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So, remember when Virgin Mobile went public and reported incredible earnings on their IPO? You know, the IPO where Virgin Mobile banked $412.5 million. Well, it seems that Virgin Mobile’s IPO performance was based on some slightly fudged information. And, by slightly fudged, we mean they misreported their Q3 earnings – which have been revised to reflect a $7.3 Million loss.
The news of Virgin Mobile’s Q3 financial performance revision caused a 14.4% drop in shares. Presumably disgruntled investors have sparked a class-action investigation into Virgin Mobile’s ethics in this matter. But, to Virgin Mobile’s credit, they’ve issued a statement saying that the allegations of purposeful misreporting their financial data are “completely without merit.”
Right, we’re sure the hundreds of millions of potential stock-earnings had nothing to do with the all-too-coincidental financial goof. Good thing this is America where you’re considered innocent until proven guilty.
[Via RCRNews]
About The Author
Will Park
Will hails from The City of Angels - Los Angeles, California. He spends his time playing with his numerous gadgets and looking forward to seeing what future holds for mobile technology. An avid promoter of a fully "digital" life, he promotes the widespread adoption of truly mobile, paper-less living. He dreams of the day when he can go completely digital. No more snail mail, paper receipts, bound books, notepads/spiral notebooks, credit cards, hard currency. He's a digital warrior - fighting for the converged life. He is an idealist and a realist - he has a perfect view of what the world should be but knows that the world is not perfect. Can we ever hope to see Will's dream become reality? We'll see...
