc; 
Ticker: SRSL; 
Market: Nasdaq; 
Date: 05/ 12/05; 
Shares: 14,881,495; 
Prompter: Auditor; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Continucare Corporation; 
Ticker: CNU; 
Market: Amex; 
Date: 05/13/05; 
Shares: 52,006,064; 
Prompter: Unknown; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: World Health Alternatives, Inc; 
Ticker: WHAI; 
Market: OTC; 
Date: 05/13/05; 
Shares: 45,699,108; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Balsam Ventures, Inc; 
Ticker: BLSV; 
Market: OTC; 
Date: 05/16/05; 
Shares: 25,500,000; 
Prompter: Company and Auditor; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Brocade Communications Systems, Inc; 
Ticker: BRCD; 
Market: Nasdaq; 
Date: 05/16/05; 
Shares: 269,823,000; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: GlobalNet Corporation; 
Ticker: GLBTE; 
Market: OTC; 
Date: 05/16/05; 
Shares: 7,611,987,436; 
Prompter: Unknown; 
Reason 1: Acquisition or Merger; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Sports Chalet, Inc; 
Ticker: SPCH; 
Market: Nasdaq; 
Date: 05/16/05; 
Shares: 7,048,155; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: The Steak n Shake Company; 
Ticker: SNS; 
Market: NYSE; 
Date: 05/16/05; 
Shares: 28,102,280; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: U.S. Energy Systems, Inc; 
Ticker: USEY; 
Market: Nasdaq; 
Date: 05/16/05; 
Shares: 17,091,000; 
Prompter: Unknown; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: International Assets Holding Corporation; 
Ticker: IAAC; 
Market: Nasdaq; 
Date: 05/17/05; 
Shares: 8,013,195; 
Prompter: Unknown; 
Reason 1: Securities Related; 
Reason 2: Cost or Expense; 
Reason 3: [Empty]. 

Company Name: Lumenis, Ltd; 
Ticker: LUME; 
Market: OTC; 
Date: 05/17/05; 
Shares: 37,277,000; 
Prompter: Company and Auditor; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Phoenix Footwear Group, Inc; 
Ticker: PXG; 
Market: Amex; 
Date: 05/17/05; 
Shares: 7,630,056; 
Prompter: Auditor; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: RAE Systems Inc; 
Ticker: RAE; 
Market: Amex; 
Date: 05/17/ 05; 
Shares: 57,649,477; 
Prompter: Company and Auditor; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Winnebago Industries, Inc; 
Ticker: WGO; 
Market: NYSE; 
Date: 05/17/05; 
Shares: 33,747,000; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: National R.V. Holdings, Inc; 
Ticker: NVH; 
Market: NYSE; 
Date: 05/18/05; 
Shares: 10,339,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Touchstone Applied Science Associates, Inc; 
Ticker: TASA; 
Market: OTC; 
Date: 05/18/05; 
Shares: 2,976,518; 
Prompter: Company; 
Reason 1: Reclassification; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: VCG Holding Corporation; 
Ticker: PTT; 
Market: Amex; 
Date: 05/18/05; 
Shares: 8,428,010; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: BIOLASE Technology, Inc; 
Ticker: BLTI; 
Market: Nasdaq; 
Date: 05/19/05; 
Shares: 22,969,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Yak Communications Inc; 
Ticker: YAKC; 
Market: Nasdaq; 
Date: 05/19/05; 
Shares: 12,901,000; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Carrier Access Corporation; 
Ticker: CACS; 
Market: Nasdaq; 
Date: 05/20/05; 
Shares: 34,663,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Ligand Pharmaceuticals, Inc; 
Ticker: LGNDE; 
Market: Nasdaq; 
Date: 05/20/05; 
Shares: 74,036,753; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Zoltek Companies, Inc; 
Ticker: ZOLT; 
Market: Nasdaq; 
Date: 05/20/05; 
Shares: 20,810,000; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Bioenvision, Inc; 
Ticker: BIVN; 
Market: Nasdaq; 
Date: 05/23/05; 
Shares: 34,042,391; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Ballistic Recovery Systems, Inc; 
Ticker: BRSI; 
Market: OTC; 
Date: 05/24/05; 
Shares: 7,741,802; 
Prompter: SEC; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Maxtor Corporation; 
Ticker: MXO; 
Market: NYSE; 
Date: 05/ 24/05; 
Shares: 251,595,181; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: Restructuring, Assets or Inventory; 
Reason 3: [Empty]. 

Company Name: Monro Muffler Brake, Inc; 
Ticker: MNRO; 
Market: Nasdaq; 
Date: 05/24/05; 
Shares: 14,866,000; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: AMCON Distributing Company; 
Ticker: DIT; 
Market: Amex; 
Date: 05/25/05; 
Shares: 549,264; 
Prompter: SEC; 
Reason 1: Reclassification; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Longview Fibre Company; 
Ticker: LFB; 
Market: NYSE; 
Date: 05/25/05; 
Shares: 51,077,000; 
Prompter: Unknown; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Computer Associates International, Inc; 
Ticker: CA; 
Market: NYSE; 
Date: 05/26/05; 
Shares: 611,000,000; 
Prompter: SEC; 
Reason 1: Other; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Highwoods Properties, Inc; 
Ticker: HIW; 
Market: NYSE; 
Date: 05/26/05; 
Shares: 60,024,000; 
Prompter: SEC; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: BioSource International, Inc; 
Ticker: BIOIE; 
Market: Nasdaq; 
Date: 05/27/05; 
Shares: 9,812,000; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Intricon Corporation; 
Ticker: IIN; 
Market: Amex; 
Date: 06/01/05; 
Shares: 5,129,214; 
Prompter: Company; 
Reason 1: IP R&D; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Mobile TeleSystems OJSC; 
Ticker: MBT; 
Market: NYSE; 
Date: 06/01/05; 
Shares: 396,899,470; 
Prompter: SEC; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Navarre Corporation; 
Ticker: NAVR; 
Market: Nasdaq; 
Date: 06/02/05; 
Shares: 30,031,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: Reclassification; 
Reason 3: [Empty]. 

Company Name: Metromedia International Group, Inc; 
Ticker: MTRM; 
Market: OTC; 
Date: 06/03/05; 
Shares: 94,035,000; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Saks, Inc; 
Ticker: SKS; 
Market: NYSE; 
Date: 06/03/05; 
Shares: 145,005,000; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Next Generation Media Corporation; 
Ticker: NGMC; 
Market: OTC; 
Date: 06/06/05; 
Shares: 14,213,397; 
Prompter: Unknown; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: OCA, Inc; 
Ticker: OCA; 
Market: NYSE; 
Date: 06/07/05; 
Shares: 50,145,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Stewart Enterprises, Inc; 
Ticker: STEI; 
Market: Nasdaq; 
Date: 06/07/05; 
Shares: 109,266,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: American Retirement Corporation; 
Ticker: ACR; 
Market: NYSE; 
Date: 06/08/05; 
Shares: 32,331,000; 
Prompter: Company and Auditor; 
Reason 1: Reclassification; 
Reason 2: Cost or Expense; 
Reason 3: [Empty]. 

Company Name: H&R Block, Inc; 
Ticker: HRB; 
Market: NYSE; 
Date: 06/08/ 05; 
Shares: 330,714,000; 
Prompter: Company; 
Reason 1: Acquisition or Merger; 
Reason 2: Revenue; 
Reason 3: Cost or Expense. 

Company Name: Vornado Realty Trust; 
Ticker: VNO; 
Market: NYSE; 
Date: 06/08/05; 
Shares: 142,813,000; 
Prompter: Company; 
Reason 1: Reclassification; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Rotech Healthcare, Inc; 
Ticker: ROHI; 
Market: OTC; 
Date: 06/09/05; 
Shares: 25,947,916; 
Prompter: Company; 
Reason 1: Other; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: The Children's Place Retail Stores, Inc; 
Ticker: PLCE; 
Market: Nasdaq; 
Date: 06/09/05; 
Shares: 28,611,000; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: Cost or Expense; 
Reason 3: [Empty]. 

Company Name: Polo Ralph Lauren Corporation; 
Ticker: RL; 
Market: NYSE; 
Date: 06/10/05; 
Shares: 105,491,000; 
Prompter: SEC; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Superclick, Inc; 
Ticker: SPCK; 
Market: OTC; 
Date: 06/13/ 05; 
Shares: 25,684,684; 
Prompter: SEC; 
Reason 1: Revenue; 
Reason 2: Acquisition or Merger; 
Reason 3: Securities Related. 

Company Name: Commerce Energy Group, Inc; 
Ticker: EGR; 
Market: Amex; 
Date: 06/14/05; 
Shares: 30,946,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Flamel Technologies S.A; 
Ticker: FLML; 
Market: Nasdaq; 
Date: 06/15/05; 
Shares: 23,559,000; 
Prompter: Unknown; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Pomeroy IT Solutions, Inc; 
Ticker: PMRY; 
Market: Nasdaq; 
Date: 06/15/05; 
Shares: 12,656,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Q.E.P. Company, Inc; 
Ticker: QEPC; 
Market: Nasdaq; 
Date: 06/15/05; 
Shares: 3,601,290; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: Other; 
Reason 3: [Empty]. 

Company Name: Security Capital Corporation; 
Ticker: SCC; 
Market: Amex; 
Date: 06/20/05; 
Shares: 6,861,000; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Vermont Pure Holdings Ltd; 
Ticker: VPS; 
Market: Amex; 
Date: 06/21/05; 
Shares: 21,641,358; 
Prompter: SEC; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Falcon Products Inc; 
Ticker: FCPR; 
Market: OTC; 
Date: 06/22/05; 
Shares: 9,831,000; 
Prompter: Company and Auditor; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: Revenue; 
Reason 3: [Empty]. 

Company Name: Q Comm International Inc; 
Ticker: QMM; 
Market: Amex; 
Date: 06/22/05; 
Shares: 5,448,827; 
Prompter: SEC; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Video Without Boundaries, Inc; 
Ticker: VDWB; 
Market: OTC; 
Date: 06/22/05; 
Shares: 65,604,126; 
Prompter: Unknown; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: Cost or Expense; 
Reason 3: Revenue. 

Company Name: TransTechnology Corporation; 
Ticker: TTLG; 
Market: OTC; 
Date: 06/23/05; 
Shares: 6,729,000; 
Prompter: Company; 
Reason 1: Reclassification; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Credit Acceptance Corporation; 
Ticker: CACCE; 
Market: Nasdaq; 
Date: 06/24/05; 
Shares: 39,064,886; 
Prompter: Auditor; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: The Sportsman's Guide, Inc; 
Ticker: SGDE; 
Market: Nasdaq; 
Date: 06/24/05; 
Shares: 8,175,000; 
Prompter: SEC; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Inverness Medical Innovations, Inc; 
Ticker: IMA; 
Market: Amex; 
Date: 06/28/05; 
Shares: 24,627,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: MicroIslet, Inc; 
Ticker: MII; 
Market: Amex; 
Date: 06/28/ 05; 
Shares: 39,943,912; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Anchor BanCorp Wisconsin, Inc; 
Ticker: ABCW; 
Market: Nasdaq; 
Date: 06/29/05; 
Shares: 22,221,209; 
Prompter: Auditor; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Asyst Technologies, Inc; 
Ticker: ASYT; 
Market: Nasdaq; 
Date: 06/29/05; 
Shares: 47,812,000; 
Prompter: Company; 
Reason 1: Related Party Transaction; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Computer Associates International, Inc; 
Ticker: CA; 
Market: NYSE; 
Date: 06/29/05; 
Shares: 611,000,000; 
Prompter: Company; 
Reason 1: Other; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: CPAC, Inc; 
Ticker: CPAK; 
Market: Nasdaq; 
Date: 06/30/05; 
Shares: 4,946,774; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Austral Pacific Energy Ltd; 
Ticker: AEN; 
Market: Amex; 
Date: 07/01/05; 
Shares: 18,666,127; 
Prompter: Auditor; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Koor Industries Ltd; 
Ticker: KOR; 
Market: NYSE; 
Date: 07/01/05; 
Shares: 78,583,625; 
Prompter: Auditor; 
Reason 1: Reclassification; 
Reason 2: Cost or Expense; 
Reason 3: [Empty]. 

Company Name: The Shaw Group, Inc; 
Ticker: SGR; 
Market: NYSE; 
Date: 07/06/05; 
Shares: 69,792,000; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: IKON Office Solutions; 
Ticker: IKN; 
Market: NYSE; 
Date: 07/08/05; 
Shares: 157,973,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: Other; 
Reason 3: [Empty]. 

Company Name: American Software, Inc; 
Ticker: AMSWA; 
Market: Nasdaq; 
Date: 07/12/05; 
Shares: 25,064,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: AdZone Research, Inc; 
Ticker: ADZR; 
Market: OTC; 
Date: 07/13/05; 
Shares: 102,941,956; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Willis Lease Finance Corporation; 
Ticker: WLFC; 
Market: Nasdaq; 
Date: 07/13/05; 
Shares: 9,097,000; 
Prompter: Unknown; 
Reason 1: Reclassification; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Iteris, Inc; 
Ticker: ITI; 
Market: Amex; 
Date: 07/14/05; 
Shares: 28,106,000; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Precision Auto Care, Inc; 
Ticker: PACI; 
Market: OTC; 
Date: 07/14/05; 
Shares: 29,838,969; 
Prompter: SEC; 
Reason 1: Reclassification; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Rentech, Inc; 
Ticker: RTK; 
Market: Amex; 
Date: 07/15/05; 
Shares: 92,918,545; 
Prompter: Unknown; 
Reason 1: Reclassification; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Slade's Ferry Bancorp; 
Ticker: SFBC; 
Market: Nasdaq; 
Date: 07/19/05; 
Shares: 4,145,566; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Continental Airlines, Inc; 
Ticker: CAL; 
Market: NYSE; 
Date: 07/20/05; 
Shares: 81,900,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Scholastic Corporation; 
Ticker: SCHL; 
Market: Nasdaq; 
Date: 07/20/05; 
Shares: 41,000,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Ace Ltd; 
Ticker: ACE; 
Market: NYSE; 
Date: 07/21/05; 
Shares: 284,777,017; 
Prompter: Company; 
Reason 1: Other; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: SVB Financial Group; 
Ticker: SIVB; 
Market: Nasdaq; 
Date: 07/21/05; 
Shares: 38,474,000; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Twin Disc, Inc; 
Ticker: TWIN; 
Market: Nasdaq; 
Date: 07/ 21/05; 
Shares: 2,908,000; 
Prompter: Company and Auditor; 
Reason 1: Revenue; 
Reason 2: Restructuring, Assets or Inventory; 
Reason 3: [Empty]. 

Company Name: Apogee Technology, Inc; 
Ticker: ATA; 
Market: Amex; 
Date: 07/22/05; 
Shares: 11,838,332; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Delta Mutual, Inc; 
Ticker: DLTM; 
Market: OTC; 
Date: 07/ 22/05; 
Shares: 25,037,746; 
Prompter: Unknown; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Velocity Asset Management, Inc; 
Ticker: VCYA; 
Market: OTC; 
Date: 07/22/05; 
Shares: 20,059,181; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: TBC Corporation; 
Ticker: TBCC; 
Market: Nasdaq; 
Date: 07/ 25/05; 
Shares: 23,418,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: The BISYS Group, Inc; 
Ticker: BSG; 
Market: NYSE; 
Date: 07/25/05; 
Shares: 120,561,000; 
Prompter: Unknown; 
Reason 1: Acquisition or Merger; 
Reason 2: Revenue; 
Reason 3: Cost or Expense. 

Company Name: Griffin Land & Nurseries, Inc; 
Ticker: GRIF; 
Market: Nasdaq; 
Date: 07/26/05; 
Shares: 5,176,000; 
Prompter: Company; 
Reason 1: Acquisition or Merger; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Diebold, Inc; 
Ticker: DBD; 
Market: NYSE; 
Date: 07/27/05; 
Shares: 70,812,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: The AES Corporation; 
Ticker: AES; 
Market: NYSE; 
Date: 07/ 27/05; 
Shares: 677,000,000; 
Prompter: Company; 
Reason 1: Acquisition or Merger; 
Reason 2: Cost or Expense; 
Reason 3: Other. 

