NEW CENTURY FINANCIAL CORP NEWCQ (last ticker on record)
CIK 1287286Its SEC filings (opens in a new tab)
- Restatement
- 95% wipeout
- Restructuring
- SEC/DOJ scrutiny
- Delisting notice (not a red flag)
- Bankruptcy
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
- 5
- Newest began Apr 2007
- Largest fall in its shares
- 95%
- Dec 2004 to Mar 2007
- Law firms
- 4
- Linked to 5 or more companies
- Lawyers
- 2
- Linked to 5 or more companies
What happened
- A filing mentions a formal order of investigationForm 8-K (opens in a new tab)
- Said its accounts could not be relied on (Item 4.02)Form 8-K (opens in a new tab)
- Exit or disposal costs (Item 2.05)Form 8-K (opens in a new tab)
- Bankruptcy or receivership (Item 1.03)Form 8-K (opens in a new tab)
- Exit or disposal costs (Item 2.05)Form 8-K (opens in a new tab)
- Debt accelerated (Item 2.04)Form 8-K (opens in a new tab)
- Debt accelerated (Item 2.04)Form 8-K (opens in a new tab)
- Delisting notice (Item 3.01)Form 8-K (opens in a new tab)
- Debt accelerated (Item 2.04)Form 8-K/A (opens in a new tab)
- Debt accelerated (Item 2.04)Form 8-K (opens in a new tab)
- A filing mentions a grand jury subpoenaForm 8-K (opens in a new tab)
- Debt accelerated (Item 2.04)Form 8-K (opens in a new tab)
- Shares down 95% from their high
- 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.
- / S / O M ELVENY & M YERSFirst linked Nov 2004 · Named in a filing · 19 linked companiesSEC/DOJ scrutiny 2.29× · Went dark 0.00× · 95% wipeout 1.35×
- Ballard SpahrFirst linked Apr 2004 · Named in a filing · 492 linked companiesSEC/DOJ scrutiny 1.23× · Went dark 1.06× · 95% wipeout 0.73×
- O Melveny & Myers LLPFirst linked Apr 2004 · Named in SEC correspondence · 589 linked companiesSEC/DOJ scrutiny 1.07× · Went dark 0.25× · 95% wipeout 1.07×
- Manatt, Phelps & Phillips, LLPFirst linked Apr 2004 · Text search only · 169 linked companiesSEC/DOJ scrutiny 0.88× · Went dark 0.82× · 95% wipeout 1.25×
| Name | First linked | How it is known | Linked companies | SEC/DOJ scrutiny | Went dark | 95% wipeout |
|---|---|---|---|---|---|---|
| / S / O M ELVENY & M YERS | Nov 2004 | Named in a filing | 19 | 2.29 | 0.00 | 1.35 |
| Ballard Spahr | Apr 2004 | Named in a filing | 492 | 1.23 | 1.06 | 0.73 |
| O Melveny & Myers LLP | Apr 2004 | Named in SEC correspondence | 589 | 1.07 | 0.25 | 1.07 |
| Manatt, Phelps & Phillips, LLP | Apr 2004 | Text search only | 169 | 0.88 | 0.82 | 1.25 |
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.
- David A. KrinskyO Melveny & Myers LLPFirst linked Oct 2004 · Named in a filing · 17 linked companiesSEC/DOJ scrutiny 1.92× · Went dark 0.00× · 95% wipeout 1.69×
- Peter T. HealyO Melveny & Myers LLPFirst linked Apr 2004 · Named in SEC correspondence · 14 linked companiesSEC/DOJ scrutiny 1.17× · Went dark 0.00× · 95% wipeout 1.89×
| Name | First linked | How it is known | Linked companies | SEC/DOJ scrutiny | Went dark | 95% wipeout |
|---|---|---|---|---|---|---|
| David A. KrinskyO Melveny & Myers LLP | Oct 2004 | Named in a filing | 17 | 1.92 | 0.00 | 1.69 |
| Peter T. HealyO Melveny & Myers LLP | Apr 2004 | Named in SEC correspondence | 14 | 1.17 | 0.00 | 1.89 |