latest news releases from the newsroom
Southcoast Financial Corporation
Southcoast Financial Corporation Announces Corrected 2007 Year End Earnings
MT. PLEASANT, S.C., Feb. 27, 2008 (PRIME NEWSWIRE) -- On January 17, 2008, Southcoast Financial Corporation (Nasdaq:SOCB) (the "Company"), released a report of its 2007 Year End Earnings. That report contained errors caused by the incorrect accounting treatment of a sale-leaseback of one of the Company's offices. Prior to the completion of that transaction, which closed December 20, 2007, the Company consulted with accounting experts about how to account for the transaction and, upon completion of the transaction, accounted for the transaction in the manner it had proposed. Subsequently, it was determined that the accounting treatment which was initially used, and was reflected in the Company's unaudited condensed income statements for the year and the three months ended December 31, 2007, included in the January 17, 2008, press release, was incorrect in that it recognized the approximately $1.5 million gain on the sale of the property as noninterest income in 2007. The correct accounting treatment is to defer the recognition of the approximately $1.5 million gain by recognizing the gain ratably over the lease term as a reduction of lease expense. The corrected news release reflects the corrected accounting treatment for the year and three months ended December 31, 2007.
Keller Rohrback L.L.P.
Keller Rohrback L.L.P., Cohen, Milstein, Hausfeld & Toll, P.L.L.C., and Gary, Naegele & Theado, LLC Announce Class Action on Behalf of Purchasers of ChoiceDek Decking Products -- WY, AERT, LOW
SEATTLE, Feb. 27, 2008 (PRIME NEWSWIRE) -- A consortium of law firms announce that they filed a nationwide class action lawsuit on behalf of all purchasers of Weyerhaeuser ChoiceDek(r) decking products. The Plaintiffs filed their suit in the United States District Court for the Western District of Washington in Seattle against Weyerhaeuser Company (NYSE:WY) (ChoiceDek(r) seller); Advanced Environmental Recycling Technologies, Inc. (Nasdaq:AERT) (ChoiceDek(r) manufacturer); and Lowe's Companies, Inc. (NYSE:LOW) (ChoiceDek(r) retailer) (collectively, the "Defendants").
Wolverine Tube Inc.
Wolverine Tube, Inc. Announces Expansion and Extension of Credit Facilities
HUNTSVILLE, Ala., Feb. 27, 2008 (PRIME NEWSWIRE) -- Wolverine Tube, Inc. (OTCBB:WLVT) ("Wolverine") announced that it has executed amendments to its $35 million Secured Revolving Credit Facility and its $75 million Receivables Sales Facility which extend the maturity dates to April 28, 2009 and February 19, 2009, respectively, and increase borrowing availability. The facilities were scheduled to mature in April 2008. David Owen, Wolverine's Chief Financial Officer, commented, "These extended credit facilities will support Wolverine's operating requirements for 2008 as well as fund a portion of its overall liquidity requirements to refinance its debt maturities. This will be supplemented by Wolverine's strong cash position, which is primarily a result of equity investments in Preferred Stock, a common stock rights offering and working capital reductions."
The Pomerantz Firm Charges SiRF Technology Holdings Inc. With Securities Fraud -- SIRF
NEW YORK, Feb. 27, 2008 (PRIME NEWSWIRE) -- Pomerantz Haudek Block Grossman & Gross LLP (www.pomerantzlaw.com) ("Pomerantz") has filed a class action lawsuit (Majur v. SiRF Technology Holdings, Inc. et al (3:08-cv-01013-MMC)) in the United States District Court, Northern District of California, against SiRF Technology Holdings Inc. ("SiRF" or the "Company") (Nasdaq:SIRF) and certain officers of the company. The class action was filed on behalf of purchasers of the securities of the Company during the period from October 30, 2007 through February 4, 2008, inclusive (the "Class Period"). The complaint alleges violations of Section 10(b) and Section 20(a) of the Securities Exchange Act, and Rule 10b-5 promulgated there under.
First Horizon National Corporation
First Horizon Announces Executive Promotions
MEMPHIS, Tenn., Feb. 27, 2008 (PRIME NEWSWIRE) -- Promotions in executive leadership of First Horizon National Corp. (NYSE:FHN) were announced today by CEO Jerry Baker. Charles T. Tuggle, Jr. was named executive vice president and general counsel, Marion McDougall, executive vice president of enterprise operations & technology, and Kim Cherry, senior vice president of corporate communications. Thomas C. Adams Jr. received expanded duties to include asset and liability responsibilities.
VirtualScopics Reports Fourth Quarter and Year-End 2007 Results
ROCHESTER, N.Y., Feb. 27, 2008 (PRIME NEWSWIRE) -- VirtualScopics, Inc. (Nasdaq:VSCP), leading provider of image-based solutions to the pharmaceutical, biotechnology and medical device industries, today reported record revenues of $5.6 million for the year ended December 31, 2007, compared to $4.7 million for the full-year 2006. Fourth quarter 2007 revenues increased 24%, year over year, to approximately $1.5 million.
W.P. Stewart & Co., Ltd.
W.P. Stewart & Co., Ltd. Reviews Strategic Alternatives
HAMILTON, Bermuda, Feb. 27, 2008 (PRIME NEWSWIRE) -- W.P. Stewart & Co., Ltd. (NYSE:WPL) ("W.P. Stewart" or the "Company") announced today the Board of Directors is reviewing strategic alternatives that could better position it to enhance long-term shareholder value. As part of this effort the Company retained Merrill Lynch in late 2007 as its financial advisor. The Company is currently in discussions with a number of parties; however, there can be no assurances these discussions will result in a successful conclusion. In the coming months the Company will focus on rationalizing its expense base to reflect current market and Company-specific conditions.