Company Name: i2 Technologies, Inc; 
Ticker: ITWO; 
Market: Nasdaq; 
Date: 07/28/05; 
Shares: 25,958,000; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Mercury Interactive Corporation; 
Ticker: MERQ; 
Market: Nasdaq; 
Date: 07/28/05; 
Shares: 99,428,000; 
Prompter: SEC; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: TBS International Ltd; 
Ticker: TBSI; 
Market: Nasdaq; 
Date: 07/28/05; 
Shares: 28,088,329; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: The Pantry, Inc; 
Ticker: PTRY; 
Market: Nasdaq; 
Date: 07/ 28/05; 
Shares: 21,930,000; 
Prompter: Company and Auditor; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Uranium Resources, Inc; 
Ticker: URIX; 
Market: OTC; 
Date: 07/28/05; 
Shares: 151,618,292; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: TransCanada Corporation; 
Ticker: TRP; 
Market: NYSE; 
Date: 07/29/05; 
Shares: 486,200,000; 
Prompter: Unknown; 
Reason 1: Acquisition or Merger; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: AEW Real Estate Income Fund; 
Ticker: RIF; 
Market: Amex; 
Date: 08/01/05; 
Shares: 3,832,999; 
Prompter: Unknown; 
Reason 1: Reclassification; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Molson Coors Brewing Company; 
Ticker: TAP; 
Market: NYSE; 
Date: 08/02/05; 
Shares: 85,900,000; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Pericom Semiconductor Corporation; 
Ticker: PSEM; 
Market: Nasdaq; 
Date: 08/02/05; 
Shares: 27,188,000; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Birch Mountain Resources Ltd; 
Ticker: BMD; 
Market: Amex; 
Date: 08/03/05; 
Shares: 56,596,951; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Centennial Communications Corporation; 
Ticker: CYCL; 
Market: Nasdaq; 
Date: 08/03/05; 
Shares: 106,876,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Glowpoint, Inc; 
Ticker: GLOW; 
Market: Nasdaq; 
Date: 08/ 03/05; 
Shares: 45,966,000; 
Prompter: Auditor; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Graphic Packaging Corporation; 
Ticker: GPK; 
Market: NYSE; 
Date: 08/03/05; 
Shares: 202,400,000; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Input/Output, Inc; 
Ticker: IO; 
Market: NYSE; 
Date: 08/ 03/05; 
Shares: 80,646,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: MatrixOne, Inc; 
Ticker: MONEE; 
Market: Nasdaq; 
Date: 08/ 03/05; 
Shares: 51,238,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Array BioPharma Inc; 
Ticker: ARRY; 
Market: Nasdaq; 
Date: 08/04/05; 
Shares: 38,498,215; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Desert Community Bank; 
Ticker: DCBK; 
Market: Nasdaq; 
Date: 08/04/05; 
Shares: 2,960,000; 
Prompter: Company; 
Reason 1: Other; 
Reason 2: Securities Related; 
Reason 3: [Empty]. 

Company Name: Allis-Chalmers Energy, Inc; 
Ticker: ALY; 
Market: Amex; 
Date: 08/05/05; 
Shares: 16,601,000; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Anchor Glass Container Corporation; 
Ticker: AGCC; 
Market: Nasdaq; 
Date: 08/05/05; 
Shares: 24,673,838; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Ault Inc; 
Ticker: AULT; 
Market: Nasdaq; 
Date: 08/05/05; 
Shares: 4,831,546; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: Related Party Transaction; 
Reason 3: [Empty]. 

Company Name: Deltic Timber Corporation; 
Ticker: DEL; 
Market: NYSE; 
Date: 08/05/05; 
Shares: 12,257,000; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: The Allied Defense Group, Inc; 
Ticker: ADG; 
Market: Amex; 
Date: 08/08/05; 
Shares: 5,780,911; 
Prompter: Auditor; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Kintera, Inc; 
Ticker: KNTA; 
Market: Nasdaq; 
Date: 08/08/ 05; 
Shares: 30,670,318; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: LCC International, Inc; 
Ticker: LCCI; 
Market: Nasdaq; 
Date: 08/08/05; 
Shares: 24,578,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: American Access Technologies Inc; 
Ticker: AATK; 
Market: Nasdaq; 
Date: 08/09/05; 
Shares: 7,401,593; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Beckman Coulter, Inc; 
Ticker: BEC; 
Market: NYSE; 
Date: 08/09/05; 
Shares: 64,610,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: DST Systems, Inc; 
Ticker: DST; 
Market: NYSE; 
Date: 08/ 09/05; 
Shares: 78,500,000; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Glenborough Realty Trust Inc; 
Ticker: GLB; 
Market: NYSE; 
Date: 08/09/05; 
Shares: 36,003,636; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: NN, Inc; 
Ticker: NNBR; 
Market: Nasdaq; 
Date: 08/09/05; 
Shares: 17,521,762; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: NYFIX, Inc; 
Ticker: NYFX; 
Market: Nasdaq; 
Date: 08/09/ 05; 
Shares: 32,426,000; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Savient Pharmaceuticals, Inc; 
Ticker: SVNT; 
Market: Nasdaq; 
Date: 08/09/05; 
Shares: 60,934,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Associated Banc-Corp; 
Ticker: ASBC; 
Market: Nasdaq; 
Date: 08/10/05; 
Shares: 129,346,000; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: MarketAxess Holdings, Inc; 
Ticker: MKTX; 
Market: Nasdaq; 
Date: 08/10/05; 
Shares: 35,508,128; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Michael Baker Corporation; 
Ticker: BKR; 
Market: Amex; 
Date: 08/10/05; 
Shares: 8,726,788; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Polymer Group, Inc; 
Ticker: POLGA; 
Market: OTC; 
Date: 08/10/05; 
Shares: 12,497,354; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: The GEO Group, Inc; 
Ticker: GGI; 
Market: NYSE; 
Date: 08/ 10/05; 
Shares: 10,006,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Arizona Land Income Corporation; 
Ticker: AZL; 
Market: Amex; 
Date: 08/15/05; 
Shares: 1,851,025; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Online Resources, Corporation; 
Ticker: ORCC; 
Market: Nasdaq; 
Date: 08/15/05; 
Shares: 27,321,956; 
Prompter: Company; 
Reason 1: Other; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: SoftBrands, Inc; 
Ticker: SFBD; 
Market: OTC; 
Date: 08/15/ 05; 
Shares: 40,030,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Enzon Pharmaceuticals, Inc; 
Ticker: ENZN; 
Market: Nasdaq; 
Date: 08/16/05; 
Shares: 43,486,000; 
Prompter: Unknown; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Newtek Business Services, Inc; 
Ticker: NKBS; 
Market: Nasdaq; 
Date: 08/16/05; 
Shares: 34,453,748; 
Prompter: Company; 
Reason 1: Other; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: ClearOne Communications, Inc; 
Ticker: CLRO; 
Market: OTC; 
Date: 08/18/05; 
Shares: 12,332,106; 
Prompter: SEC; 
Reason 1: Revenue; 
Reason 2: Cost or Expense; 
Reason 3: Restructuring, Assets or Inventory. 

Company Name: Beijing Med-Pharm Corporation; 
Ticker: BJGP; 
Market: OTC; 
Date: 08/19/05; 
Shares: 17,680,916; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: iMergent, Inc; 
Ticker: IIG; 
Market: Amex; 
Date: 08/19/ 05; 
Shares: 12,132,134; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: SearchHelp, Inc; 
Ticker: SHLP; 
Market: OTC; 
Date: 08/19/ 05; 
Shares: 33,585,033; 
Prompter: Unknown; 
Reason 1: Other; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: TB Wood's Corporation; 
Ticker: TBWC; 
Market: Nasdaq; 
Date: 08/19/05; 
Shares: 5,189,000; 
Prompter: SEC; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: World Health Alternatives, Inc; 
Ticker: WHAI; 
Market: OTC; 
Date: 08/19/05; 
Shares: 45,699,108; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: Cost or Expense; 
Reason 3: Other. 

Company Name: Tandy Brands Accessories, Inc; 
Ticker: TBAC; 
Market: Nasdaq; 
Date: 08/22/05; 
Shares: 6,683,000; 
Prompter: Auditor; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Corinthian Colleges, Inc; 
Ticker: COCO; 
Market: Nasdaq; 
Date: 08/23/05; 
Shares: 92,870,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Global-Tech Appliances Inc; 
Ticker: GAI; 
Market: NYSE; 
Date: 08/26/05; 
Shares: 12,153,000; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: Reclassification; 
Reason 3: [Empty]. 

Company Name: KANA Software, Inc; 
Ticker: KANAE; 
Market: Nasdaq; 
Date: 08/26/05; 
Shares: 29,254,000; 
Prompter: Unknown; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Sycamore Networks, Inc; 
Ticker: SCMRE; 
Market: Nasdaq; 
Date: 08/26/05; 
Shares: 275,023,000; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Immucor, Inc; 
Ticker: BLUD; 
Market: Nasdaq; 
Date: 08/29/ 05; 
Shares: 47,737,982; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Service Corporation International; 
Ticker: SCI; 
Market: NYSE; 
Date: 08/29/05; 
Shares: 297,421,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Cap Rock Energy Corporation; 
Ticker: RKE; 
Market: Amex; 
Date: 08/30/05; 
Shares: 1,696,120; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Cardinal Health, Inc; 
Ticker: CAH; 
Market: NYSE; 
Date: 08/30/05; 
Shares: 431,400,000; 
Prompter: SEC; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Hollinger International, Inc; 
Ticker: HLR; 
Market: NYSE; 
Date: 09/01/05; 
Shares: 90,878,000; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: Other; 
Reason 3: [Empty]. 

Company Name: Teletouch Communications, Inc; 
Ticker: TLL; 
Market: Amex; 
Date: 09/02/05; 
Shares: 4,880,558; 
Prompter: SEC; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: AuthentiDate Holding Corporation; 
Ticker: ADAT; 
Market: Nasdaq; 
Date: 09/07/05; 
Shares: 34,399,161; 
Prompter: SEC; 
Reason 1: Reclassification; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: SWS Group, Inc; 
Ticker: SWS; 
Market: NYSE; 
Date: 09/07/ 05; 
Shares: 17,517,023; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Fountain Powerboat Industries, Inc; 
Ticker: FPB; 
Market: Amex; 
Date: 09/08/05; 
Shares: 4,849,888; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Stewart Enterprises, Inc; 
Ticker: STEI; 
Market: Nasdaq; 
Date: 09/12/05; 
Shares: 109,266,000; 
Prompter: SEC; 
Reason 1: Other; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Excelligence Learning Corporation; 
Ticker: LRNS; 
Market: Nasdaq; 
Date: 09/13/05; 
Shares: 9,376,253; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Sun Microsystems, Inc; 
Ticker: SUNW; 
Market: Nasdaq; 
Date: 09/13/05; 
Shares: 3,407,000,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Dana Corporation; 
Ticker: DCN; 
Market: NYSE; 
Date: 09/15/ 05; 
Shares: 151,000,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Interpublic Group of Companies, Inc; 
Ticker: IPG; 
Market: NYSE; 
Date: 09/15/05; 
Shares: 425,300,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: Acquisition or Merger; 
Reason 3: [Empty]. 

Company Name: OneSource Technologies, Inc; 
Ticker: OSRC; 
Market: OTC; 
Date: 09/15/05; 
Shares: 51,253,830; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: Cost or Expense; 
Reason 3: Restructuring, Assets or Inventory. 

Company Name: Steakhouse Partners, Inc; 
Ticker: STKP; 
Market: OTC; 
Date: 09/15/05; 
Shares: 5,873,915; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Urologix, Inc; 
Ticker: ULGX; 
Market: Nasdaq; 
Date: 09/ 16/05; 
Shares: 14,404,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Flow International Corporation; 
Ticker: FLOW; 
Market: Nasdaq; 
Date: 09/20/05; 
Shares: 36,012,000; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Dragon Pharmaceutical Inc; 
Ticker: DRUG; 
Market: OTC; 
Date: 09/21/05; 
Shares: 62,878,004; 
Prompter: Unknown; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: IDT Corporation; 
Ticker: IDT; 
Market: NYSE; 
Date: 09/27/ 05; 
Shares: 98,161,000; 
Prompter: Company; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Manor Care, Inc; 
Ticker: HCR; 
Market: NYSE; 
Date: 09/27/ 05; 
Shares: 83,651,000; 
Prompter: Company; 
Reason 1: Securities Related; 
Reason 2: Cost or Expense; 
Reason 3: [Empty]. 

Company Name: August Technology Corporation; 
Ticker: AUGT; 
Market: Nasdaq; 
Date: 09/28/05; 
Shares: 18,567,000; 
Prompter: Company; 
Reason 1: Revenue; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: City Network, Inc; 
Ticker: CSN; 
Market: Amex; 
Date: 09/ 28/05; 
Shares: 27,500,000; 
Prompter: Auditor; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Central Parking Corporation; 
Ticker: CPC; 
Market: NYSE; 
Date: 09/29/05; 
Shares: 36,762,000; 
Prompter: Unknown; 
Reason 1: Other; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Diedrich Coffee, Inc; 
Ticker: DDRX; 
Market: Nasdaq; 
Date: 09/29/05; 
Shares: 5,287,000; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Tommy Hilfiger Corporation; 
Ticker: TOM; 
Market: NYSE; 
Date: 09/30/05; 
Shares: 92,783,000; 
Prompter: Unknown; 
Reason 1: Cost or Expense; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Company Name: Warwick Valley Telephone Company; 
Ticker: WWVY; 
Market: Nasdaq; 
Date: 09/30/05; 
Shares: 5,351,780; 
Prompter: Company; 
Reason 1: Restructuring, Assets or Inventory; 
Reason 2: [Empty]; 
Reason 3: [Empty]. 

Total: 1,390. 

Source: GAO. 

[End of table] 

(250301): 

FOOTNOTES 

[1] See GAO, Financial Restatements: Update of Public Company Trends, 
Market Impacts, and Regulatory Enforcement Activities, GAO-06-678 
(Washington, D.C.: July 24, 2006). 

[2] For reporting purposes, a restatement occurs when a company, either 
voluntarily or prompted by auditors or regulators, revises public 
financial information that was previously reported. Financial reporting 
fraud generally is defined as an instance in which a company 
intentionally misstates its financial statements or intentionally 
misapplies an accounting pronouncement. Accounting errors generally are 
unintentional mistakes in a transaction or application of an accounting 
principle that results in the financial statements not being fairly 
presented in conformity with generally accepted accounting principles. 

[3] The number of announcements exceeds the number of public companies 
because some companies announced restatements more than once. 

[4] GAO, Financial Statement Restatements: Trends, Market Impacts, 
Regulatory Responses, and Remaining Challenges, GAO-03-138 (Washington, 
D.C.: Oct. 4, 2002); 
and GAO-06-678. 

[5] In addition to sources cited in our 2002 report, we also relied on 
Huron Consulting Group, "2004 Annual Review of Financial Reporting 
Matters," (2005); 
Glass, Lewis & Co., LLC, "Restatements-Traversing Shaky Ground," 
(2005); 
and Glass, Lewis & Co., LLC, "Getting It Wrong the First Time," (2006). 

[6] For example, we included restatement announcements that stemmed 
from the issuance of SEC's clarification about accounting for leases. 
This clarification came in the form of a February 5, 2005, letter from 
SEC's Chief Accountant to the American Institute of Certified Public 
Accountants clarifying SEC staff's interpretation of certain operating- 
lease-related accounting issues, and their application, under GAAP.

[End of section] 

Appendix VI: Comparison of Our Restatement Database to Those of Glass, 
Lewis & Co. LLC and the Huron Consulting Group: 

A number of other research studies have suggested that a significant 
number of companies continue to announce restatements of their 
financial statements as a result of financial reporting fraud, 
accounting errors, and the increased disclosure and internal control 
requirements introduced by the Sarbanes-Oxley Act of 2002. To provide a 
better understanding of companies announcing restatements of previous 
results, we analyzed Lexis-Nexis press releases and news articles, 
related SEC filings, and company press releases to determine the total 
number of restatement announcements, restating companies, and the 
reasons for announcements made from July 2002 through September 
2005.[Footnote 61] See appendix I for a detailed discussion of our 
scope and methodology. This appendix provides a comparison of our 
database with those that Glass Lewis and the Huron Consulting Group 
(HCG) produced and discusses some of the studies' limitations. 

Our Methodology Focused on Determining the Impact of Restatement 
Announcements on Market Capitalization: 

We identified restatements announced from July 1, 2002, through 
September 30, 2005, using the Lexis-Nexis online information service to 
search for press releases and other media coverage on restatements. 
Because the focus of our research was on the impact on market 
capitalization due to restatement announcements, we concentrated on 
publicly listed companies trading on the major securities markets-- 
NYSE, Nasdaq, and Amex. As figure 10 shows, companies trading on the 
major securities markets represented approximately 98-99 percent of 
total market capitalization. 

Other securities markets accounted for the remaining 1-2 percent of 
market capitalization. For example, OTC Bulletin Board makes up a 
little more than 1 percent of the total market capitalization of all 
publicly traded companies. It should be noted that figure 12 does not 
include the Pink Sheets because we could not find reliable market 
capitalization data for companies traded on this market. However, the 
aggregate market capitalization of these companies is widely held to be 
very small and many of the companies trading on this venue are not 
registered with SEC, and therefore would not meet our criteria for 
inclusion. Companies that trade on the OTC Bulletin Board and Pink 
Sheets generally are very small and therefore have limited or no 
analyst coverage. As a result, our methodology did not capture many 
restatements announced by these companies, as they may not always have 
been announced in the business press and therefore archived by Lexis- 
Nexis. 

Figure 10: Total Market Capitalization by Trading Market, 2005: 

[See PDF for image] - graphic text: 

Source: SEC analysis of Center for Research and Security Prices data. 

[End of figure] - graphic text: 

Comparison with Outside Studies Suggested That Our Database Was a 
Comprehensive Listing of Publicly-Listed Companies, but Did Not Capture 
a Number of the Smallest Publicly-Traded Companies: 

While several researchers have constructed and maintained their own 
databases of financial statement restatements, these lists generally 
are proprietary and not publicly available. We were able to evaluate 
the completeness of our listing by comparing descriptive statistics 
from our database with propriety information provided by HCG and Glass 
Lewis.[Footnote 62] Although there were differences in the search 
methodologies, construction criteria, and types of companies included, 
each study found similar trends and reached similar conclusions (see 
fig. 11). 

