Thursday, December 23, 2004
Merisel Delisted, Auditors Resign
Long Beach-based Merisel announced this morning that the company has been delisted by the Nasdaq and that its auditors, Deloitte & Touche, have resigned. The company said that the Nasdaq Listing Qualifications Panel has denied the company's appeal of the delisting move, and that the delisting was effective yesterday morning. The company also said that Deloitte & Touche LLP, the company's auditors, have resigned effective immediately. In a resignation letter the accounting firm stated that it was resigning due to Merisel's lack of on-going operations or revenues, concern over the alleged fraud by Merisel's former President and CEO, Timothy Jenson, inability to investigate rpeorts that former President and CEO Jenson had access to the company's financial reporting system, and because it was unwilling to rely upon the representations of the Company's current CEO. At its height, Merisel was one of the leading hardware and software distributors and had grown to over $850M in assets and 3000 employees.