by Eric Savitz, Blogger and Columnist, Barron's, Tech Trader Daily
Eric Wold from Merriman Curhan Ford cut his rating on jewelry auction site Bidz.com, prompting a plunge in stock price today. While the site is “uniquely positioned to offer consumers a discounted way to purchase jewelry,” it’s not immune to the effects of the economic slowdown. Wold got a clue when he kept getting promotional offers from the site offering “$25 off on orders of $199 or more,” “free shipping on orders of more than $60,” or “take all inventory for only $19.99 a month and nothing down!”
Sam Antar, the former CFO of Crazy Eddie, has posted a detailed analysis of the inventory accounting policies reported by Bidz.com–and contends the company is not compliant with GAAP.
Antar describes himself on his blog as “a convicted felon who helped mastermind one of the largest securities frauds uncovered in the 1980s”–his cousin is Crazy Eddie namesake Eddie Antar. He’s transformed himself into a crusader against corporate malfeasance; his blog is called White Collar Fraud.
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