However, the uniqueness of our announcement database rendered it 
difficult to make strict, year-to-year comparisons of companies and 
dates. For example, restating companies were tracked in both the HCG 
and Glass Lewis databases based on the filing date of the actual 
amended restatements, whereas our listing was based on when the 
restatement was announced. As a result, a company that announced the 
intention to restate in 2003, but did not file the amended return until 
2004, would be captured differently. More importantly, HCG restatement 
numbers were based primarily on a search of amended annual (SEC Form 10-
K/A) and quarterly (SEC Form 10-Q/A) filings, while our total 
restatement numbers were based primarily on the announcement of the 
restatement in business and financial press--when the markets are 
likely to receive and react to the information. The Glass Lewis search 
methodology combines elements of both our techniques and HCG 
techniques, including a search of SEC filings (including Forms 10-K and 
10-Q) and also a search of information sources similar to Lexis-Nexis 
(e.g., Capital IQ and the Wall Street Journal) to capture restatements 
that were not included on an amended filing. As a result, Glass Lewis 
captured a larger number of restatements for the years in which they 
collected this data. 

Figure 11: Number of Restatements, by Research Study: 

[See PDF for image] - graphic text: 

Source: GAO, SEC filings, and selected studies. 

Notes: Our numbers for 2005 include only restatements from January 
through September. Our numbers were based on restatement announcement 
dates, while the HCG and Glass Lewis numbers were based on restatement 
filings. Glass Lewis numbers exclude their data on foreign foreign 
companies. 

[End of figure] - graphic text: 

Comparison of our database of restating companies for 2003 and 2004 
with Glass Lewis' database of actual restatement filings suggests that 
our database provides a comprehensive list of companies listed on the 
major U.S. securities markets. As figure 12 shows, both databases 
contain similar number of NYSE-and Nasdaq-listed restatements. NYSE and 
Nasdaq companies make up 97 percent of the total market capitalization 
of all publicly traded companies.[Footnote 63] However, a comparison of 
our database with Glass Lewis' database also shows that we do not 
include a large number of small, OTC-traded companies with limited 
analyst and press coverage. To a smaller extent, our capture rate of 
Amex-listed companies also reflected that Amex lists a relatively 
higher proportion of smaller companies than NYSE. Although we did not 
capture these companies, the impact of the related losses in market 
capitalization due to restatements is likely not significant. 
Collectively, Amex and OTC Bulletin Board companies make up 3 percent 
of the total market capitalization of publicly traded companies. 
Nevertheless, users of this report should note that our database was 
constructed using a methodology that reflects our focus on the impact 
on market capitalization, and that our figures did not reflect a number 
of smaller public companies that restated over the 1997-2005 period. 

Figure 12: Number of Companies Restating, 2003-2004, GAO versus Glass 
Lewis: 

[See PDF for image] - graphic text: 

Source: GAO, Glass Lewis. 

Notes: Companies issuing multiple restatements were counted only once 
per year. Glass Lewis dates were based on restatement filings, while 
our dates were based on the date of restatement announcements. Glass 
Lewis numbers exclude their data on foreign companies. 

[End of figure] - graphic text: 

[End of section] 

Appendix VII: SEC Enforcement Process: 

SEC investigates possible violations of securities laws, including 
those related to accounting issues. As figure 13 illustrates, if the 
evidence gathered merits further inquiry, SEC will prompt an informal 
investigation or request that SEC issue a formal order of 
investigation. Investigations can lead to SEC-prompted administrative 
or federal civil court actions. Depending on the type of proceedings, 
SEC can seek sanctions that include injunctions, civil money penalties, 
disgorgement,[Footnote 64] cease-and-desist orders, suspensions of 
registration, bars from appearing before the Commission, and officer 
and director bars. After an investigation is completed, SEC may 
institute either type of proceeding against a person or entity that it 
believes has violated federal securities laws.[Footnote 65] Because SEC 
has only civil enforcement authority, it may also refer appropriate 
cases to the Department of Justice (DOJ) for criminal investigation and 
prosecution. According to SEC, most enforcement actions are settled, 
with respondents generally consenting to the entry of civil judicial or 
administrative orders without admitting or denying the allegations 
against them. 

Figure 13: Flowchart of SEC's Enforcement Process: 

[See PDF for image] - graphic text: 

Source: GAO. 

[End of figure] - graphic text: 

[End of section] 

Appendix VIII: Case Study Overview: 

Our objective in reviewing individual restatements was to provide 
detailed information on selected topics for six companies.[Footnote 66] 
The purpose of this appendix is to explain how each case study is 
structured and what information is being provided. Specifically, each 
of the cases discussed in appendixes IX-XIV provides information on (1) 
the company's operations; (2) the chronology of the restatement, 
including who initiated the restatement; (3) its independent auditor; 
(4) the market's reaction to the restatement; (5) the analysts' 
recommendations; (6) credit ratings and credit rating agency actions; 
and (7) what legal and regulatory actions were taken against the 
company, its executives, directors, independent auditors, or others. 
The six companies are listed in table 8. 

Table 8: Six Case Studies of Public Companies That Announced 
Restatements from July 2002 through September 2005: 

Appendix: IX; 
Company: American International Group Inc; 
Industry: Insurance. 

Appendix: X; 
Company: Dynacq Healthcare, Inc; 
Industry: Healthcare. 

Appendix: XI; 
Company: Federal National Mortgage Corporation (Fannie Mae); 
Industry: Housing finance. 

Appendix: XII; 
Company: Qwest Communications International, Inc; 
Industry: Telecommunications. 

Appendix: XIII; 
Company: Starbucks Corporation; 
Industry: Retail. 

Appendix: XIV; 
Company: Sterling Bancshares, Inc; 
Industry: Banking. 

Source: GAO. 

[End of table] 

Our analysis was based on only publicly available information, 
including company press releases and filings with SEC such as Forms 10- 
K, 10-Q, and 8-K; SEC press releases, complaints, and settlement 
agreements; public DOJ documents; analysts' recommendations; credit 
agency ratings; historical company rating information maintained by 
research sources; newspaper articles; and congressional testimonies. 
Although we did not interview company officials to obtain information 
about the restatements, we requested comments on the case studies from 
each of the six companies and incorporated any technical comments they 
had, as appropriate. 

Business Overview: 

Each case begins with an overview of the business in which the company 
engages, and generally provides information on its size (total revenue 
and number of employees). 

Restatement Data: 

Each of the companies restated their financial statements at least once 
from July 2002 through September 2005. This section discusses the 
nature of the misstated information and the resulting restatement 
decision by the companies' management. We include previously reported 
or announced financial results, and the revised or restated financial 
data, for selected information, such as revenue and net income (or 
losses). We also identify those companies that have announced a 
restatement, but have not yet filed the restated financial statements 
with SEC. 

Accounting/Audit Firm: 

This section provides information on who the independent auditor was 
during the restatement period and whether the restating company changed 
auditor before, during, or after the restatement. We also provide 
information about civil and criminal actions taken against the 
auditors. 

Stock Prices: 

To illustrate the impact of a restatement announcement on a company's 
stock prices, we provide selected historical closing stock price 
information for each company. We also discuss how stock prices were 
affected in the days surrounding the restatement announcement and 
discuss other events that also positively or adversely affected the 
companies' stock price. In many of the cases, the company had lost a 
significant amount of its stock price before the restatement 
announcement; often they had missed an earnings target or announced an 
internal investigation. 

Securities Analysts' Recommendations: 

Given the criticism that many securities analysts have faced in 2002 
about their optimistic ratings of companies in the face of adverse 
financial results and condition, we were asked once again to focus on 
the role played by analysts in recommending securities. Therefore, in 
this section, we provide historical information on securities analysts' 
ratings in the months leading up to-and after-financial statement 
restatements, and other announcements about the financial condition of 
the covered (researched) company. We found no single authoritative 
source for historical analyst recommendations and relied on a variety 
of sources for this data, such as Yahoo! Finance. 

Analysts use different rating systems and a variety of terms, including 
strong buy, buy, near term or long-term accumulate, near term or long 
term over-perform or under-perform, neutral, hold, reduce, sell, strong 
sell. Critics often point to the large disparity between analysts' buy 
recommendations and sell recommendations. However, the terms have been 
criticized as being misleading because "hold" may mean that investors 
should sell the stock versus holding it. Although we do not attempt to 
determine the definition of each term for each firm, we provide the 
recommendations because they illustrate the range of rating systems 
that analysts use. We generally focused on changes in ratings around 
certain key dates to provide some indication of what signals analysts 
were sending the markets. 

Credit Rating Agency Actions: 

Along with analysts, credit ratings agencies have been questioned in 
the past about the quality of the information they provided, and this 
scrutiny heightened after the rapid failure of Enron Corporation. To 
determine the information credit rating agencies were providing to the 
market about the condition of these companies, we collected credit 
rating information on companies when such information was available. In 
this section, we again focus on changes in ratings around certain key 
dates, such as the restatement announcement date, the actual 
restatement date, announcements of internal investigations, and 
bankruptcy filings. 

Legal and Regulatory Actions Taken: 

To determine the legal and regulatory actions taken, we searched for 
evidence of any shareholder actions taken and whether SEC and/or DOJ 
had taken any action in connection with the restatement of a company's 
financial results. We found that many of the cases resulted in 
shareholder lawsuits and that SEC, and in some cases the DOJ, had taken 
action against the company, its officials, and its independent auditor. 

[End of section] 

Appendix IX: American International Group, Inc. Case Study: 

Business Overview: 

American International Group, Inc. (AIG), a Delaware corporation, is a 
holding company, which, through its subsidiaries, is engaged in a broad 
range of insurance and insurance-related activities in the United 
States and abroad. AIG's primary activities include both general and 
life insurance operations. Other significant activities include 
financial services, retirement services, and asset management. For the 
year that ended December 31, 2004, AIG had total (revised) revenues of 
almost $98 billion and approximately 92,000 employees. 

Restatement Data: 

On February 14, 2005, AIG announced that it had received subpoenas from 
the Office of the Attorney General for the State of New York (NYSOAG) 
and SEC. Both entities were conducting investigations into AIG's use of 
nontraditional insurance products, other assumed reinsurance 
transactions, and AIG's accounting for these transactions.[Footnote 67] 
(For more detailed information on legal and regulatory actions 
affecting AIG, please see the last section of this app.) 

Furthermore, on March 14, 2005, AIG's chairman and CEO retired and on 
March 21, 2005, its vice chairman and CFO were fired. 

On March 30, 2005, AIG announced that the filing of its 2004 Form 10-K 
(annual report) would be delayed beyond the already extended due date 
of March 31, 2005, to provide AIG, its Board of Directors, and its new 
management adequate time to complete their extensive review of books 
and records. The internal review resulted from the pending NYSOAG and 
SEC investigations. At that time, AIG was not able to determine whether 
adjustments already identified through the review would require 
restatements of prior period results or adjustments to fourth quarter 
2004 published, unaudited information. 

On May 1, 2005, AIG announced in a press release that, as a result of 
its internal review of its books and records conducted in conjunction 
with its 2004 annual audit, it had decided (in consultation with 
PricewaterhouseCoopers LLP (PwC), its independent auditors) to restate 
its financial statements for the years ended December 31, 2000-2003; 
the first three quarters of 2003 and 2004; and the fourth quarter of 
2003. AIG noted that its prior financial statements for those periods-
-and previously announced unaudited financial results for the year and 
quarter ended December 31, 2004--should not be relied upon. The press 
release noted that the company planned to file its restated financials 
on Form 10-K for the year ended December 31, 2004, no later than May 
31, 2005. 

As a result of the internal review, AIG concluded that consolidated 
shareholders' equity at December 31, 2004, would be reduced by about 
$2.3 billion due to the following adjustments: corrections of 
accounting errors totaling about $1.1 billion and/or fourth quarter 
changes in estimates totaling about $1.2 billion for tax accruals, 
deferred acquisition costs, and other contingencies and allowances. 
These adjustments would lead to a reduction of about 2.7 percent in 
AIG's unaudited consolidated shareholders' equity of $82.87 billion at 
year-end 2004, which was previously disclosed in the company's February 
9, 2005, earnings release. Also, AIG determined that it had incorrectly 
accounted for certain derivatives under the Financial Accounting 
Standards Board's (FASB) Statement of Financial Accounting Standard No. 
133--Accounting for Derivatives and Hedging Activities; this would lead 
to an increased adjustment of about $1 billion to consolidated 
shareholders' equity at December 31, 2004. 

On May 31, 2005, AIG filed its 2004 Form 10-K with SEC. In that filing, 
AIG indicated that it had restated its financial statements for the 
years 2003, 2002, 2001, and 2000. It also restated previously reported 
estimates of results for the fourth quarter of 2004. The restatements, 
according to the Form 10-K, resulted from certain accounting 
adjustments made after an internal review of AIG's operations during 
2000-2004. Table 9 shows the effects of the adjustments on AIG's major 
balance sheet and income statement items. 

Table 9: Selected Financial Data for AIG, 2000-2004: 

(Dollars in millions; negative values in parentheses). 

Affected financial data: Total assets, as reported; 
Fiscal years: 2000: $426,671; 
Fiscal years: 2001: $493,061; 
Fiscal years: 2002: $561,229; 
Fiscal years: 2003: $678,346; 
Fiscal years: 2004: $804,607. 

Affected financial data: Adjustment; 
Fiscal years: 2000: (2,820); 
Fiscal years: 2001: (614); 
Fiscal years: 2002: 327; 
Fiscal years: 2003: (4,193); 
Fiscal years: 2004: (5,947). 

Affected financial data: Total assets, as restated; 
Fiscal years: 2000: 423,851; 
Fiscal years: 2001: 492,447; 
Fiscal years: 2002: 561,556; 
Fiscal years: 2003: 674,153; 
Fiscal years: 2004: 798,660. 

Affected financial data: Net income, as reported; 
Fiscal years: 2000: 6,639; 
Fiscal years: 2001: 5,363; 
Fiscal years: 2002: 5,519; 
Fiscal years: 2003: 9,274; 
Fiscal years: 2004: 11,048. 

Affected financial data: Adjustment; 
Fiscal years: 2000: (498); 
Fiscal years: 2001: (1,191); 
Fiscal years: 2002: 347; 
Fiscal years: 2003: (1,265); 
Fiscal years: 2004: (1,317). 

Affected financial data: Net income, as restated; 
Fiscal years: 2000: $6,141; 
Fiscal years: 2001: $4,172; 
Fiscal years: 2002: $5,866; 
Fiscal years: 2003: $8,009; 
Fiscal years: 2004: $9,731. 

Source: SEC filing. 

[End of table] 

AIG had accounted for various reinsurance transactions and associated 
cash flows as either revenues or expenses when the transactions 
involved insufficient transfer of insurance risk to the assuming 
reinsurer. When there is insufficient risk transfer, such cash flows 
are accounted for as either deposit assets or liabilities (and not as 
revenues or expense). AIG's internal review determined that its 
insurance loss reserves had been misstated as a result of unsupported 
adjustments to incurred, but not reported, reserves. AIG made other 
adjustments based on its reclassifying of capital gains to net 
investment income, conversion of underwriting losses to capital losses, 
and its accounting for derivatives. In November 2005, AIG announced 
that it again would restate previously reported results, primarily to 
correct errors relating to accounting for derivatives and hedged items. 

Accounting/Audit Firm: 

PwC, AIG's independent auditor, audited AIG's financial statements for 
fiscal years 2000-2004. In AIG's 2004 Form 10-K, which was issued in 
May 2005, PwC agreed with AIG management's assessment that the company 
did not maintain effective internal control over financial reporting as 
of December 31, 2004. 

Stock Prices: 

AIG's stock trades on the NYSE under the ticker symbol AIG. From 
February through May 2005, the price of company stock was affected more 
by the February 14, 2005, announcement of the subpoenas it received 
from NYSOAG and SEC than by the March 30, 2005, announcement of the 
delay in submitting and the possible restatement of its financial 
statements; or the May 31, 2005, filing of the restated financial 
statements. On February 11, 2005, the last trading day before the date 
the subpoenas were announced, AIG's stock closed at $73.12. On February 
14, the date the subpoenas were announced, AIG's stock closed at 
$71.49. Soon after, AIG's stock price began a downward trend that 
lasted through the March 30, 2005, announcement of the delay in AIG's 
filing with SEC of its Form 10-K for 2004. The closing stock price 
reached a low of $50.35 on April 22, 2005, after which it exhibited a 
generally upward trend through January 2006. On January 11, 2006, AIG's 
stock closed at $70.83. The trends in AIG's stock price are shown in 
figure 14. 

Figure 14: Daily Stock Prices for AIG, July 1, 2004-February 28, 2006: 

[See PDF for image] 

Source: Nasdaq. 

Note: The restatement announcement actually occurred on a May 1, 2005 
(a Sunday). 

[End of figure] 

Securities Analysts' Recommendations: 

Recommendations of six securities research analysts from October 2004 
through June 2005 showed no set pattern surrounding the news, of the 
legal proceedings and restatements involving AIG. For example, in 
October 2004, shortly before the legal proceedings by NYSOAG became 
news two research firms upgraded AIG while another firm downgraded AIG. 
In January 2005, before the news of the subpoenas, that same firm 
downgraded AIG. In mid-March 2005, about a month after news of the 
subpoenas, another research firm downgraded AIG. During April 1-6, 
2005, shortly after news of the filing delay, two research firms 
downgraded AIG and two other research firms upgraded AIG. In June 2005, 
after AIG's 2005 Form 10-K was issued, one firm upgraded AIG. A 
February 2006 article in the financial press reported that AIG would 
pay in excess of $1.6 billion to settle legal claims against it; 
despite the news, the majority of analysts following AIG's stock still 
rated it favorably. 

Credit Rating Agency Actions: 

From March through early June 2005, the major rating agencies 
downgraded AIG's ratings. Standard & Poor's lowered AIG's long-term 
senior debt rating and placed a negative credit watch on the 
ratings.[Footnote 68] Moody's Investors Service Inc. (Moody's) lowered 
AIG's long-term senior debt rating and placed the ratings on review for 
a possible downgrade. Fitch Ratings downgraded the long-term senior 
debt ratings of AIG and placed the ratings on a negative watch. 

