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Midas Edge

PER SE TECHNOLOGIES INC PSTI (last ticker on record)

CIK 878556Its SEC filings (opens in a new tab)

  • Restatement
  • SEC/DOJ scrutiny
  • 95% wipeout
  • Delisting notice (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
3
Newest began Jun 2006
Largest fall in its shares
98%
Mar 2004 to Feb 2008
Law firms
7
Linked to 5 or more companies
Lawyers
6
Linked to 5 or more companies

What happened

  1. Delisting notice (Item 3.01)Form 8-K (opens in a new tab)
  2. Shares down 95% from their high
  3. A filing mentions a formal order of investigationForm 10-Q (opens in a new tab)
  4. Said its accounts could not be relied on (Item 4.02)Form 8-K (opens in a new tab)
  5. SEC administrative proceedingSEC order (opens in a new tab)
  6. SEC enforcement releaseSEC release (opens in a new tab)
  7. An SEC release names it, an officer or its stockSEC release (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.