Several more legal claims for separate class-action damages have emerged since GlobeSt.com reported in late March that the developer-operator of wireless communications towers overstated its financials on a $26 million deal to acquire the antenna-site business from Motorola Corp.
Under a review by the Securities and Exchange Commission, the company disclosed it now expects to expense about $8.3 million of the acquisition at the time the deal transpired.
In light of the new disclosures, however, shares in the Sarasota company traded up 79 cents Wednesday at $8.78 on volume of 36,600 during trading on the Nasdaq National Market. The issue apparently rode the fervor of investment activity on Wednesday, when the Federal Open Market Committee reduced the federal funds rate by 50 basis points.
The company reported a net loss of $124.3 million, or $2.59 a share, on revenue of $175.6 million for the year ended Dec. 31, compared with a restated net loss of $64 million, or $1.96 a share, on revenue of $85.1 million for the same period in 1999.
Year 2000 losses include a nonrecurring charge of $19.5 million on a decision to halt acquisition or construction on certain tower assets and the costs related to the SEC investigation.
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