According to AIG's 2004 annual report, these rating actions have 
affected and will continue to affect AIG's business and results of 
operations. For example, the annual report noted the following: 

* The downgrades and any future downgrades in AIG's debt ratings, will 
increase AIG's borrowing costs and therefore adversely affect AIG's 
profitability. 

* The downgrade in AIG's long-term senior debt ratings will adversely 
affect the AIG Financial Products (AIGFP) unit's ability to compete for 
certain business. Credit ratings are very important in the derivative 
and structured transaction marketplaces, where AIG's ratings 
historically provided AIG a competitive advantage. The downgrades will 
reduce this advantage because specialized financial transactions 
generally are conducted only by triple-A rated financial institutions. 
Counterparties may be unwilling to transact business with AIGFP except 
on a secured basis. This could require AIGFP to post more collateral to 
counterparties in the future. 

Legal and Regulatory Actions Taken: 

In February 2005, AIG received subpoenas from NYSOAG and SEC relating 
to investigations into the use of nontraditional insurance products, 
certain assumed reinsurance transactions, and AIG's accounting for such 
transactions. DOJ and the New York State insurance regulator also were 
investigating AIG on related issues. On February 9, 2006, AIG agreed to 
settle charges that it committed securities fraud and other violations 
of the law. The settlement was part of a global resolution of federal 
and state actions under which AIG would pay over $1.6 billion to 
resolve the claims related to improper insurance accounting, bid 
rigging, and other practices involving workers' compensation funds. 

Specifically, SEC's complaint alleged that in December 2000 and March 
2001, AIG entered into two "sham" reinsurance transactions with Gen Re 
Corporation (Gen Re) that had no economic substance, but were designed 
to allow AIG to improperly add a total of $500 million in phony loss 
reserves to its balance sheet in the fourth quarter of 2000 and the 
first quarter of 2001. AIG allegedly initiated the transactions to 
quell analysts' criticism of AIG for a prior reduction in reserves. In 
addition, the complaint alleges that in 2000, AIG structured a sham 
transaction with Capco Reinsurance Company, Ltd. (Capco) to conceal 
approximately $200 million in underwriting losses in its general 
insurance business by improperly converting them to capital (or 
investment) losses to make those losses less embarrassing to AIG. The 
complaint further alleges that in 1991, AIG established Union Excess 
Reinsurance Company Ltd. (Union Excess), an offshore reinsurer, to 
which it ultimately ceded approximately 50 reinsurance contracts for 
its own benefit. According to the complaint, although AIG controlled 
Union Excess, it improperly failed to consolidate Union Excess's 
financial results with its own, and in fact took steps to conceal its 
control over Union Excess from its auditors and regulators. As a result 
of these actions and other accounting improprieties, SEC alleged that 
AIG fraudulently improved its financial results. SEC's complaint 
further alleges that AIG, directly or indirectly, singly or in concert, 
engaged in acts, practices, and courses of business that constitute 
violations of Sections 17(a)(l), l7(a)(2), and 17(a)(3) of the 
Securities Act of 1933 (Securities Act); Sections 10(b), 13(a), 
13(b)(2)(A), 13(b)(2)(B), and 13(b)(5) of the Securities Exchange Act 
of 1934 (Exchange Act); and Rules 10b-5(a), 10b-5(b), 10b-5(c), 12b-20, 
13a-1,13a-13, and 13b2-1. 

In settling its case, AIG agreed, without admitting or denying the 
allegations of the complaint, to the entry of a court order enjoining 
it from violating the antifraud, books and records, internal controls, 
and periodic reporting provisions of the federal securities laws. The 
order also requires that AIG pay a civil penalty of $100 million and 
disgorge ill-gotten gains of $700 million, all of which the Commission 
will seek to distribute to injured investors. AIG also has agreed to 
certain undertakings designed to assure the Commission that future 
transactions will be properly accounted for and that senior AIG 
officers and executives receive adequate training concerning their 
obligations under the federal securities laws. AIG's remedial measures 
include (1) appointing a new CEO and CFO; (2) putting forth a statement 
of tone and philosophy committed to achieving transparency and clear 
communication with all stakeholders through effective corporate 
governance, a strong control environment, high ethical standards and 
financial reporting integrity; (3) establishing a regulatory, 
compliance, and legal committee to provide oversight of AIG's 
compliance with applicable laws and regulations; and (4) enhancing its 
"Code of Conduct" for employees and mandating that all employees 
complete special formal ethics training. This proposed settlement is 
subject to court approval. 

According to SEC's press release, the settlement takes into 
consideration AIG's cooperation during the investigation and its 
remediation efforts in response to material weaknesses identified by 
its internal review. From the outset of the investigation, AIG gave 
complete cooperation to the investigation by the Commission's staff. 
Among other things, AIG (1) promptly provided information regarding any 
relevant facts and documents uncovered in its internal review; (2) 
provided the staff with regular updates on the status of the internal 
review; and (3) sent a clear message to its employees that they should 
cooperate in the staff's investigation by terminating those employees, 
including members of AIG's former senior management, who chose not to 
cooperate in the staff's investigation. 

In June 2005, SEC also charged a Gen Re executive with aiding and 
abetting AIG in committing securities fraud. In its complaint, SEC 
alleged that John Houldsworth, a former senior executive of Gen Re, 
helped AIG structure two sham reinsurance transactions (see above). 
SEC's complaint charges this executive with aiding and abetting the 
violations by AIG and others of Sections 10(b), 13(a), 13(b)(2) and 13 
(b)(5); and Rules 10b-5, 12b-20, 13a-1, 13a-13 and 13b2-1 of the 
Exchange Act. Mr. Houldsworth, in addition to undertaking to cooperate 
fully with SEC, consented to the entry of a partial final judgment 
permanently enjoining him from future violations of these provisions, 
barring him from serving as an officer or director of a public company, 
and deferring the determination of civil penalties and disgorgement to 
a later date. In settling the charges, he also consented to SEC's order 
that suspends him from practicing as an accountant. Other remedial 
sanctions are still to be determined. In addition, Mr. Houldsworth 
agreed to SEC's administrative order, based on the injunction, barring 
him from appearing or practicing before SEC as an accountant, under 
Rule 102(e) of SEC's Rules of Practice. 

In February 2006, SEC filed an enforcement action against other former 
senior executives of Gen Re and AIG for helping AIG mislead investors 
through the use of fraudulent reinsurance transactions. Four of the 
former executives, Ronald Ferguson, Elizabeth Monrad, Robert Graham, 
and Christopher Garand, were with Gen Re; the fifth, Christian Milton, 
was with AIG. The complaint alleges that the defendants and others 
aided and abetted AIG's violations of the antifraud provisions, and 
other provisions, of the federal securities laws, by helping AIG 
structure two sham reinsurance transactions (see above). Messrs. 
Ferguson, Graham, and Garand; Ms. Monrad; and others at Gen Re worked 
with Mr. Milton and others at AIG to fashion two sham reinsurance 
contracts between Cologne Re Dublin (a Gen Re subsidiary in Dublin, 
Ireland) and an AIG subsidiary. 

The complaint makes allegations regarding conversations among the 
defendants and the existence of other evidence reflecting the planning 
and implementation of the sham transaction. The complaint charges that 
the defendants understood from the beginning that they were structuring 
a sham transaction involving the creation of phony documents for the 
purpose of providing apparent support for false accounting entries AIG 
made on its books. The defendants, and others at Gen Re and AIG, 
allegedly knew that AIG accounted for the sham transactions as if they 
were real reinsurance contracts that transferred risk from Gen Re to 
AIG, when all parties involved knew that was not true. As a result of 
AIG's accounting treatment for these transactions, the company's 
financial results showed false increases in reserves that AIG touted in 
the company's quarterly earnings releases for the fourth quarter of 
2000 and the first quarter of 2001. According to the complaint, without 
the phony loss reserves, AIG's financial results in both quarters would 
have shown further declines in its loss reserves. 

SEC's complaint charges Messrs. Ferguson, Graham, and Garand; and Ms. 
Monrad, with aiding and abetting AIG's violations of Sections 10(b), 13 
(a), 13(b)(2) and 13(b)(5); and Rules 10b-5, 12b-20, 13a-1, 13a-13 and 
13b2-1 of the Exchange Act. The complaint seeks permanent injunctive 
relief, disgorgement of ill-gotten gains, if any, plus prejudgment 
interest, civil money penalties, and orders barring each defendant from 
acting as an officer or director of any public company. In connection 
with the same conduct alleged in SEC's complaint, DOJ has filed federal 
criminal charges against Messrs. Ferguson, Graham, and Milton; and Ms. 
Monrad, in the U.S. District Court for the Eastern District of 
Virginia. 

In a separate matter, NYSOAG and the Superintendent of Insurance of the 
State of New York are suing former AIG executives Mr. Greenberg, former 
CEO, and Mr. Smith, former CFO, for directing and approving various 
fraudulent business practices, including the sham reinsurance 
transactions with Gen Re. The lawsuit, filed on May 26, 2005, in State 
Supreme Court in Manhattan attributes the misconduct at AIG directly to 
Mr. Greenberg and alleges that he directed others at AIG to develop and 
implement the schemes underlying various misleading transactions. The 
lawsuit, among other judgments, seeks to enjoin the defendants from 
future violations of New York State laws, disgorge all gains, and pay 
all restitution and damages caused directly or indirectly by the 
fraudulent and deceptive acts. 

[End of section] 

Appendix X: Dynacq Healthcare, Inc. Case Study: 

Business Overview: 

Dynacq Healthcare, Inc. (Dynacq) is a holding company. Through its 
subsidiaries, the company develops and manages general acute hospitals 
that provide specialized general surgeries. Dynacq's hospitals include 
operating rooms, pre-and post-operative space, intensive care units, 
nursing units, and modern diagnostic facilities. Dynacq's facilities 
are designed to handle complex orthopedic and general surgeries, such 
as spine and bariatric surgeries. Dynacq was incorporated in Nevada in 
June 1989. In November 2003, the company reincorporated in Delaware and 
changed its name from Dynacq International, Inc. to Dynacq Healthcare, 
Inc. For the fiscal year ended August 31, 2005, Dynacq had total 
revenues of $55.3 million and approximately 302 employees. 

Restatement Data: 

On April 6, 2004, Dynacq issued a press release announcing that, in 
connection with an ongoing review by SEC of the company's periodic 
reports, it would restate its financial statements for the fiscal years 
ended August 31, 2001, and 2002. According to its press release, these 
restatements would reclassify certain accounts receivable to long-term 
status, to the extent that cash collections were expected more than 12 
months after such dates. The restatements also would correct an error 
in the application of an accounting principle related to income tax 
effect of the exercise of stock options, where the income tax benefit 
of $794,000 from the exercise stock options was treated as a tax 
benefit rather than as an increase in stockholders' equity, during the 
fiscal year ending in 2001. Dynacq also said that it corrected this 
error in the fiscal year ending August 31, 2002, where the tax 
provision was increased by $794,000, with a corresponding increase to 
stockholders' equity. Dynacq further noted that the restatement would 
increase the income tax provision for the fiscal year ending August 31, 
2001, by $794,000, and reduce the income tax provision for the fiscal 
year ending August 31, 2002, by the same amount, and that there would 
be no cumulative effect on retained earnings as of August 31, 2002. 

On July 14, 2004, Dynacq announced that it had substantially completed 
the reaudit and restatements for the fiscal years ending August 31, 
2001, and 2002, the restatements of the company's selected financial 
information for fiscal years 1999 and 2000, and the audit of its 
financial statements for fiscal year 2003. See table 10. 

Table 10: Selected Financial Data for Dynacq, Fiscal Years 1999-2002: 

(Dollars in millions). 

Affected financial data: Additional paid-in capital, as reported; 
Fiscal years: 2000: $4.3; 
Fiscal years: 2001: $6.7; 
Fiscal years: 2002: $9.8. 

Affected financial data: Additional paid-in capital, as restated; 
Fiscal years: 2000: 5.4; 
Fiscal years: 2001: 11; 
Fiscal years: 2002: 13.7. 

Affected financial data: Retained earnings, as reported; 
Fiscal years: 2000: 11.4; 
Fiscal years: 2001: 22.4; 
Fiscal years: 2002: 37.9. 

Affected financial data: Retained earnings, as restated; 
Fiscal years: 2000: 12.6; 
Fiscal years: 2001: 20.4; 
Fiscal years: 2002: 35.2. 

Affected financial data: Net income, as reported; 
Fiscal years: 2000: N/A; 
Fiscal years: 2001: 11.1; 
Fiscal years: 2002: 15.4. 

Affected financial data: Net income, as restated; 
Fiscal years: 2000: N/A; 
Fiscal years: 2001: $7.7; 
Fiscal years: 2002: $14.8. 

Source: SEC filings. 

Note: N/A means not applicable. 

[End of table] 

Accounting/Audit Firm: 

As of May 31, 2002, Ernst & Young, LLP (E&Y) was the company's 
independent auditor. On December 15, 2003, E&Y orally communicated to 
certain officers of Dynacq its concerns relating to the company's 
disclosure controls, accounting controls, and controls over 
safeguarding of assets. On December 17, 2003, E&Y notified Dynacq that 
it resigned as the company's independent auditor effective immediately. 
E&Y also orally informed Dynacq that the company lacked the internal 
controls necessary to develop reliable financial statements. 

In a letter dated December 23, 2003, E&Y advised the Board of Directors 
of its conclusion that material weakness in internal controls had come 
to its attention during the course of performing its audit of the 
company's financial statements for the fiscal year ending August 31, 
2003. Specifically, E&Y noted inadequate communication lines and 
internal controls relating to the authorization, recognition, capture, 
and review of transactions, facts, circumstances, and events that may 
have a material impact on the company's financial reporting process. 
E&Y further noted a lack of supervision, review, and quality control 
related to the accounting for income taxes, including the preparation 
of the federal income tax provision in accordance with Statement of 
Financial Accounting Standards No 109, Accounting for Income Taxes. 

On January 19, 2004, the audit committee of the Board of Directors of 
the company engaged Killman, Murrell & Company, P.C. as the company's 
new independent accountant for the fiscal year ending August 31, 2003. 

Stock Prices: 

Dynacq's stock trades on Nasdaq under the ticker symbol DYII. The stock 
peaked at more than $ 29 per share on January 7, 2002, and closed at 
less than half that price by year's end (see fig. 15). On December 18, 
2003, the day Dynacq issued announcements regarding delays in filing 
its annual report on Form 10-K as a result of the sudden resignation of 
its independent auditor E&Y, its stock closed at $8.95--down from 
$10.99 the day before. The following day, December 19, 2003, the stock 
closed at $4.09, a decline of almost 63 percent, but it traded at less 
than $8 per share for the remainder of 2003. Then on March 26, 2004, 
the stock fell slightly to $5.19, down from $5.23 the previous day, as 
the company announced that it would not be releasing its financial 
results for the quarter ending February 2004 by April 2004, the normal 
filing date for the report. 

The restatement announced on April 6, 2004, had apparently no immediate 
impact on the stock price, as the market had already received bad news 
from the company on February 4, 2004, when it released preliminary 
financial estimates. In the preliminary estimates issued, the company 
indicated that net patient service revenue, net income, and fully 
diluted earnings per share for the fiscal quarter ended November 30, 
2003, decreased in excess of 50 percent from the previous comparable 
quarter. However, on April 15, 2004, when Dynacq announced that the 
Nasdaq Listing Qualifications Panel had notified the company that its 
stock would be delisted from the Nasdaq as of the opening of business 
on Friday, April 16, 2004, its stock decreased to $3.90 down from $7.10 
the day before--a decline of 45 percent. Finally, on Friday April 16, 
2004, the day the stock was set to be delisted, it closed at $3.33. 

Following the delisting, Dynacq common stock was quoted on the Pink 
Sheets for unsolicited trading and from November 10, 2004, to May 2, 
2005, it was quoted on the OTC Bulletin Board under the symbol 
"DYII.OB" as well as on the Pink Sheets. On May 3, 2005, the company's 
common stock was relisted on the Nasdaq Capital Market System and 
continues to trade under the symbol "DYII". 

Figure 15: Daily Stock Prices for Dynacq, January 2, 2002-May 31, 2005: 

[See PDF for image] - graphic text: 

Source: Nasdaq. 

[End of figure] - graphic text: 

Securities Analysts' Recommendations: 

Based on historical analyst research we were able to find, one 
brokerage firm covered Dynacq at the time of the restatement. However, 
the firm did not make an investment recommendation because of too much 
uncertainty about the company's long-term viability. In the fall of 
2004, the firm stopped covering Dynacq. 

Credit Rating Agency Actions: 

No credit rating agency information was available. 

