View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Technology
February 20, 1997updated 05 Sep 2016 12:42pm

CENTENNIAL SHARE PLUNGE ADDS TO WOES

By CBR Staff Writer

Centennial Technologies Inc, Billerica, Massachusetts encapsulator and marketer of Flash memory plug-in cards, turns out to be little more than a phantom company. Its shares plunged 82% to $3 even – having been as high as $58.25 last month, after it said it would restate fiscal 1996 results and results for the first and second quarters of 1997, to show losses of over $10m – more than it reported in profits – for the periods. Its former chief executive Emanuel Pinez remains in gaol after a detention hearing on charges of insider trading, manipulating inventory and securities fraud at the company, which embarrassingly was last year’s best performer on the New York Stock Exchange. The company faces at least 14 lawsuits and the New York Stock Exchange is to suspend trading in its shares on March 3 and will try to have it delisted. Pinez owes Lehman Brothers and PaineWebber Group Inc more than $20m borrowed on margin against the market value of the stock in his accounts, mainly Centennial shares.

Content from our partners
Green for go: Transforming trade in the UK
Manufacturers are switching to personalised customer experience amid fierce competition
How many ends in end-to-end service orchestration?

Websites in our network
Select and enter your corporate email address Tech Monitor's research, insight and analysis examines the frontiers of digital transformation to help tech leaders navigate the future. Our Changelog newsletter delivers our best work to your inbox every week.
  • CIO
  • CTO
  • CISO
  • CSO
  • CFO
  • CDO
  • CEO
  • Architect Founder
  • MD
  • Director
  • Manager
  • Other
Visit our privacy policy for more information about our services, how New Statesman Media Group may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.
THANK YOU