Diebold Admits Overstating '07 Election Revenue by 300%; Announces 5% Workforce Layoff as Feds

[babsbunny]

Continue Investigations and Stock Price Keeps Falling

http://www.bradblog.com/?p=5669

Company Forced to Restate Revenue as Shares Devalued More than 50% Since Insider Sell-Off Last Summer, Renaming of Election Division to 'Premier'...
Following a short "dead cat bounce" at the end of last month, after a precipitous six-month stock price plunge devaluing the company's net worth by more than 50% since an insider sell-off last August, Diebold's fortunes began turning south again late last week as they were forced to begin restating previously-inflated revenue figures from 2006 and 2007.

The company's stock price is continuing to plunge today towards a seven-year low, after they admitted last week that they had over-estimated revenues of their election system division by more than 300%.

As well, the company announced they will soon be laying off 5% of their full-time global workforce. The restatement of revenues comes as part of a deal worked out with the SEC, which continues its ongoing investigation into the financial practices of the once-great, now-disgraced company. Diebold also acknowledges that they are still being investigated by the DOJ, although the reasons and details of that particular investigation remain undisclosed at this time.

[Teaser]

1. They just lie out of goddamn habit

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