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Midas Edge

CITY NETWORK INC CNS (last ticker on record)

CIK 1140827Its SEC filings (opens in a new tab)

  • Restatement
  • 95% wipeout
  • Delisting notice (not a red flag)
  • Went dark (not a red flag)

These figures describe clients, not conduct. A lawyer or firm can serve many companies that later had trouble for reasons that have nothing to do with their work, and nothing here says any lawyer or firm did anything wrong.

Red flags
2
Newest began Oct 2005
Largest fall in its shares
99%
Dec 2003 to Jul 2007
Law firms
1
Linked to 5 or more companies
Lawyers
2
Linked to 5 or more companies

What happened

  1. SEC action against a company that stopped filingSEC order (opens in a new tab)
  2. SEC action against a company that stopped filingSEC order (opens in a new tab)
  3. Delisting notice (Item 3.01)Form 8-K (opens in a new tab)
  4. Delisting notice (Item 3.01)Form 8-K (opens in a new tab)
  5. Delisting notice (Item 3.01)Form 8-K (opens in a new tab)
  6. Delisting notice (Item 3.01)Form 8-K (opens in a new tab)
  7. Said its accounts could not be relied on (Item 4.02)Form 8-K/A (opens in a new tab)
  8. Said its accounts could not be relied on (Item 4.02)Form 8-K (opens in a new tab)
  9. Shares down 95% from their high
  10. Said its accounts could not be relied on (Item 4.02)Form 8-K/A (opens in a new tab)
  11. Said its accounts could not be relied on (Item 4.02)Form 8-K (opens in a new tab)

An SEC release can name a company’s officer, or its stock as what a scheme sold or moved, so the company may be the victim. Each link goes to what to read.

Law firms

The ratios are about all the companies linked to each one, this one included: how many had that outcome, as a multiple of what comparable companies show. 1.00 means no more than expected.

Lawyers

The ratios are about all the companies linked to each one, this one included: how many had that outcome, as a multiple of what comparable companies show. 1.00 means no more than expected.