Market Overview

Infologix Notified that McGladrey Terminating Their Accounting Agreement (IFLG)

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According to an 8-K filling with the SEC, Infologix Inc. (NASDAQ: IFLG) was “orally notified by McGladrey & Pullen, LLP, its independent registered public accounting firm, that McGladrey & Pullen was resigning as the Company’s independent registered public accounting firm, effective immediately. The termination of the auditor-client relationship was subsequently confirmed in writing.”

The report says that the company’s two most recent fiscal year filings “did not contain an adverse opinion or disclaimer of opinion, and was not qualified or modified as to uncertainty, audit scope, or accounting principles. The report, however, did contain an explanatory paragraph disclosing the uncertainty regarding the ability of the Company to continue as a going concern.”

In connection with its audit of the Company’s consolidated financial statements for the year ended December 31, 2009, “McGladrey & Pullen identified deficiencies in internal control that constitute a material weakness. The material weakness relates to the Company’s accounting for a transaction with its senior lender. The Company has taken and continues to take steps to remediate the deficiencies.”

Shares of Infologix were higher by 18.30%, currently trading at $6.14.

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Posted-In: LLP McGladrey & Pullen U.S. Securities and Exchange CommissionNews Press Releases