posted
Look lower for a bottom. Put a fvckin fork in em, they're DONE!! Of the over 2000 vehicles contracted today, FRPT got about 20. DONE. Can't believe I pissed away so much money in the sh!t company!!!
Posts: 205 | Registered: Mar 2006
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posted
Wonder if the "Lionmaster" will mark this 50% loss against his record, or if it will mysteriously disappear...
Posts: 5508 | From: Southeastern PA | Registered: Jan 2006
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Hey st22, you don't really doubt that the dude on Lionmasters site got 70,000 shares at the low of the day do you? Posts: 5508 | From: Southeastern PA | Registered: Jan 2006
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Press Release Source: Force Protection, Inc.
Force Protection Receives Delisting Notice Due to Delay in Filing Form 10-K and Announces Resignation of Auditor Monday March 24, 4:05 pm ET
LADSON, S.C.--(BUSINESS WIRE)--Force Protection, Inc. (NASDAQ:FRPT - News) today announced that on March 19, 2008 it received a notice from the staff of The Nasdaq Stock Market stating that Force Protection is not in compliance with Marketplace Rule 4310(c)(14) as a result of not filing with the SEC its Annual Report on Form 10-K for the fiscal year ended December 31, 2007 and that Force Protection is subject to having its stock delisted from the Nasdaq Capital Market. Force Protection has requested and been granted an oral hearing before the Nasdaq Listing Qualifications Panel to review the Nasdaq Staff determination on its continued listing, which will result in Nasdaq providing Force Protection with notice of a hearing at which the Panel will consider whether such delisting is appropriate. The hearing request will automatically stay the delisting of Force Protection’s common stock pending the Panel’s decision. There can be no assurance, however, that Force Protection’s stock will not be delisted. ADVERTISEMENT
Separately, on March 18, 2008, Force Protection was informed by Elliott Davis, LLC, the Company’s independent registered public accounting firm, that it was resigning as the Company’s independent registered public accounting firm for the fiscal year ended December 31, 2007 effective immediately. The Company’s Audit Committee has accepted this resignation. Although the Company is in the process to engage a new independent registered public accounting firm, one has not yet been appointed.
Elliott Davis, LLC was appointed by the Company’s Audit Committee on November 10, 2006 to serve as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2007. Elliott Davis, LLC has not completed an audit or issued a report on the Company’s consolidated financial statements or internal control over financial reporting for the year ended December 31, 2007.
Elliott Davis, LLC stated that the material weaknesses reported by the Company in Form 12b-25 on March 3, 2008 and, in its professional judgment, the Company’s lack of internal controls necessary to be able to develop reliable financial statements at this time, prevents Elliott Davis, LLC from completing its audit and forming an opinion. There have been no disagreements with Elliott Davis, LLC regarding any matters with respect to accounting principles or practices, financial statement disclosure or audit scope or procedure, which disagreements if not resolved to the satisfaction of Elliott Davis, LLC, would have caused them to make reference hereto in their report on the consolidated financial statements for 2007.
The Company’s Form 12b-25 filed on March 3, 2008, explains certain material weaknesses in internal control over financial reporting identified by the Company for the year ended December 31, 2007. The Company’s Form 8-K filed on March 3, 2008, stated that it expects to restate its previously reported interim consolidated financial statements for the three and nine month periods ended September 30, 2007, as a result of errors discovered by management during its year end review of the accounting for accounts payable errors associated with inventory purchased from a sub-contractor as a result of a contract termination. Management presented its findings to the Company’s Audit Committee and is continuing to examine the Company’s accounting for such transactions and to determine if these errors create additional control deficiencies that could impact our assessment of the effectiveness of internal controls over financial reporting.
For further discussion of previously identified material weaknesses refer to Item 9A of the Company’s Form 10-K/A for the year ended December 31, 2006 as filed with the SEC on October 15, 2007.
About Force Protection, Inc.
Force Protection, Inc. is a leading American designer, developer and manufacturer of life saving survivability equipment, predominantly ballistic- and blast-protected wheeled vehicles currently deployed by the U.S. military and its allies to support armed forces and security personnel in conflict zones. The Company’s specialty vehicles, the Cougar and the Buffalo, and the Cheetah, are designed specifically for reconnaissance, forward command and control, and urban operations and to protect their occupants from landmines, hostile fire, and improvised explosive devices (IEDs, commonly referred to as roadside bombs). The Company is one of the original developers and primary providers of vehicles for the U.S. military’s Mine Resistant Ambush Protected, or MRAP, vehicle program.
