Cylink Sued for Stock Fraud
Business Wire reported yesterday that Cylink has been sued in US District Court of New Jersey for securities fraud through a class action. It alleges misrepresentation and false financial statements. http://jya.com/cylink-suit.htm On November 5 Cylink announced revised revenues for the first half of 1998. The day before William Crowell, ex-NSA, was appointed president in a house sweep of the executive team, apparently after discovery of book cooking. William Perry, ex-DoD, is still listed on the board of directors, although the list seems to be out of date, along with the annual report and letter to stockholders on Cylink's Web site.
Business Wire reported yesterday that Cylink has been sued in US District Court of New Jersey for securities fraud through a class action. It alleges misrepresentation and false financial statements.
I heard, from a former senior employee, a week or so ago that things were not well there, but had no idea it was this bad (ir I would have shorted the stock, oh well). --Steve
participants (2)
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John Young
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Steve Schear