Presstek story clarification

A story that appeared in the May 1 edition of NHBR Daily, “Ex-Presstek CFO severance: $275,” incorrectly inferred that the Securities and Exchange Commission raised questions about Presstek’s accounting methods.

In fact, the firm initiated the questions, asking the SEC to rule on how it expensed certain costs. The SEC later supported the company’s use of the expensing method. It did not raise questions about how the firm handled accounting related to a discontinued line of analog presses.

A delisting warning issued by the Nasdaq stock exchange was the result of delays in the SEC’s eventual ruling on the expensing questions. It was not related to accounting used in connection with the firm’s analog products. The delisting warning was lifted shortly after the SEC ruling was announced.

Categories: News