Legal and Regulatory Actions Taken: 

Eight lawsuits were filed in the U.S District Court for the Southern 
District of Texas (Houston Division) from December 24, 2003, through 
January 26, 2004, alleging federal securities law causes of action 
against the company and various current and former officers and 
directors. The cases were filed as class actions brought on behalf of 
persons who purchased shares of company common stock in the open 
market, generally from January 14, 2003, through December 18, 2003. 
Under the procedures of the Private Securities Litigation Reform Act, 
certain plaintiffs have filed motions asking to consolidate these 
actions and be designated as lead plaintiff. The court consolidated the 
actions and appointed a lead plaintiff in the matter. An amended 
complaint was filed on June 30, 2004, asserting a class period of 
November 27, 2002, to December 19, 2003, and naming additional 
defendants, including E&Y. The amended complaint sought certification 
as a class action and alleged that the defendants violated Sections 
10(b), 20(a), 20(A), and Rule 10b-5 under the Securities Exchange Act 
of 1934, by (1) publishing materially misleading financial statements 
that did not comply with GAAP; (2) making materially false or 
misleading statements or omissions regarding revenues and receivables, 
operations and financial results; and (3) engaging in an intentional 
fraudulent scheme aimed at inflating the value of Dynacq's stock. 
According to Dynacq, the company planned to vigorously defend the 
allegations and would file a motion to dismiss all or some of the 
claims. The company further noted it could not predict the ultimate 
outcome of the lawsuit, or whether the lawsuit would have a material 
adverse effect on the company's financial condition. 

On December 18, 2003, Dynacq received a notice of an informal 
investigation from SEC's Fort Worth, Texas, District Office requesting 
its voluntary assistance in providing information regarding reporting 
of its financial statements, recognition of costs and revenue, accounts 
receivable, allowances for doubtful accounts, and its internal 
controls. The company said that it had been cooperating fully with the 
continuing informal SEC investigation. As of July 2006, no additional 
action has been taken by SEC against the company or any of its 
officials. 

[End of section] 

Appendix XI: Federal National Mortgage Association (Fannie Mae) Case 
Study: 

Business Overview: 

The Federal National Mortgage Association (Fannie Mae) is a government- 
sponsored company that buys residential mortgage loans from lenders and 
packages them into securities. They retain some of those securities and 
sell others to investors. Its customers are primary mortgage lenders 
including mortgage companies, savings and loan associations, savings 
banks, commercial banks, credit unions, and state and local housing 
finance agencies. It provides liquidity in the secondary mortgage 
market through its Credit Guaranty business and through its Portfolio 
Investment business. The Portfolio Investment business has two 
principal components, a mortgage portfolio and liquid investments. To 
manage the credit risk of their mortgages, the Credit Guaranty business 
uses credit enhancements, active management of the mortgage credit book 
of business, and loan management. It also shares mortgage credit risk 
with third parties. Fannie Mae has not filed annual or quarterly 
financial statements since August 9, 2004. For the 6 months ending June 
30, 2004, interest income (revenue) decreased 4 percent to $24.4 
billion. Net income from continuing operations totaled $3.012 billion 
for the 6 months ended June 30, 2004. 

Restatement Data: 

On October 29, 2003, Fannie Mae announced that it would file a revised 
Form 8-K with SEC correcting certain "computational errors" made 
primarily in the implementation of Financial Accounting Standard No. 
149--an amendment to Financial Accounting Standard 133 on Derivative 
Instruments and Hedging activities. Correction of these errors had no 
impact on Fannie Mae's income statement, but did result in increases to 
several balance sheet items, including unrealized gains on securities, 
accumulated other comprehensive income, and total stockholder's equity 
as of September 30, 2003. The company discovered these errors during 
the course of a standard review in preparation of their form 10-Q for 
the third quarter of 2003. Fannie Mae's regulator, the Office of 
Federal Housing Enterprise Oversight (OFEHO), issued a statement saying 
the error underscored the need for a special review that they were 
about to begin into the accounting policies, practices, and internal 
controls of the company. 

On September 22, 2004, OFHEO made public a report that was highly 
critical of accounting methods at Fannie Mae. OFHEO charged Fannie Mae 
with not following generally accepted accounting practices in two 
critical areas: (1) amortization of discounts, premiums, and fees 
involved in the purchase of home mortgages, and (2) accounting for 
financial derivatives contracts. According to OFHEO, management 
intentionally developed accounting policies and selected and applied 
accounting methods to inappropriately reduce earnings volatility and to 
provide themselves with inordinate flexibility in determining the 
amount of income and expense recognized in any accounting period. In 
this regard, the amortization policies that management developed, and 
the methods they applied, created a "cookie jar" reserve. In 1998, 
management inappropriately deferred $200 million of estimated 
amortization expense, which allowed for Fannie Mae to pay out the 
maximum in bonus awards to Fannie Mae executives. According to OFHEO, 
these deviations from standard accounting rules--Statement of Financial 
Accounting Standards (SFAS) 91 "Accounting for Nonrefundable Fees and 
Costs Associated with Originating or Acquiring Loans and Initial Direct 
Costs of Leases" and SFAS 133 "Accounting for Derivative Instruments 
and Hedging Activities" respectively--allowed Fannie Mae to reduce 
volatility in reported earnings, present investors with an artificial 
picture of steadily growing profits, and in one case, to meet financial 
performance targets that triggered the payment of bonuses to Fannie 
Mae's senior executives. That same day, Fannie Mae acknowledged that 
OFHEO's review found serious accounting problems and earnings 
manipulation, and disclosed the existence of a SEC investigation into 
the company's accounting. The following week a criminal investigation 
by DOJ was made public. 

On October 6, 2004, Fannie Mae's CEO and chairman, and CFO, defended 
the company's accounting in sworn testimony at a congressional hearing, 
stating that allegations of accounting improprieties and management 
misdeeds were a matter of interpreting complex rules. A month later, on 
November 15, 2004, Fannie Mae missed an SEC deadline for filing its 
third-quarter financial results. Press sources indicated that its 
independent auditor, KPMG LLP (KPMG), refused to sign off on a review 
of the company's unaudited quarterly financial statements. The company 
acknowledged that some of its accounting practices did not comply with 
GAAP and announced it would show a net loss of $9 billion if SEC 
decided it had improperly accounted for derivatives. 

On December 15, 2004, SEC's chief accountant announced that an agency 
review determined that Fannie Mae must restate earnings back to 2001 
because it violated accounting rules for derivatives and certain 
prepaid loans. SEC became involved in Fannie Mae's financial reporting 
after its CEO--motivated by a report issued by the company's regulator, 
which highlighted irregularities in its accounting policies--requested 
that the Commission render an opinion about the company's historical 
financial statements. Shortly after SEC's December announcement, the 
company's CEO and CFO resigned. Estimates suggested that earnings since 
2001 will be revised downwards by as much as $12 billion, but the 
formal restatement of earnings is not expected before late 2006. 

Almost two years after SEC's determination, Fannie Mae is in the final 
stages of completing its restatement--an undertaking that cost the 
company $800 million in 2005 alone. Fannie Mae has filed neither annual 
nor quarterly reports since August 9, 2004. The restated financial 
statements are expected to be filed with SEC in late 2006. 

Accounting/Audit Firm: 

In November of 2004, Fannie Mae's independent auditor, KPMG, advised 
the firm that it would be unable to complete its review of Fannie Mae's 
interim unaudited financial statements for the quarter ended September 
30, 2004. Press sources stated that the public accounting firm had 
refused to sign off on the statements. As a result, Fannie Mae 
announced that it would not be able to file its Form 10-Q for the 
September 30, 2004, in a timely fashion. A month later, KPMG alerted 
Fannie Mae that there existed strong indicators of material weakness in 
the company's internal control of financial reporting. Fannie Mae 
switched auditors and engaged Deloitte & Touche LLP on January 28, 
2005, to be the company's independent auditor. 

Stock Prices: 

Fannie Mae's stock is traded on the NYSE under the ticker symbol FNM. 
Fannie Mae's stock traded at $75 around the time it announced 
computational errors in October of 2003 and remained stable during the 
days before and after the company's announcement. On September 22, 
2004--the day Fannie Mae announced that OFHEO's review found serious 
accounting problems and earnings manipulation--the company's share 
price dropped 7 percent, from $75.65 per share to $70.69. About a week 
later, on September 30, 2004--the day the press announced that an 
investigation into the company's accounting practice by DOJ had been 
confirmed--the company's share price fell again, to $63.05. By December 
of 2004, the company's stock rebounded. The day before Fannie Mae's 
restatement announcement, December 15, 2004, the share price was 
$70.69. On December 16, 2004, the day the company officially announced 
it would have to restate, the share price dropped slightly to $69.30. 
On June 1, 2006, the company's share price was $51.44--down 27 percent 
since December of 2004, when the company formally announced that it 
would have to restate four years of earnings (see fig. 16). 

Figure 16: Daily Stock Prices for Fannie Mae, October 1, 2002-February 
28, 2006: 

[See PDF for image] - graphic text: 

Source: Nadaq. 

[End of figure] - graphic text: 

Fannie Mae has not filed annual or quarterly reports since August 9, 
2004, nor has it filed restated financial statements for 2001 through 
2004. However, the company's stock continues to be listed and traded on 
the NYSE. Under its listing standards, the NYSE may initiate suspension 
and delisting proceedings when a company, such as Fannie Mae, fails to 
file its financial statements in a timely manner. In certain very 
limited circumstances, however, NYSE, at its sole discretion, may 
determine to allow a company to continue listing if it has not timely 
filed. At the time this report was published, Fannie Mae's stock 
continued to be listed and traded on the NYSE. 

Security Analysts' Recommendations: 

In September of 2004, after OFHEO made public a report that was highly 
critical of accounting methods at Fannie Mae, securities analysts at 
four firms downgraded the company's rating. About a year later, in 
November of 2005, one firm upgraded Fannie Mae's rating, and in January 
of 2006 another firm downgraded Fannie Mae once again. Ratings for the 
company in 2006 have followed no particular trend, with one firm 
upgrading Fannie Mae's rating in May 2006 and another firm downgrading 
the company's rating in June of 2006. 

Credit Rating Agency Actions: 

Two major credit rating agencies, Standard & Poor's and Moody's rate 
Fannie Mae. On September 28, 2004, the same month OFEHO's review 
exposed Fannie Mae's accounting problems, Moody's revised the ratings 
outlooks for Fannie Mae's subordinated debt and preferred stock to 
negative, and affirmed senior debt at Aaa with a stable outlook. On 
December 23, 2004, approximately a week after the company announced 
that it would have to restate, Moody's affirmed Fannie Mae's rating 
with a stable outlook, placed their financial strength rating under 
review, and maintained a negative rating outlook for their subordinated 
debt and preferred stock. On August 11, 2005, Moody's affirmed Fannie 
Mae's senior debt and downgraded their financial strength ratings. It 
continued to review Fannie Mae's subordinated debt and preferred stock 
ratings for a possible downgrade. On December 15, 2005, Moody's 
confirmed Fannie Mae's subordinated debt, preferred stock, and senior 
debt, and affirmed their financial strength rating. 

Standard & Poor's current "risk to the government" rating for Fannie 
Mae is AA-and on CreditWatch Negative.[Footnote 69] The rating has 
remained on CreditWatch Negative since September 23, 2004. Moody's 
current "Bank Financial Strength Rating" for Fannie Mae is B+ with a 
stable outlook. 

Legal and Regulatory Actions Taken: 

As a result of the findings of OFHEO's special examination report 
issued in September of 2004, and as part of its continuous supervisory 
program, OFHEO directed Fannie Mae to take a number of actions. OFHEO's 
primary remedial actions include increasing its capital levels, 
changing its corporate governance structure, and restating past 
financial statements. 

In an agreement with Fannie Mae's Board of Directors reached in 
September 2004, OFHEO directed Fannie Mae to maintain an additional 30 
percent of capital above the minimum capital requirement to compensate 
for the additional risk and challenges facing the enterprise. In 
addition to the capital requirements, OFHEO directed the Board of 
Directors of Fannie Mae to make significant changes to its corporate 
governance structure. Those changes include, but are not limited to, 
separating the chairman of the board and CEO positions, creating a new 
independent Office of Compliance and Ethics to conduct internal 
investigations, and creating a Compliance Committee of the Board of 
Directors to monitor and coordinate compliance with the Fannie Mae's 
agreements with OFHEO. 

To address accounting problems, OFHEO directed Fannie Mae to restate 
inappropriate past financial statements, to meet all applicable legal 
and regulatory requirements (including having the new financial 
statements reaudited by Fannie Mae's new external auditor), and to 
cease engaging inappropriate hedge accounting. OFHEO also directed 
Fannie Mae to implement an appropriate policy for SFAS 91 and develop 
and implement a plan to address the deficiencies in the accounting 
systems for Fannie Mae's portfolio. 

On December 15, 2004, the chief accountant of SEC announced that the 
agency's review of Fannie Mae's historical financial statements found 
that the accounting policies of Fannie Mae for both FAS 91 and FAS 133 
departed from GAAP in material respects, and advised Fannie Mae to 
restate its financial statements for the years 2001 through 2004. In a 
follow-up announcement that occurred on May 23, 2006, SEC and OFHEO 
informed the public that Fannie Mae agreed to settle charges relating 
to the misstatement of its financial statements from 1998 through 2004, 
and that Fannie Mae had entered into a consent decree with OFHEO and 
consented to the entry of judgment in our action, which included 
injunction from violations of the antifraud, books and records, 
internal controls provisions of the federal securities laws and a $400 
million civil penalty. Fannie Mae has agreed, without admitting or 
denying these allegations, to a fraud injunction for violations of 
Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5, 
and to an injunction for violations of Section 17(a)(2) and (3) of the 
Securities Act of 1933. As a result of the violations described in the 
Commission's complaint, Fannie Mae expects to restate its historical 
financial statements for the years ended December 31, 2003, and 2002; 
and for the quarters ended June 30, 2004, and March 31, 2004. 

OFHEO's special examination of Fannie Mae's accounting policies is 
ongoing, and SEC and the U.S. Attorney's Office for the District of 
Columbia also continue to investigate matters related to the 
misstatement of the company's financial statements. In addition, a 
number of lawsuits have been filed against Fannie Mae and certain 
current and former officers and directors of the company relating to 
the company's restatement. These lawsuits are currently pending in the 
U.S. District Court for the District of Columbia and fall within three 
primary categories: a consolidated shareholder class action and related 
opt-out lawsuits, a consolidated shareholder derivative lawsuit, and a 
class action lawsuit based on the Employee Retirement Income Security 
Act of 1974 (ERISA). 

The consolidated shareholder class action and two related opt-out 
lawsuits generally allege that Fannie Mae and certain former officers 
and directors made false and misleading statements in violation of the 
federal securities laws in connection with certain accounting policies 
and practices. In addition, the opt-out lawsuits assert various federal 
and state securities law and common law claims against Fannie Mae and 
certain current and former officers and directors based upon the same 
alleged conduct, and also assert insider trading claims against certain 
former officers. The opt-out cases were filed by institutional 
investors seeking to proceed independently of the putative class of 
shareholders in the consolidated shareholder class action. 

The consolidated shareholder derivative lawsuit asserts claims, 
purportedly on behalf of Fannie Mae against certain current and former 
officers and directors. Generally, the complaint alleges that the 
defendants breached their fiduciary duties to Fannie Mae and that the 
company was harmed as a result. The company's and the other defendant's 
motions to dismiss the consolidated shareholder derivative lawsuit are 
pending. 

The ERISA-based class action lawsuit alleges that Fannie Mae, and 
certain current and former officers and directors, violated ERISA. The 
plaintiffs in the ERISA-based lawsuit purport to represent a class of 
participants in Fannie Mae's Employee Stock Ownership Plan. Their 
claims are also based on alleged breaches of fiduciary duty based on 
the accounting matters discussed in OFHEO's interim report. A motion to 
dismiss that lawsuit is pending. 

[End of section] 

Appendix XII: Qwest Communications International, Inc. Case Study: 

Business Overview: 

Qwest Communications International, Inc. (Qwest) is a developer and 
operator of telecommunications networks and facilities. It provides 
local, long distance, wireless, and data services within its 14-state 
local service area. It also provides long distance services, broadband, 
data, voice, and video communications outside its local service area. 
The company has about 41,000 employees and is headquartered in Denver, 
Colorado. For the years ending December 31 2004, and 2005, Qwest had 
total revenues of $13.8 billion and $13.9 billion, respectively. 

Restatement Data: 

On April 3, 2002, SEC issued an order of investigation of the company 
that made formal an informal investigation begun on March 8, 2002. The 
investigation included an inquiry into several specifically identified 
Qwest accounting practices and transactions. On July 28, 2002, Qwest 
announced that, based on analysis to that date, the company had 
determined (1) it had incorrectly applied accounting polices with 
respect to certain optical capacity asset sale transactions in 1999, 
2000, and 2001; (2) further adjustments were required to account for 
certain sales of equipment in 2000 and 2001 that the company had 
previously determined had been recorded in error; and (3) that in a 
limited number of transactions, it did not properly account for certain 
expenses incurred for services from telecommunications providers in 
2000 and 2001. The company expected to restate its financial statements 
for these periods after it completed its analysis of its accounting 
policies and practices. 

In a press release on September 22, 2002, Qwest, in restating its 2000 
and 2001 financial statements, announced it would reverse $950 million 
in revenues and related costs associated with exchanges of optical 
capacity assets previously recognized. On October 28, 2002, Qwest 
announced the $950 million in revenues being reversed would be spilt 
into $265 million and $685 million in 2000 and 2001, respectively. In 
addition, the company announced that the $531 million previously 
recognized on sales of optical capacity assets for cash ($200 million 
in 2000 and $331 million in 2001) should be deferred. Finally, the 
company was taking a $10.8 billion asset impairment charge, where 
approximately $8.1 billion was a write-down of telephone network, 
global fiber optic broadband network, and other related assets, and 
approximately $2.7 billion was a reduction in the carrying value of 
intangible assets related to customer lists and product technology 
associated with the company's inter-exchange carrier business. On 
February 11, 2003, Qwest announced additional results of its internal 
review of the 2001 and 2000 financial statements, and further announced 
that its board of directors expanded the review to include an 
assessment of internal controls, as well as accounting policies, 
practices, and procedures. In connection with this review, the company 
discovered additional restatement entries to the 2001 and 2000 
financial statements involving revenue and expense recognition and cost 
accrual issues for 2001 and 2000, among other things. In a SEC Form 10- 
K filing on November 8, 2004, Qwest presented its restated financial 
statements for the years ending December 31, 2000, and December 31, 
2001. Table 11 summarizes the revenue, net income (or loss), and total 
asset changes for 2000 and 2001. 

