The deadline is approaching. Think Allscripts/Veradigm will pass? What happens if they don’t?
7 replies (most recent on top)
Response.
"It is not new accounting software that is preventing them from filing SEC reports, it’" . Everyone knows it's not the software.
"it’s that the finance team can’t figure out exactly what products they have," Clients contracts & invoices list the products they purchased and pay maintenance on.
with multiple and sometimes overlapping solutions with multiple names, acronyms, and leadership changes. They also had M&A activity and didn’t really know what they were buying or selling. The legal contracts signed during M&A , sellers itemize the products involved in the transition. Their clients contract & invoices will list the products, services purchased and pay maintenance on.
"Executives thought they had 150 products, but it’s closer to 220, and the various lists weren’t reconciled before the divestiture to Harris" What was purchased and what is being paid on is in the assimilated clients contracts & invoices. Many if not all the M&As were completed before the dump to Harris. So not a reason.
"The auditors aren’t able to contact the people who know the history.". That would require lawyers and courts to have that happen. Former employees are under NO obligation to provide assistance. Now for $$$ exceptions can be made.
What this mess is equal too. Is criminal , ignorance and incompetency is not
a defense. The "record bookings" was a PB & RP scam. The entire leadership ladder was clogged with incompetency. Which again is not a defense.
From Kirin: “Re: Veradigm. It is not new accounting software that is preventing them from filing SEC reports, it’s that the finance team can’t figure out exactly what products they have, with multiple and sometimes overlapping solutions with multiple names, acronyms, and leadership changes. They also had M&A activity and didn’t really know what they were buying or selling. Executives thought they had 150 products, but it’s closer to 220, and the various lists weren’t reconciled before the divestiture to Harris and prior to moving to new accounting software. The auditors aren’t able to contact the people who know the history. The extension deadline is less than a month a away.” Unverified. Veradigm just announced that it can’t guarantee that it will file its annual report, as well as the two following quarterly reports, by the September 18 deadline for Nasdaq de-listing.
Not really. "Bending" and "fudging" are not the same. Fudging on & failing to provide mandatory quarterly & annual reports to SEC is far worse out of the gate. 21,22, possibly further back , earnings basically scrapped. First 2 qtrs of 2023 ghost sheets but currently they claim 2023 revenues around 615 to 635 million. PB & RP, when asked continually over the span of "record bookings" when these "record booking" would be realized. They both sang, that the ,, "nature of the contracts and sales make that difficult as they occur over a span of many years. Question is. How can they come up with numbers for 2023 when the previous few years are all botched using numbers that were said to span over the years? Currently can is clinking it's way down road, to Sept 18th date. Third strike?
You’ll be surprised to know the number of companies bending GAAP rules each quarter.
The only stock purchase of any size was allscripts buy back , even that highly useful tactic is failing. I hear they used the trump tactic attempted in GA each reporting cycle for years. "Just FIND me the dollars to make it sound legit.
Does anyone think it will be
- Accurate
- Questioned
Wait for it........ That a can I hear being kicked... looks like they kicked it back to 29th of august, after market closes. Trying to use the holiday week to mask numbers It said q42022 to Q22023. Wonder how they will spin it