Crocs auditor raises a red flag
Posted Mar 19th 2009 7:00AM by Zac Bissonnette
Filed under: Bad news, Crocs Inc (CROX)
Not so long ago, Crocs Inc. (NASDAQ: CROX) was riding high as its rubberized clog-like sandal shoes were the hottest thing in retail.
Now the fad has died, sales have fallen through the floor, the economy has tanked and worst of all, the company's auditors have "expressed substantial doubt" about the "company's ability to continue as a going concern."
This is the first good news I've seen in quite a while.
I'm shedding crocodile tears over this. A very good friend of our family purchased a substantial portion of the company's shares when they went public several years ago. He was unbearable as the stock price rose to silly numbers. He hasn't sold. Gravity works. Enuf said.
3 hours ago