Table 11: Selected Financial Data for Qwest, 2000 and 2001: 

(Dollars in millions; negative values in parentheses). 

Affected financial data: Revenue, as reported; 
Fiscal years: 2000: $16,610; 
Fiscal years: 2001: $19,695. 

Affected financial data: Revenue, as restated; 
Fiscal years: 2000: 14,148; 
Fiscal years: 2001: 16,524. 

Affected financial data: Net income (loss), as reported; 
Fiscal years: 2000: (81); 
Fiscal years: 2001: (4,023). 

Affected financial data: Net income, as restated; 
Fiscal years: 2000: (1,037); 
Fiscal years: 2001: (5,603). 

Total assets, as reported; 
Fiscal years: 2000: $73,501; 
Fiscal years: 2001: $73,781. 

Total assets, as restated; 
Fiscal years: 2000: $72,816; 
Fiscal years: 2001: $72,166. 

Source: SEC filings. 

[End of table] 

Accounting/Audit Firm: 

Arthur Andersen LLP (Arthur Andersen) was the company's auditor and 
wrote unqualified opinions for the company during the periods that were 
eventually restated (2000 and 2001). On May 29, 2002, Qwest's Board of 
Directors decided not to re-engage Arthur Andersen as Qwest's 
independent auditor for 2002 and instead engaged KPMG LLP. KPMG has 
continued to be the independent auditor through the fiscal year ending 
December 31, 2005. In 1999, 2000, and 2001, Arthur Andersen signed the 
audit reports for Qwest, with unqualified opinions. 

Stock Prices: 

Qwest trades on the NYSE under the ticker symbol Q. Starting in the 
second quarter of 2001, Qwest's stock generally trended downward, from 
a price of roughly $35. The stock hit a low of near $11 in the middle 
of the fourth quarter of 2001. The stock rallied to more than $14 in 
January of 2002, then fell below $10, and leveled off near $7 in early 
April. At the time of the announcement of a formal SEC investigation 
into its accounting practices on April 3, 2002, the stock price fell 
sharply from $7.63 to hit a yearly low of $1.11 in August of 2002--a 
decrease of around 85 percent. From this bottom the stock price rallied 
until in hit a yearly high in 2003 of $6.02. From this high, the stock 
has varied from $2.69 to $7.09 (see fig. 17). 

Figure 17: Daily Stock Prices for Qwest, January 2, 2001February 28, 
2004: 

[See PDF for image] - graphic text: 

Source: Nasdaq. 

[End of figure] - graphic text: 

Securities Analysts' Recommendations: 

Based on historical securities analysts' recommendations that we were 
able to identify around the time SEC began it formal investigation, we 
found information on five firms that researched the company. In April 
2002, when SEC began its formal investigation into Qwest's accounting 
practices, five securities firms had initial ratings on Qwest. Two of 
the five were buy ratings--one was a strong buy, one was a long-term 
buy, and the fifth was market outperform. On April 19, 2002, all five 
lowered their ratings. Two went from buy to hold, one went from strong 
buy to buy, one went from long-term buy to long term neutral, and the 
fifth went from market outperform to market perform. After July 28, 
2002, when Qwest announced that it would it would restate its earnings 
for 2000 and 2001, three firms lowered their ratings between July 29 
and August 8, 2002. 

Credit Rating Agency Actions: 

Moody's Investors Service, Inc. (Moody's), Standard and Poor's (S&P), 
and Fitch Ratings (Fitch) rated Qwest's long-term debt. During 2002 
when the SEC investigation began, the three agencies lowered Qwest's 
credit ratings on multiple occasions. For instance, from December 2001 
to December 2002, Moody's downgraded Qwest's rating from A2 to Ba, S&P 
downgraded from BBB+ to B-, and Fitch lowered its ratings from A to B. 
Moody's Ba rating indicates a security has speculative elements. 
Similarly, for S&P, any rating below BBB indicates that the security is 
speculative in nature. According to S&P, a B-rating indicates that the 
issuer currently has the capacity to meet financial commitments on the 
obligation but adverse business, financial, or economic conditions 
likely would impair its capacity or willingness to meet financial 
commitments on the obligations. Finally, any Fitch rating below BBB is 
considered speculative in nature, and a B rating is highly speculative, 
meaning that significant credit risk is present. 

Legal and Regulatory Actions Taken: 

On October 21, 2004, Qwest entered a settlement with SEC, concluding a 
formal investigation concerning Qwest's accounting and disclosures, 
among other subjects, that began in April 2002. In connection with this 
settlement, SEC filed a complaint against Qwest in federal district 
court in Denver, Colorado. The complaint alleged that between 1999 and 
2002 Qwest fraudulently recognized more than $3.8 billion in revenue 
and excluded $231 million in expenses as part of a multifaceted 
fraudulent scheme to meet optimistic and unsupportable earnings 
projections. Without admitting or denying the allegations in the 
complaint, Qwest consented to the entry of a judgment by the 
court.[Footnote 70] 

The final judgment, which was entered on November 4, 2004, enjoins 
Qwest from future violations of certain provisions of the securities 
laws and requires Qwest to pay a civil penalty of $250 million and a $1 
disgorgement. This penalty amount is to be distributed to defrauded 
investors pursuant to the Fair Funds provision of the Sarbanes Oxley 
Act of 2002, which allows SEC to place civil penalties and 
disgorgements levied on a company that commits fraud into a fund on 
behalf of harmed shareholders. In addition, Qwest is required to 
maintain a Chief Compliance Officer, who is to report to a committee of 
outside directors and who is responsible for ensuring that the company 
conducts its business in compliance with federal securities laws. 

On July 9, 2002, the U.S. Attorney's Office for the District of 
Colorado informed Qwest of a criminal investigation thought to relate 
to various matters that SEC was investigating. 

Twelve putative actions filed since July 2001 on behalf of purchasers 
of Qwest's publicly traded securities between May 24, 1999, and 
February 14, 2002, were consolidated into a consolidated securities 
action pending in federal district court in Colorado. Named in this 
action were Qwest, its former chairman and CEO, former CFOs, other 
former officers and current directors, and Arthur Andersen. The 
consolidated action alleged from May 24, 1999, to February 14, 2002, 
the putative class period, that: 

* Qwest and certain of the individual defendants made materially false 
statements regarding the results of the firm's operations in violation 
of Section 10(b) of the Exchange Act, 

* certain of the individual defendants were liable as control persons 
under Section 20(a) of the Exchange Act, and during the earlier stated 
period, and: 

* certain individual defendants sold some of their shares of common 
stock in violation of section 20A of the Exchange Act. 

The suit also alleges that the financial results during the putative 
class period and statements regarding those results were false and 
misleading due to the alleged (1) overstatement of revenue, (2) 
understatement of costs, (3) manipulation of employee benefits to 
increase profitability, and (4) misstatement of certain assets and 
liabilities. In addition, the suit alleges that Qwest and certain 
individual defendants violated Section 11 of the Securities Act and 
that certain individual defendants were liable as control persons under 
Section 15 of the Securities Act by preparing and disseminating false 
registration statements. The plaintiffs are seeking unspecified 
compensatory damages and other relief. According to the plaintiffs' 
lead counsel, the plaintiffs are seeking damages worth billions of 
dollars. 

On October 22, 2001, a purported derivative lawsuit was filed in the U. 
S. District Court for the District of Colorado. The complaint, as 
amended, named as defendants certain of Qwest's present and former 
directors and certain former officers and named Qwest as a nominal 
defendant. This derivative lawsuit, referred to by Qwest as the Federal 
Derivative Litigation, was based on the allegations made in the 
consolidated securities action. The suit alleges that board members 
intentionally or negligently breached their fiduciary duties to the 
firm by causing or permitting the firm to commit alleged securities 
violations, thus causing the firm to be sued for such violations, 
subjecting the firm to adverse publicity, and increasing the cost of 
raising capital and impairing earnings. This derivative complaint 
further alleges that certain directors sold shares between April 26, 
2001, and May 15, 2001, using nonpublic information about the firm. In 
connection with the settlement of the Colorado Derivative Litigation 
(defined below), the Federal Derivative Litigation was dismissed with 
prejudice by agreement. 

On March 6, 2002, and November 22, 2002, a purported derivative lawsuit 
was filed in the Colorado District Court for the City and County of 
Denver, naming as defendants certain of Qwest's current and former 
officers and directors and Anschutz Company and naming Qwest a nominal 
defendant (referred to as the Colorado Derivative Litigation). This 
complaint was based on the allegations made in the consolidated 
securities action and alleged that various individual defendants 
breached their legal duties to Qwest by engaging in self-dealing, 
failing to oversee compliance with laws that prohibit insider trading 
and self-dealing, and causing or permitting Qwest to commit alleged 
securities laws violations--causing Qwest to be sued for such 
violations and subjecting Qwest to adverse publicity and thereby 
increasing its cost of raising capital and impairing earnings. The two 
purported derivative actions were consolidated on February 17, 2004. 

On October 30, 2002, two purported derivative lawsuits, which initially 
were filed in the Court of Chancery of the State of Delaware in August 
2002, naming certain of Qwest's current and former officers and 
directors and naming Qwest as a nominal defendant, were consolidated 
(referred to as the Delaware Derivative Litigation). The plaintiffs 
alleged that the individual defendants (1) breached their fiduciary 
duties by allegedly engaging in illegal insider trading in Qwest's 
stock; (2) failed to ensure compliance with federal and state 
disclosure, anti-fraud and insider trading laws within Qwest; (3) 
appropriated corporate opportunities, wasted corporate assets and self- 
dealt in connection with investments in initial public offering 
securities through Qwest's investment bankers; and (4) improperly 
awarded severance payments to Qwest's former Chief Executive Officer, 
Joseph P. Nacchio, and Qwest's former Chief Financial Officer, Robert 
S. Woodruff. The plaintiffs sought recovery of incentive compensation 
allegedly wrongfully paid to certain defendants, all severance payments 
made to Nacchio and Woodruff, disgorgement, contribution and 
indemnification, repayment of compensation, injunctive relief, and all 
costs including legal and accounting fees. 

The Denver District Court entered an Order and Final Judgment effective 
June 15, 2004, approving the proposed settlement among the parties to 
the Colorado Derivative Litigation and the Delaware Derivative 
Litigation. The settlement provided that upon dismissal with prejudice 
of the Delaware Derivative Litigation and the Federal Derivative 
Litigation, $25 million of the $200 million fund from the insurance 
settlement with certain Qwest insurance carriers would be designated 
for the exclusive use of Qwest to pay losses and Qwest would implement 
a number of corporate governance changes. The settlement also provided 
that the Denver District Court could enter awards of attorneys' fees 
and costs (in amounts not to exceed $7.625 million in the aggregate) to 
derivative plaintiffs' counsel from the $25 million. Pursuant to the 
settlement, by agreement the Delaware Derivative Litigation and the 
Federal Derivative Litigation have been dismissed with prejudice. 

On March 15, 2005, in three separate but related civil actions, SEC 
charged Joseph P. Nacchio, former Co-Chairman and CEO of Qwest, and 
eight other former Qwest officers and employees, with fraud and other 
violations of federal securities laws. The defendants included former 
CFOs Robert S. Woodruff and Robin R. Szeliga, former Chief Operating 
Officer, Afshin Mohebbi, and former officers George M. Casey, and 
William L. Eleveth. The complaints sought injunctions, disgorgement of 
ill-gotten gains (plus prejudgment interest), and civil penalties 
against all of the defendants and officer/director bars against 
Nacchio, Woodruff, Mohebbi, Casey, Eleveth, and Szeliga. Two of the 
nine defendants consented to the entry of judgments against them 
without admitting or denying the allegations against them. The 
complaints allege that the defendants violated Section 17(a) of the 
Securities Act, and Sections 10(b) and 13(b)(5) of the Exchange Act, 
and Exchange Act Rules 10-b5 and 13b2-1; complaints also allege that 
the defendants aided and abetted Qwest's violations of Sections 13(a) 
and 13(b)(2) of the Exchange Act and Exchange Act Rules 12-b-20, 13a-1, 
13a-11, 13a-13. SEC complaints allege that Nacchio, Woodruff, Mohebbi, 
Casey, and Szeliga violated Exchange Act Rule 13b2-2, and that Mohebbi 
and Casey aided and abetted Qwest's violations of Section 10(b) of the 
Exchange Act and Exchange Act Rule 10b-5. SEC has instituted numerous 
other civil and administrative actions against former officers and 
employees of Qwest and it subsidiaries, which are not summarized here. 

Pursuant to an administrative order dated March 29, 2005, SEC 
instituted administrative proceedings against Mark Iwan, a Global 
Managing Partner for Arthur Anderson for Qwest. SEC found that he 
engaged in improper professional conduct within the meaning of Rule 
102(e)(1)(ii) of SEC's Rules of Practice by engaging in repeated 
instances of unreasonable conduct, each resulting in a violation of 
applicable professional standards, which indicate a lack of competence 
to practice before SEC. In anticipation of the institution of these 
proceeding, Iwan submitted an offer of settlement that SEC accepted. 
SEC also denied him the privilege of appearing or practicing before SEC 
as an accountant, but stated that under certain conditions he might be 
reinstated to appear or practice before SEC. 

[End of section] 

Appendix XIII: Starbucks Corporation Case Study: 

Business Overview: 

Starbucks Corporation (Starbucks) sells coffee and tea beverages and 
products, along with a variety of complementary food items including a 
line of premium ice cream, coffee-related accessories and equipment, 
and a line of compact discs. The corporation sells these products 
primarily through approximately 6,000 company-operated retail stores, 
which accounted for 85 percent of total revenues in fiscal year 2005. 
Starbucks also sells coffee and tea products and licenses its trademark 
through other channels, such as grocery stores. The company's retail 
sales mix, by product type, during fiscal year 2005, was 77 percent 
beverages, 15 percent food, 4 percent whole bean coffees, and 4 percent 
coffee-making equipment and other merchandise. Based in Washington 
State, Starbucks has expanded internationally in recent years-- 
primarily in Canada, the United Kingdom, Australia, and China--and has 
approximately 115,000 employees worldwide. For fiscal year 2005, the 
Company reported total net revenues of $6.4 billion and net earnings of 
almost $500 million. 

The Company's business is subject to seasonal fluctuations. Significant 
portions of the corporation's net revenues and profits are realized 
during the first quarter of the fiscal year, which includes the 
December holiday season. The timing of the opening of new stores and 
the supply and price of coffee beans also has significant impact on the 
company's revenues and profits. 

Restatement Data: 

In a February 7, 2005, letter to the American Institute of Certified 
Public Accountants, the chief accountant of SEC clarified SEC staff's 
interpretation of certain operating lease-related accounting issues and 
their application under GAAP. As a result of this clarification, 
Starbucks' management and audit committee agreed to evaluate the 
company's accounting practices for operating leases. On February 11, 
2005, the due date for filing Form 10-Q, Starbucks filed for a 5-day 
extension. On February 16, 2005, Starbucks' management, audit 
committee, and external auditor announced that the company's then- 
current method of accounting for tenant improvement allowances and rent 
holidays was not in accordance with GAAP. Lease terms may allow for a 
period of free or reduced rents--typically known as rent holidays. On 
February 18, 2005, Starbucks filed a Form 10-K/A for fiscal year 2004, 
in which the company restated its consolidated financial statements for 
fiscal years 2002, 2003, and 2004. Starbucks also announced that the 
restatements would not affect its previously reported first quarter 
(per share) earnings for fiscal year 2005. 

Starbucks does not franchise its product. The corporation operates the 
majority of its retail stores, typically in rented commercial space 
that has been renovated to reflect the personalities of the communities 
in which they are located. Starbucks had historically recognized rent 
holiday periods on a straight-line basis over the lease term commencing 
with the initial occupancy date, or the opening date for company- 
operated retail stores, rather than commencing with the date the 
company takes possession of the leased space for construction purposes. 
Starbucks also reviewed the FASB's Technical Bulletin No. 85-3, 
"Accounting for Operating Leases with Scheduled Rent Increases," for 
additional guidance. According to the company's Form 10-K/A, because 
Starbucks generally takes possession of a leased space 2 months prior 
to a store opening date in order to transform it into the Starbucks 
style, the company should have been recording additional deferred rent 
in "accrued occupancy costs" and "other long-term liabilities" and 
adjusted "retained earnings" on the consolidated statements of earnings 
for fiscal years 2002, 2003, and 2004. According to the company's Form 
10-K/A, these accounting changes resulted in a reduction to retained 
earnings of $8.6 million as of the beginning of fiscal year 2002, and 
decreases to retained earnings of $1.3 million, $1.5 million, and $1.2 
million for fiscal years 2002, 2003, and 2004, respectively. See table 
12. 

Table 12: Selected Reported Financial Data for Starbucks, 2002-2004: 

(Dollars in thousands). 

Affected financial data: Cost of sales including occupancy costs, as 
reported; 
Fiscal years: Ending Sept. 29, 2002: $1,350,011; 
Fiscal years: Ending Sept. 28, 2003: $1,685,928; 
Fiscal years: Ending Oct. 3, 2004: $2,198,654. 

