WASHINGTON, June 8, 2001 (PRIMEZONE) -- The Securities Sleuth, http://www.securitiessleuth.com, a hard-hitting site which provides reliable and timely information about stock market "misrepresentations," promotional programs, outright fraud and how to avoid becoming the victims of these misrepresentations, announced today that it has, in recent weeks, been tracking four breaking stories:
First, the Sleuth continues to track U.S. Wireless Corporation (Nasdaq:USWC) which lit up Memorial Day weekend by announcing the abrupt termination of its CEO, due to the discovery by the Board of Directors of a variety of "irregularities." Then, thirty minutes later, the former CEO issued his own press release denying the allegations against him. The Sleuth dug into this to find "the story behind the story."
The Securities Sleuth also examined U.S. Aggregates, Inc. (NYSE:AGA). Aggregates are made from crushed stone, but it is AGA's investors who have been crushed by its April announcement that it would restate its earnings for the first three quarters of 2000. After the announcement, AGA dropped to $4.30 or more than 79% lower than its high for the period affected by the restatements.
Similarly, the Sleuth has analyzed events at Dollar General Corp. (NYSE:DG). The company announced on April 30 that it has become "aware of certain accounting irregularities." Following this, its shares plunged 37% to $16.50.
In contrast, the Sleuth has also examined ConAgra's (NYSE:CAG) recent announcement regarding its restatement and believes the Company handled this situation very effectively, based on currently available facts.
The Securities Sleuth is co-edited by Bob Davis and Mark McNair, the team that previously produced a site named by Forbes magazine as its favorite "Guard Dog" on its "Best of the Web" list. (http://www.forbesbest.com/asp/category.asp?category=Guard+Dogs)
Davis is also the editor of The Napeague Letter (http://www.napeague.com), whose "Suspicious Stocks" column profiled "excessively-promoted" stocks. Bob's column has earned kudos for its analyses from Forbes, The Financial Times, Online Investor, Money Magazine and the San Francisco Chronicle. Mark McNair is an attorney in Washington, D.C., who previously worked for the SEC and whose practice focuses on securities class action litigation. *T -0- CONTACT: SecuritiesSleuth.com. Bob Davis (610) 604-0716 rmdavis1@bellatlantic.net
Mark McNair (202) 872-4717, (877) 511-4717 wmmcnair@justice4investors.com