Friedman's Delays Annual Report Filing
January 01, 04
Embattled jewelry retailer Friedman's says this week it is delaying filing its annual report with the Securities and Exchange Commission. Friedman's is in the middle of a fraud investigation related to the Capital Factors lawsuit.
Friedman's has already said in November that it would restate its financial results for at least the last three years because of bad debts and the recent departure of CFO Victor Suglia.
Friedman's and Whitehall Jewellers are facing SEC and Department of Justice investigations following a fraud lawsuit filed by Capital Factors against Cosmopolitan Gem that supplied jewelry to Friedman's.
Other problems the company recently faced included the resignation of CEO Bradley Stinn.