Affected financial data: Cost of sales including occupancy costs, as 
restated; 
Fiscal years: Ending Sept. 29, 2002: 1,346,972; 
Fiscal years: Ending Sept. 28, 2003: 1,681,434; 
Fiscal years: Ending Oct. 3, 2004: 2,191,440. 

Affected financial data: Depreciation and amortization expenses, as 
reported; 
Fiscal years: Ending Sept. 29, 2002: 205,557; 
Fiscal years: Ending Sept. 28, 2003: 237,807; 
Fiscal years: Ending Oct. 3, 2004: 280,024. 

Affected financial data: Depreciation and amortization expenses, as 
restated; 
Fiscal years: Ending Sept. 29, 2002: 210,702; 
Fiscal years: Ending Sept. 28, 2003: 244,671; 
Fiscal years: Ending Oct. 3, 2004: 289,182. 

Affected financial data: Net earnings, as reported; 
Fiscal years: Ending Sept. 29, 2002: 212,686; 
Fiscal years: Ending Sept. 28, 2003: 268,346; 
Fiscal years: Ending Oct. 3, 2004: 391,775. 

Affected financial data: Net earnings, as restated; 
Fiscal years: Ending Sept. 29, 2002: 211,391; 
Fiscal years: Ending Sept. 28, 2003: 266,848; 
Fiscal years: Ending Oct. 3, 2004: 390,559. 

Source: SEC filing. 

[End of table] 

Accounting/Audit Firm: 

Deloitte and Touche LLP was the independent auditor for Starbucks 
during the relevant period. 

Stock Prices: 

Starbucks is traded on the Nasdaq Stock Market under the symbol SBUX. 
Since going public in 1992, Starbuck's stock value has climbed steadily 
as the corporation expanded nationally and internationally. By 2002, 
Starbucks had split its stock four times. On December 29, 2004, the 
stock reached a high of $63.87, reflecting a profitable December 
holiday season. Starbucks' February 2005 announcement of its intention 
to restate its financial statement for fiscal years 2002-2004 did not 
adversely affect its stock value. On February 7, 2005, when SEC 
released its letter, Starbucks' stock traded at $51.07. On February 11, 
2005, when Starbucks requested a filing extension with SEC, its stock 
value decreased to $49.68. With some fluctuations, the stock traded at 
$49.90 on February 18, 2005, when the company filed an amended Form 10- 
K that contained the restated consolidated balance sheets for 2003 and 
2004, as well as its consolidated statements of earnings and cash flows 
for fiscal years 2002, 2003, and 2004. The Company's stock value 
remained briefly around $49 until February 25, 2005, when it increased 
to $51.24, and remained slightly above that level for the next month. 
On September 21, 2005, the company announced a two-for-one stock split 
(see fig. 18). 

Figure 18: Daily Stock Prices for Starbucks, June 1, 2004-April 28, 
2006: 

[See PDF for image] - graphic text: 

Source: Nasdaq. 

[End of figure] - graphic text: 

Securities Analysts' Recommendations: 

Based on historical securities analysts' recommendations that we were 
able to identify, at least 10 research firms covered Starbucks during 
the relevant period. All maintained recommendations ranging from hold 
to buy. Analysts generally have rated Starbucks favorably. Data from 
1998 show analysts generally recommending buying Starbuck's stock or 
holding it. On February 11, 2005, a few days before Starbuck's 
restatement announcement, one analyst recommended holding the stock. On 
February 18, 2005, when Starbucks filed its Form 10-K/A with the 
restated financial statements, another analyst noted that the stock was 
"in-line," which means the earnings adhered to the analyst's 
expectations. Over the next few months, several analysts upgraded their 
actions to outperform or buy. 

Credit Rating Agency Actions: 

At the time of the relevant period, Starbucks was not rated by any 
credit rating agencies. According to one credit rating agency analyst, 
Starbucks was not rated because it did not have any public debt. 

Legal and Regulatory Actions Taken: 

As of July 2006, there has been no civil or regulatory action taken 
with regard to Starbucks' restatement announcement. 

[End of section] 

Appendix XIV: Sterling Bancshares, Inc. Case Study: 

Business Overview: 

Sterling Bancshares, Inc. (Sterling Bancshares) provides financial 
services for small-to mid-sized businesses and consumers through 40 
banking offices in the greater metropolitan areas of Houston, San 
Antonio, and Dallas, Texas.[Footnote 71] It provides a wide range of 
commercial and consumer banking services, including demand, savings and 
time deposits; commercial, real estate, and consumer loans; merchant 
credit card services; letters of credit; and cash and asset management 
services. In addition, it facilitates sales of brokerage, mutual fund, 
alternative financing, and insurance products through third-party 
vendors. As of December 31, 2005, the company had total assets of $3.7 
billion with a net income for the year of $36.2 million and just over 
1,000 employees. 

Restatement Data: 

Sterling Bancshares made one restatement announcement on October 21, 
2003, in its announcement of quarterly results for the quarter ended 
September 30, 2003. Sterling Bancshares announced that upon the sale of 
its banking offices in Eagle Pass, Carrizo Springs, Crystal City, and 
Pearsall (South Texas offices) on July 15, 2002, and November 5, 2002, 
it initially determined that the sale of the offices met the accounting 
requirements for presentation as discontinued operations. However, 
after further consideration, the company determined that the sale of 
the South Texas offices did not meet the requirements for such 
presentation. The company's total net income, basic and diluted 
earnings per share and shareholders equity for this period was not 
affected by the restatement. 

The company determined that it was necessary to amend its Form 10-Qs 
for the quarters ended March 31, 2003, and June 30, 2003, as well as 
its 2002 Form 10-K, so that the financial results and condition 
pertaining to these offices were not separately presented as 
discontinued operations. The company's October 2003 earning's release 
contained the restated financial information with respect to these 
prior periods in order to present the South Texas offices in continuing 
operations. The amendments to the March 31 and June 30 Forms 10-Q, and 
the Form 10-K for fiscal year 2002, were ultimately filed on November 
14, 2003--the same date the quarterly report Form 10-Q for the period 
ended September 30, 2003, was filed. 

The company's consolidated income statement filed with the original 
Form 10-Q for the quarter ended March 31, 2003, included $9.2 million 
as income from continuing operations and $2.0 million as income from 
discontinued operations. As a result of including the South Texas 
offices in continued operations, the line item for income from 
discontinued operations was deleted from the restated income statement, 
and the amount presented as income from continuing operations increased 
by the $2.0 million that had initially been presented as income from 
discontinued operations. Additionally, the $16.2 million and $43.4 
million included on the consolidated balance sheet filed with the 
original Form 10-Q as assets and liabilities of discontinued 
operations, respectively, were deleted, and such amounts were 
redistributed to the appropriate line items on the restated balance 
sheet. 

Sterling Bancshares' consolidated income statement original Form 10-Q 
for the quarter ended June 30, 2003, included $6.2 million as income 
from continuing operations and $1.585 million as a loss from 
discontinued operations. Additionally, it included $98.8 million as 
assets related to discontinued operations and $172.7 million as 
liabilities related to discontinued operations. On the restated income 
statement, income from continuing operations decreased $35 thousand to 
$6.19 million while the loss from discontinued operations decreased $35 
thousand to $1.550 million. Additionally, the restated assets related 
to discontinued operations decreased 43 percent, or $43 million, to 
$56.1 million. Liabilities related to discontinued operations decreased 
81 percent, or $140 million, to $32 million. 

The company's consolidated income statement filed with the original 
Form 10-K for the year ended December 31, 2002, included $36.7 million 
as income from continuing operations and a loss of $122 thousand from 
discontinued operations. Additionally, it included $42.8 million as 
assets related to discontinued operations and $140.3 million as 
liabilities related to discontinued operations. On the restated income 
statement, income from continuing operations decreased $122 thousand, 
to $36.5 million, while the restated income from discontinued 
operations increased $122 thousand. Additionally, the restated assets 
related to discontinued operations and liabilities related were 
eliminated. Table 13 summarizes the related financials. 

Table 13: Selected Financial Data for Sterling Bancshares (Fiscal Year 
2002, the First Two Quarters of Fiscal Year 2003): 

(Dollars in thousands; negative values in parentheses). 

Affected financial data: Income for continuing operations, as reported; 
Fiscal year 2002: $36,673; 
First quarter 2003: $9,210; 
Second quarter 2003: $6,226. 

Affected financial data: Income for continuing operations, as restated; 
Fiscal year 2002: 36,551; 
First quarter 2003: 11,237; 
Second quarter 2003: 6,191. 

Affected financial data: Income (loss) for discontinued operations, as 
reported; 
Fiscal year 2002: (122); 
First quarter 2003: 2,027; 
Second quarter 2003: (1,585). 

Affected financial data: Income (loss) for discontinued operations, as 
restated; 
Fiscal year 2002: 0; 
First quarter 2003: 0; 
Second quarter 2003: (1,550). 

Affected financial data: Asset related to discontinued operations, as 
reported; 
Fiscal year 2002: 42,772; 
First quarter 2003: 16,223; 
Second quarter 2003: 98,831. 

Affected financial data: Asset related to discontinued operations, as 
restated; 
Fiscal year 2002: 0; 
First quarter 2003: 0; 
Second quarter 2003: 56,059. 

Affected financial data: Liabilities related to discontinued 
operations, as reported; 
Fiscal year 2002: 140,340; 
First quarter 2003: 43,402; 
Second quarter 2003: 172,746. 

Affected financial data: Liabilities related to discontinued 
operations, as restated; 
Fiscal year 2002: 0; 
First quarter 2003: 0; 
Second quarter 2003: 32,406. 

Source: SEC filings. 

[End of table] 

Independent Auditor: 

Deloitte & Touche LLP was the company's independent auditor during the 
restatement period. 

Stock Prices: 

Sterling Bancshares stock is traded on the Nasdaq under the ticket 
symbol SBIB. On October 20, 2003, the date before the restatement 
announcement, the stock price closed at $11.42. On the day of the 
restatement, the stock price closed at $11.50. The following day, the 
stock price closed at $11.12. However, the stock had been decreasing 
since October 9, when its price was $12.36. The announcement of the 
restatement appeared to have little longer-term impact on the stock 
price, as it continued to trend upward over the next 3 months. The 
trends in Sterling Bancshares' stock price are shown in figure 19. 

Figure 19: Daily Stock Prices for Sterling Bancshares, April 1, 2003- 
April 30, 2004: 

[See PDF for image] - graphic text: 

Source: Nasdaq. 

[End of figure] - graphic text: 

Securities Analysts' Recommendations: 

Based on historical securities analyst rating information we 
identified, one analyst downgraded Sterling Bancshares stock from a buy 
to hold on October 22, 2003--the day after Sterling Bancshares' 
restatement. 

Credit Rating Agency Actions: 

No credit rating agency information was available. 

Legal and Regulatory Actions Taken: 

As of July 2006, there has been no legal or regulatory action taken 
with regard to Sterling Bancshares' restatement. 

[End of section] 

Appendix XV: GAO Contact and Staff Acknowledgments: 

GAO Contact: 

Orice M. Williams (202) 512-8678, williamso@gao.gov: 

Staff Acknowledgments: 

In addition to the individuals named above, Daniel Blair and John 
Reilly, Jr. (Assistant Directors); Allison Abrams, Marianne Anderson, 
Heather Atkins, Angela Barnett, Martha Chow, M'Baye Diagne, Lawrance 
Evans, Jr; Sonya Hockaday, Tiffani Humble, Joe Hunter, Debra Johnson, 
May Lee, Kimberly McGatlin, Andrew J. McIntosh, Marc Molino, Andrew 
Nelson, Charles Perdue, Robert Pollard, Omyra Ramsingh, Barbara 
Roesmann, John Saylor, Christopher Schmitt, Gloria Sutton, Kaya Leigh 
Taylor, Dave Tarosky, Richard Vagnoni, and Nicolas Zitelli made key 
contributions to this report. 

[End of section] 

Glossary: 

Asset write-down/write off: 

To charge an asset amount to an expense or loss in order to reduce the 
value of the asset and, therefore, earnings. Occurs when an asset was 
initially overvalued or loses value. 

Derivative: 

A security whose value depends on the performance of underlying, 
previously issued securities. Used properly, these instruments can be 
useful in reducing financial risk. Examples include options, swaps, and 
warrants. 

Goodwill: 

The excess of the purchase price over the fair market value of an 
asset. Goodwill arises when the price paid for a company exceeds that 
suggested by the value of its assets and liabilities. 

Impairment: 

Generally refers to a reduction in a company's stated capital, however, 
impairment can be used in any context, e.g., "asset impairment" or 
"goodwill impairment." Impairment is usually the result of poorly 
estimated gains or losses. 

Option: 

Contracts that give the holder the option, or right, to buy or sell the 
underlying financial security at a specified price--called the "strike" 
or "exercise" price--during a certain period of time or on a specific 
date. Options on individual stocks are called "stock options." 

Round-trip transactions: 

A method used to inflate transaction volumes or revenue through the 
simultaneous purchase and sale of products between colluding companies. 

Warrant: 

A security that gives the holder certain rights under certain 
conditions, both determined by the issuer of the warrant. For example, 
an exchange pprivilege may allow the holders to exchange one warrant 
plus $5 in cash for 100 shares of common stock in a corporation any 
time after some fixed date, and before some other designated date. 

(250250): 

FOOTNOTES 

[1] An American Depositary Receipt is a negotiable certificate issued 
by a U.S. bank representing a specified number of shares (or one share) 
in a foreign stock that is traded on a U.S. exchange. ADRs are 
denominated in U.S. dollars, with the underlying security held by a 
U.S. financial institution overseas. 

[2] GAO, Financial Statement Restatements: Trends, Market Impacts, 
Regulatory Responses, and Remaining Challenges, GAO-03-138 (Washington, 
D.C.: Oct. 4, 2002). For the purposes of our 2002 report and this 
report (1) a restatement occurs when a company, either voluntarily or 
prompted by auditors or regulators, revises public financial 
information that was previously reported; and (2) the restatement 
announcement is considered the market event whose effect is to be 
measured. Market capitalization is the value of a company as determined 
by the market price of its issued and outstanding common stock (the 
number of shares outstanding multiplied by the current market price of 
a share). 

[3] Financial reporting fraud generally is defined as an instance in 
which a company intentionally misstates its financial statements or 
intentionally misapplies an accounting pronouncement. Accounting errors 
generally are unintentional mistakes in a transaction or application of 
an accounting principle that results in the financial statements not 
being fairly presented in conformity with generally accepted accounting 
principles. Our analysis includes both financial reporting fraud and 
accounting errors. In our 2002 report, we referred to financial 
reporting fraud and accounting errors as accounting irregularities. 

[4] Pub. L. No. 107-204, 116 Stat. 745 (July 30, 2002). 

[5] The number of announcements exceeds the number of public companies 
because some companies announced restatements more than once. 

[6] Because numerous revisions to the Financial Accounting Standards 
Board's Financial Interpretation No. 46, Consolidation of Variable 
Interest Entities, were issued over a short span, we generally excluded 
restatements made to comply with such guidance, unless the compliance 
was not timely. 

[7] There were fewer restatements analyzed over the intermediate period 
than restatements analyzed in the immediate impact analysis because of 
missing longer-term data. 

[8] There were even fewer restatements analyzed over the longer-term 
period than restatements analyzed in the intermediate and immediate 
impact analysis due to missing longer-term data. 

[9] These results are based on our event study and include only those 
stocks listed on NYSE, Nasdaq, and Amex at the time the companies 
announced restatements. Adjusting for market movements is important in 
general because the impact of negative (or positive) company-specific 
news can be dampened (or bolstered) on a day when the overall market is 
moving higher, and vice versa. Failing to control for market movements 
can result in attributing a greater or smaller impact to an event than 
is warranted. 

[10] The four Yale indexes are (1) the One-Year Confidence Index, (2) 
the Buy on Dip Confidence Index, (3) the Crash Confidence Index, and 
(4) the Valuation Confidence Index. 

[11] SEC defines public float as the aggregate market value of voting 
and non-voting common equity held by non-affiliates of the issuer. 

[12] See appendix V, Financial Restatement Database, GAO-06-1053R 
(Washington, D.C.: Aug. 31, 2006), for a detailed listing of 
restatement announcements we identified July 2002 through September 
2005, and additional information. This correspondence also includes a 
listing of restatement announcements we identified from October 2005 
through June 2006. The database is available electronically at http:// 
www.gao.gov/cgi-bin/getrpt?GAO-06-1079sp. For the purpose of this 
report, we define a large company as having over $1 billion in total 
assets. 

[13] The number of announcements exceeds the number of public companies 
because some companies announced more than one restatement. 

[14] Huron Consulting Group, "A Study of Restatement Matters," 
(Chicago: Huron Consulting Group, 2005). 

[15] Glass, Lewis & Co. LLC, "Getting It Wrong the First Time," 
(Denver: Glass, Lewis & Co. LLC, 2006). 

[16] The average market capitalization of companies restating their 
financial statements for which we had data was $924 million for those 
listed on Nasdaq, and $7.2 billion for those listed on NYSE. The Nasdaq 
totals include National Market System and Small Cap Venue-listed 
companies. 

[17] Companies restating multiple times in one year are counted only 
once in this analysis. For example, in 2003 there were 110 restatements 
attributable to NYSE-listed companies; however there were only 103 
companies restating--some more than once. 

[18] Because our methodology reflects a focus on the impact of 
restatement announcements on market capitalization, we do not capture a 
large number of small public companies, many of which are not traded on 
the listed markets. See appendix I. 

[19] In 2005, Nasdaq had almost 900 more companies listed than NYSE. 

