On-Point, Deloitte & Touche Named in Class Action Lawsuit

On May 22, 2000, the law firm Cauley & Geller LLP filed a Class Action Complaint in the U.S. District Court on behalf of Purchasers of On-Point Technology Systems Inc. stock between May 19, 1997 through February 22, 2000. The law firm has substantial experience with securities fraud class action lawsuits.

The complaint is aimed at On-Point’s president and chief executive officer, Frederick Sandvick, other employees of On-Point, and Deloitte & Touche LLP. The allegation is that these parties violated securities laws by employing improper accounting techniques to artificially inflate On-Point’s revenue and profits.

Financial results for 1997 and 1998 were incorrect and were recently restated in April 2000. Further allegations include that the financials were given unqualified audit reports by Deloitte & Touche.

Individuals looking to recover losses or to serve as a plaintiff in this lawsuit are encouraged to call the law firm by July 20, 2000.


Already a member? log in here.

Upcoming CPE Webinars

Aug 21
Meet budgets and client expectations using project management skills geared toward the unique challenges faced by CPAs. Kristen Rampe will share how knowing the keys to structuring and executing a successful project can make the difference between success and repeated failures.
Aug 26
This webcast will include discussions of recently issued, commonly-applicable Accounting Standards Updates for non-public, non-governmental entities.
Aug 28
Excel spreadsheets are often akin to the American Wild West, where users can input anything they want into any worksheet cell. Excel's Data Validation feature allows you to restrict user inputs to selected choices, but there are many nuances to the feature that often trip users up.
Sep 9
In this session we'll discuss the types of technologies and their uses in a small accounting firm office.