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Shares in Sleepy's Owner Steinhoff Fall 60% on Accounting Probe
07 December 2017, 12:49 | Austin Hogan
Steinhoff shares sink as CEO Jooske leaves amid 'accounting irregularities'
Steinhoff worldwide CEO Markus Jooste stepped down on Tuesday with German prosecutors saying a number of officials are now under investigation.
Steinhoff said its chairman and largest shareholder Christo Wiese would take temporary charge while a successor to Mr Jooste was identified.
PSG Financial Services advised shareholders on Wednesday that its board of directors received and accepted the resignation of Jooste as a non-executive director of PSG Group and PSG Financial Services, with immediate effect.
Peter Brooke, portfolio manager at Old Mutual Investment Group - a top 20 shareholder in Steinhoff - said the resignation was a "red flag" signaling "something very serious".
The company announced that new information had emerged which required investigation into accounting irregularities, and said it was unable to publish its financial results as a result. Steinhoff had been due to release its fiscal 2017 earnings report on Wednesday, but said the results will come out when it is "in a position to do so".
The state prosecutor in Oldenburg, Germany has been investigating suspected accounting irregularities since 2015, looking into whether revenues were booked properly, and taxable profit was correctly declared.
Steinhoff is a sprawling corporation which operates approximately 12,000 retail outlets across 30 countries.
USC highlight of non-playoff bowl games
This is the first time the Cotton Bowl Classic involved two conference champions since 1987 when Ohio State defeated Texas A&M. The Nittany Lions and Huskies both finished 10-2 and will meet at University of Phoenix Stadium on December 30.
Regal Entertainment to be acquired by Cineworld
Regal Entertainment Group has a beta of 0.98, offering the possibility of a higher rate of return, but also posing more risk. The acquisition is expected to be strongly accretive to earnings in the first full year following Completion in fiscal 2019.
Analysts have long questioned the company's low tax rate, saying it can only be the result of complex corporate structures which stretch accounting rules.
The JSE's director of issuer regulation John Burke told Reuters the bourse was in talks with Steinhoff to get answers on the investigation of possible accounting irregularities.
Kolb also raised the possibility that chairman Wiese's role could now come under scrutiny too.
For Steinhoff, the German probe has clouded what had until recently been seen as an acquisition-fueled push into some of the world's biggest retail markets.
It is being reported Steinhoff did not tell investors about transactions amounting to almost $1 billion (R13,5-billion).
Shares at the retailer plunged as much as 68% following the announcements.
Samsung Starts Producing First 512GB Universal Flash Storage
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Disney buying Fox is becoming more and more likely
It has underperformed by 19.60% the S&P500.The move comes after 8 months positive chart setup for the $61.79B company. Water Asset Management Llc decreased American Wtr Wks Co Inc New (AWK) stake by 17.13% reported in 2017Q2 SEC filing.
How To Fix That iOS Bug That's Been Making Your iPhone Crash
After releasing the iOS 11 .1.2, Apple has rushed to the iOS 11.2 update that brings some bug fixes to the iPhone and iPad lineup. If the charging level is low, then you need to connect to AC power until the completion of the installation process.
Code.org raises $12M to help more kids learn computer science
Under each block is a line of Java code and the students can "look under the hood" to see the actual code which is being used. Organizers believe middle school is the ideal age to introduce girls to opportunities they could have in high school.
A Technical Strategy for Bank of America Corporation (BAC)
UBS set a $27.00 price target on Bank of America and gave the stock a "hold" rating in a research report on Monday, October 16th. The stock has a market capitalization of $293,100.16, a PE ratio of 16.06, a PEG ratio of 1.94 and a beta of 1.31.