[20] A lease is a document granting possession of a property for a 
given period without conferring ownership. The lease document specifies 
the terms and conditions of occupancy by the tenant, including a period 
of occupancy, rent payable, etc. A leasehold improvement is an expense 
incurred for the permanent improvements to rented facilities. Leasehold 
improvements are considered fixed assets and depreciate over the leased 
period. 

[21] Section 704 of the Sarbanes-Oxley Act directed SEC to study its 
enforcement actions over the 5 years preceding the enactment of the act 
in order to identify areas of issuer financial reporting that are more 
susceptible to fraud, inappropriate manipulation, or inappropriate 
earnings-management. Section 704 also directed SEC to report its 
findings to Congress, including potential recommendations to address 
any identified issues. SEC reported the results of its study in 2003. 

[22] Such a determination is based upon Statement on Auditing Standards 
(SAS) No. 1, Section 561.06, which requires the appropriate disclosure 
of newly discovered facts and their impact on the financial statements 
to persons who are known to be currently relying, or who are likely to 
rely on, the financial statements when the newly discovered information 
meets the criteria set forth in SAS No. 1, Section 561.05. 

[23] We excluded foreign issuers. 

[24] To assess the impact of the restatement announcement on a 
company's stock price, we calculated the abnormal return of the stock 
over the event window (one trading day before through one trading day 
after the announcement for the immediate impact, 20 trading days before 
through 20 trading days after for the intermediate impact, and 60 
trading days before through 60 trading days after for the longer-term 
impact). The abnormal return for a given stock is the actual rate of 
return for that stock over the event window minus the expected rate of 
return of that stock (the rate of return predicted by a statistical 
model incorporating the price behavior of a market index) over the same 
period. This measure attempts to isolate the impact of the announcement 
by controlling for general market movements. We reported the average 
holding period abnormal return for all stocks that we were able to 
analyze for a given event window for a given time period. See appendix 
I for more details. 

[25] Although we attempted to control for general market movements over 
each 3-trading-day window to isolate the impact of the announcement, 
other factors may have influenced the stock prices of the restating 
companies during this period. For example, a company might have issued 
its third quarter 2005 earnings while also announcing that it was going 
to restate its earnings for the first two quarters of 2005. If the 
company's third-quarter earnings fell short of the market's 
expectations, the news likely would exacerbate the negative reaction to 
the restatement announcement; if, however, the company's third-quarter 
earnings exceeded the market's expectations, the news likely would 
temper the negative reaction to the restatement announcement. Our 
analysis did not attempt to disaggregate these reactions. 

[26] We were unable to analyze 87 announcements due to companies 
merging with or being acquired by other companies, companies filing for 
Chapter 11 bankruptcy protection, companies deregistering their stock, 
and companies for which we were unable to find any additional 
information. 

[27] In this section we focus on market-adjusted results; the 
unadjusted results were qualitatively similar. 

[28] For example, the three restatements attributable to related-party 
transactions with the largest negative responses (in excess of 18 
percent of market capitalization) involved misreported sales between 
affiliates (at Digital Video Systems, Inc. in April 2003), unspecified 
intercompany transactions (at Ionics, Inc. in Nov. 2002), and failure 
to disclose and account for a compensation arrangement with a former 
CEO (at Nara Bancorp, Inc. in March 2005). 

[29] As noted earlier, a large number of public companies announced 
restatements involving accounting for leases recently. We found that of 
the 1,390 restatement announcements that we captured, 151 were due 
solely to the lease accounting issue. We were able to analyze 131 of 
these 151 announcements and found that, on a market-adjusted basis, the 
stock prices of these companies declined by around 0.5 percent on 
average and their market capitalization decreased by $2.1 billion from 
the trading day before through the trading day after the announcement. 
We found that the average (median) immediate market-adjusted impact on 
market capitalization for these announcements was -$15.8 million (-$0.3 
million). This is in comparison to the average (median) immediate 
market-adjusted impact on market capitalization of -$34.4 million (- 
$1.4 million) for all of the 1,061 announcements that we analyzed in 
the primary event study. 

[30] In our 2002 report, we specified the intermediate impact as 60 
trading days before through 60 trading days after the announcement. For 
purposes of this report, we have specified 20 trading days before 
through 20 trading days after the announcement as the intermediate 
impact and the longer-term impact as 60 trading days before through 60 
trading days after the announcement. 

[31] As we considered longer event time frames, we increased the 
possibility that other factors and events may have impacted a restating 
company's stock price. 

[32] For example of some empirical studies see Z. Palmrose et al., 
"Determinants of Market Reactions to Restatement Announcements," 
Journal of Accounting and Economics, 37 (February): 2004, K. Anderson 
and T. Yohn, "The Effect of 10-K Restatements on Firm Value, 
Information Asymmetries, and Investors' Reliance on Earnings", Working 
Paper, Georgetown University, 2002, P. Hribar and N. Jenkins, "The 
Effect of Accounting Restatements on Earnings Revisions and the 
Estimated Cost of Capital", Review of Accounting Studies, 9: 2004. and 
C. Gleason et al., "Financial Statement Credibility: The Contagion 
Effects of Accounting Restatements," AAA FARS Meeting Paper (2004); and 
those studies reviewed in GAO-03-138, among others. These studies, 
which examine measures that may proxy for investor confidence--such as 
long-term cumulative abnormal returns, earnings response coefficients, 
bid-ask spreads, and cost-of-capital measures--suggest negative 
impacts, but may not extend to all types of restatements or generalize 
to restatements since the passage of the Sarbanes-Oxley Act. However, 
we found no published studies that attempted to measure how long this 
impact may last on restating companies, or whether the decline in 
confidence spreads to non-restating companies (thereby impacting the 
overall investment climate). 

[33] Several studies have suggested there is a greater investor concern 
over errors involving revenue recognition, more than one account, 
financial reporting fraud, or accounting errors than over technical 
accounting issues and unintentional accounting defects that involve 
relatively smaller amounts and fewer accounting periods--or that 
suggest corrective action taken by the company. For example, see 
Palmrose et al. (2004); D. Farber, "Restoring Trust After Fraud: Does 
Corporate Governance Matter?", The Accounting Review, 80 (April): 2005, 
Anderson and Yohn (2002); A. Akhigbe et al., "Why Are Some Corporate 
Earnings Restatements More Damaging?" Applied Financial Economics, 15: 
2005 and Hribar and Jenkins (2004). 

[34] The UBS/Gallup Poll of Investor Attitudes determines a monthly 
Index of Investor Optimism. The index, composed of "personal" and 
"economic" dimensions, yields an overall estimate of investor 
confidence. The personal element asks investors (defined as any private 
household with at least $10,000 in investable assets, or nearly 40 
percent of all U.S. households) how confident they are about increasing 
their income and achieving investment goals. The economic dimension 
poses questions about macroeconomic influences such as unemployment and 
overall stock market performance. A positive result indicates optimism, 
while a negative result denotes pessimism. In a statistical study of 
the poll's accuracy, Lawrence Klein, a Nobel Laureate in Economics and 
Professor at the University of Pennsylvania, endorsed the indicator as 
"at least as good as and probably better, in terms of accuracy, than 
the competing [indexes]." 

[35] One critique of survey sentiment indexes is that they may unduly 
measure the optimism of small investors, which may not be as important 
to the stock market. However, Lawrence Klein's research using the Index 
of Investor Optimism shows that it has good correlations with key 
economic indicators, such as consumer spending, personal income, 
industrial production, employment, and stock market averages. Moreover, 
the U.S. Trust's Affluent Investor Index, which is based on individuals 
with adjusted gross incomes of more than $325,000 annually (or a net 
worth greater than $5.9 million), also found an increase in confidence 
in 2003 and 2004, and a decline in confidence in 2005. 

[36] According to some researchers, mutual fund flows are another 
indicator of investor sentiment because mutual funds have become an 
important alternative to direct purchases of securities. Mutual fund 
investors demonstrate their confidence in the stock market by buying or 
selling equity mutual fund shares. The ratio of the average yield on 
high-grade bonds to the average yield on intermediate-grade bonds-- 
commonly referred to as "Barron's Confidence Index" when employing 
Barron's yields--is used by some to indicate the general faith in 
corporations and investors' attitude toward risk. (For the purposes of 
this report, the Barron's Confidence Index is somewhat of a misnomer 
since we used Moody's yields from the Board of Governors of the Federal 
Reserve System.) A higher ratio (i.e., closer to 100 percent) implies 
that investors require less compensation for taking on additional risk 
and therefore are relatively confident in the stock market. However, 
changes in the ratio could also reflect investor sentiment about the 
economy, inflation, political climate, or other phenomena. 

[37] The annual SIA Investor Survey, conducted by Harris Interactive 
and commissioned by the SIA, provides opinion research on investors' 
attitudes toward the securities industry, brokerage services, and 
investing in general. The investors surveyed have financial assets 
(excluding homes) of more than $100,000. In 2002-2004, about 1,500 
investors were interviewed each year by telephone for their views. 

[38] The index measures confidence quantitatively by assessing the 
changes in investor holdings of risky assets, implementing a research 
model developed by Harvard Professor Kenneth Froot and State Street 
Managing Director, Paul O'Connell. The index is based on financial 
theory that assigns precise meanings to changes in investor risk 
sentiment, or the willingness of investors to hold proportionally more 
or less of their portfolio in equities. While the global index dates 
back to 1998, the regional indexes only date back to January 2005. Each 
regional index analyzes the actual and changing levels of risk 
contained in investment portfolios domiciled in each of the regions, 
providing a more regional perspective on investor confidence. 

[39] These indexes have been released semiannually since 1989 and 
monthly since July 2001. While capturing more sophisticated investors 
(wealthy individuals and institutional investors), the sample size is 
little more than 100 in each 6-month interval. For individual 
investors, net worth generally exceeds $250,000. The U.S. institutional 
investors have been sampled in each survey from the investment managers 
section of the Money Market Directory of Pension Funds and Their 
Investment Managers. We exclude the Valuation Confidence Index, which 
is based on responses to "Are stock prices in the [United States] too 
low, too high, or about right when compared with measures of true 
fundamental value?" 

[40] This index is based on responses to "How much of a change in 
percentage terms do you expect to see in the Dow Jones Industrial 
Average [Dow] for the next year?" Some researchers have observed that 
this index displayed some peculiar features during 1999 and 2000, as it 
showed weak confidence in late 1999 and early 2000 when the market 
generally was characterized as very exuberant. 

[41] This index is based on responses to "If the Dow dropped 3 
[percent] tomorrow, how would the Dow move the day after tomorrow?" 

[42] This index is based on responses to "What do you think is the 
probability of a catastrophic stock market crash in the United States 
in the next [6] months?" 

[43] Unlike SEC, which tracks cases, the number of actions were actions 
settled or finalized during this period, in some cases multiple actions 
were brought against the same individual or organization. 

[44] Sarbanes-Oxley Act of 2002 § 308(a), 15 U.S.C. § 7246(a). 

[45] The actual number of firm sanctions is actually higher, but 
several firms were cited more than once. 

[46] GAO, Financial Statement Restatements: Trends, Market Impacts, 
Regulatory Responses, and Remaining Challenges, GAO-03-138 (Washington, 
D.C.: Oct. 4, 2002). 

[47] In addition to sources cited in our 2002 report, we also relied on 
Huron Consulting Group (HCG), 2005, "2004 Annual Review of Financial 
Reporting Matters" Glass, Lewis & Co., LLC (2005), "Restatements - 
Traversing Shaky Ground: and Glass, Lewis & Co., LLC (2006), "Getting 
It Wrong the First Time." 

[48] Publicly listed companies make up over 97 percent of the total 
market capitalization of publicly traded companies. 

[49] We included restatement announcements that stemmed from the 
issuance of SEC clarification about revenue recognition (SEC Staff 
Accounting Bulletin No. 101) and accounting for leases (Feb. 5, 2005, 
letter from SEC's Chief Accountant to the American Institute of 
Certified Public Accountants clarifying SEC staff's interpretation of 
certain operating lease-related accounting issues and their application 
under GAAP). 

[50] Some restatement announcements cited multiple accounting issues 
(for example, improper revenue recognition, improper recording of cost 
of goods sold, and improper valuation of inventory). In these cases, we 
included the restatement in all applicable categories, and in the 
analyses involving stratification by restatement reason, we assigned 
equal fractional weights to the reasons. For the above example, we 
would assign each reason (revenue, cost-or-expense, and restructuring, 
assets, or inventory) a weight of one-third when calculating the market 
capitalization loss. 

[51] To ensure the reliability of the TAQ data, we randomly cross- 
checked TAQ data with data provided by a variety of publicly available 
stock data sources. 

[52] Companies announcing financial restatements frequently were forced 
to delay their required SEC filings or were in violation of other 
listing standards and were subsequently delisted from NYSE, Nasdaq, or 
Amex within 60 trading days of the restatement announcement. In some 
cases, the stock of the delisted company moved to the OTC Bulletin 
Board or Pink Sheets. In several cases, these companies ultimately 
filed for bankruptcy or were acquired by other companies. 

[53] We included the trading days prior to a restatement announcement 
to address possible information leakage prior to the announcement. 
These longer pre-announcement date windows would also capture any 
impact of a company publicly releasing information about possible, 
unconfirmed accounting problems that later were confirmed to require a 
restatement. 

[54] Wilshire Associates Incorporated, an investment advisory company, 
provides widely quoted and tracked market indices. We used index data 
provided by Global Insight and randomly cross-checked them against data 
available on Wilshire's Web site. 

[55] In a standard financial econometrics text, Campbell, Lo, and 
MacKinlay (1997) provide a detailed discussion of the market model. 
While the market model we use is very simple, according to these 
authors, it is not clear that using a more sophisticated model is 
necessary. 

[56] The event itself is not included in the estimation window so that 
the event does not influence the estimates of the model's parameters. 

[57] We obtained the number of shares outstanding for a company from 
the company's Form 10-Q covering the 3-month period during which the 
restatement announcement was made. If this were not available, we used 
either the closest Form 10-Q, appropriate Form 10-K, or other company 
sources. Specifically, we obtained the average number of diluted shares 
over this period. Diluted shares are the pools of outstanding common 
shares issued by a company, combined with the shares that would be 
created upon the conversion of the company's options, warrants and 
convertible securities. Our use of diluted, rather than basic shares, 
provides a more accurate assessment of the overall impact on 
shareholders. 

[58] See Campbell, Lo, and MacKinlay (1997). 

[59] AAER is a numbering or catalogue system for SEC enforcement 
actions that relate to accounting or financial improprieties. 

[60] While there is no standard definition of corporate governance, it 
can broadly be understood to refer to the system by which companies are 
directed and controlled, including the role of the board of directors, 
management, shareholders, and other stakeholders. According to the 
Organisation for Economic Co-operation and Development, corporate 
governance provides the structure through which the objectives of the 
company are set and the means of attaining those objectives and 
monitoring performance are determined. 

[61] In addition to those companies required to file reports with SEC 
under the Securities Exchange Act of 1934, the Sarbanes-Oxley Act also 
applies to companies considered to be issuers that have filed a 
Securities Act of 1933 registration statement that is not yet 
effective. 

[62] A follow-up GAO report will update this database from October 1, 
2005, through June 30, 2006. 

[63] Audit Analytics, an on line market intelligence service maintained 
by Ives Group Incorporated also provides, among other things, a 
database of restatement filings. However, at the time we were 
completing our audit work, the database was being populated and was not 
yet comprehensive for restatements occurring prior to August 2004. 

[64] The number of NYSE-listed companies in our database appeared to be 
slightly larger, but two methodological differences most likely 
accounted for the difference: (1) Glass Lewis numbers presented here do 
not include a number of companies classified by the consulting firm as 
foreign companies and (2) Glass Lewis data reflected where the company 
traded when it filed its restatement, not when it was announced. As a 
result, a NYSE-listed company that announced a restatement, was 
delisted, and began trading on the Pink Sheets or OTC Bulletin Board 
before it filed its amended return, would be captured as a NYSE-listed 
company in our database, but an OTC traded company in the Glass Lewis 
database. In contrast, the number of Nasdaq-listed companies in our 
database appeared to be slightly smaller. This is likely because our 
methodology may miss some small companies listed on the Nasdaq Capital 
Market, which make up a very small percentage of the total market 
capitalization of Nasdaq companies. 

[65] A disgorgement sanction requires the return of illegal profits. 
See GAO, SEC Enforcement: More Actions Needed to Improve Oversight of 
Disgorgement Collections, GAO-02-771 (Washington, D.C.: July 12, 2002) 
for disgorgement collection information. 

[66] SEC can also initiate contempt proceedings and issue reports of 
investigation when appropriate. 

[67] For an explanation of how we selected the six companies, see 
appendix I (Objectives, Scope and Methodology). 

[68] Reinsurance is insurance for insurers. In contrast to insurance, 
reinsurance is not sold as a standard product. Each contract is 
separately negotiated. Use of certain finite risk contracts becomes 
improper or illegal when there is no actual transfer of risk and there 
are side agreements that differ from the terms of the written contract. 
See GAO, Definitions of Insurance and Related Information, GAO-06-424R 
(Washington, D.C.: Feb. 23, 2006). 

[69] A negative watch means that the rating may be lowered. 

[70] A negative watch means that the credit rating may be lowered. 

[71] This summary does not include other pending actions, including 
actions filed by the retirement plans in states such as California, 
Illinois, and Louisiana. 

[72] Sterling Bancshares was incorporated under the laws of the State 
of Texas in 1980 and became the parent bank holding company of Sterling 
Bank in 1981. 

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