IiNet hammered as credibility shredded.

Australasian Business Intelligence,  May, 2006  

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Byline: Julie-Anne Sprague

May 29, 2006 (The West Australian - ABIX via COMTEX) -- Shares in Australian ISP iiNet declined $A0.84 to $A0.85 upon their return from a six-week trading halt on 29 May 2006. The stock traded as low as $A0.67 during the session. Investors were reacting to a profit downgrade announced on 26 May 2006, with the company now expecting a loss of between $A6m and $A7m. Analysts have expressed surprise at the extent of the company's accounting errors, which the company has associated with inadequate forecasting procedures. Deutsche Bank analyst, Richard ...

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