This press release contains forward-looking statements, including statements regarding our continued listing on The Nasdaq Capital Market, the estimated timing for the filing of restatement of our financial statements set forth in the Quarterly Report on Form 10-Q for the period ended September 30, 2007; our expectation with regard to management’s evaluation of internal control over financial reporting, including management’s inability to remediate weaknesses identified in this notice; the scope and number of material weaknesses in internal control over financial reporting and their potential impact on the restatement process and estimated 2007 reviews. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. These statements are based on beliefs and assumptions by Force Protection’s management, and on information currently available to management. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update any of them publicly in light of new information or future events. A number of important factors could cause actual result to differ materially from those contained in any forward-looking statements. These statements involve a number of risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. These risks and uncertainties include, but are not limited to, potential claims or liability that could arise as a result of the Company’s restatement of its financial statements; our ability to identify and remedy internal control weaknesses and deficiencies; our ability to effectively manage the risks in our business; the reaction of the marketplace to the foregoing; and any further errors in our accounting that we may find which could cause us to restate our financial statements for additional periods; and other risk factors and cautionary statements listed in the Company’s periodic reports filed with the Securities and Exchange Commission, including the risks set forth in the Company’s Form 10-Q for the quarter ended September 30, 2007.
Contact: Force Protection, Inc. Tommy Pruitt Senior Communications Director 843-574-3866 or Investor Relations: ICR, Inc. James Palczynski Principal and Director 203-682-8229
-------------------------------------------------------------------------------- Source: Force Protection, Inc.
Posts: 2383 | Registered: Apr 2006
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I got it too. But I think it's just an initial mailing if you want to be a lead plaintiff. I wouldn't recommend calling.
Posts: 5508 | From: Southeastern PA | Registered: Jan 2006
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DOW JONES NEWSWIRES Force Protection Inc. (FRPT) said Congress was notified by the Pentagon's Defense Security Cooperation Agency of the company's pending contract with the U.K. for 157 Cougar MRAP vehicles. The Ladson, S.C., manufacturer of armored vehicles said the contract is valued around $125 million if all options are exercised. Force Protection shares were trading Thursday up 32 cents, or 12.6%, at $2.85. -Nicholas Hatcher; Dow Jones Newswires; 201-938-5400 (END) Dow Jones NewswiresApril 10, 2008 11:07 ET (15:07 GMT)
Posts: 14 | From: Indiana | Registered: Feb 2007
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Yeah, looks like bottomfeeder really nailed it. I'm still concerned long term about FRPT. The Cheetah or a buyout is key. I'll just hang out until then.
Posts: 205 | Registered: Mar 2006
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Force Protection Announces Engagement of Grant Thornton LLP as Its Independent Registered Public Accounting Firm
LADSON, S.C.--(BUSINESS WIRE)--Force Protection, Inc. (NASDAQ:FRPT) today announced that on April 10, 2008, the Company’s Audit Committee engaged Grant Thornton LLP as the Company’s new independent registered public accounting firm for the fiscal year ended December 31, 2007 and the fiscal year ending December 31, 2008 effective immediately. During the Company’s two most recent fiscal years and the period through April 10, 2008, the Company did not consult Grant Thornton LLP regarding any matters as described in Item 304(a)(2) of Regulation S-K.
Michael Moody, Chairman and Chief Executive Officer of Force Protection, commented, “We are very pleased to have retained a nationally recognized and highly capable auditor. As the Company takes steps to improve our financial reporting and controls, we look forward to developing a solid working relationship with Grant Thornton.”
-------------------- "Great Day for Up!"....Dr. Seuss Posts: 3387 | Registered: Mar 2006
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Berman DeValerio (www.bermanesq.com) filed the class action complaint on April 14, 2008 in the U.S. District of South Carolina. The complaint, filed as 08-cv-01586-CWH, seeks damages for violations of federal securities laws and remedies under the Securities Exchange Act of 1934 (the "Exchange Act").
The class action was filed on behalf of all investors who acquired Force Protection securities from August 14, 2006, through and including February 29, 2008 (the "Class Period"). Based in Ladson, South Carolina, Force Protection designs and manufactures ballistic- and blast-protected specialty vehicles.
To receive a copy of the complaint, you may contact the court, call Berman DeValerio's Boston office at (800) 516-9926, or click here to download a copy.
Posts: 2308 | From: Michigan | Registered: Jun 2006
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That's like the 13th class action suit so far saying the same thing. I doubt any of them will win.
Posts: 205 | Registered: Mar 2006
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quote:Originally posted by cspaude: That's like the 13th class action suit so far saying the same thing. I doubt any of them will win.
Seriously?! I havent followed this in over a year...didnt know it was in such turmoil.
Posts: 2308 | From: Michigan | Registered: Jun 2006
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yeah it's pretty sad lately. Although if you would have bought when it was around $1 you would have tripled your money already. Coulda, woulda, shoulda.
Posts: 205 | Registered: Mar 2006
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quote:Originally posted by Free Muney: some quiet accum. going on here. defense stocks are good picks in these markets.
Keep on the radar.
Defense stocks are good picks in these markets? With an Obama administration? Not the case at all. Infrastructure is the sector.
Posts: 4381 | From: houston | Registered: Mar 2006
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invester, i was referring to the recession where defense spending is not currently falling. Unlike consumer spending.
Under obama, i agree completely that military spending will be cut. Frpt has been posting contracts from euro companies as well though.
imo. chart looks really good too if your into that... up 5 % on a red day today... been trucking up through all resistance even on big down days... now at a price with out major positive resistance.
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