BUZZ-Canada's AlarmForce set for worst day in 7 yrs on accounting review

Wed Aug 24, 2016 11:11am EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

** AlarmForce's shares drop 7.3 pct to C$10.47, set for their worst day since January 2009

** The provider of security alarm monitoring services says it is reviewing revenue recognition policies since Q4 2013 for incorrect revenue generated after customers' cancellation request

** Company found it incorrectly charged monitoring fees subsequent to a cancellation and says retroactive to Aug 2013, it will refund customers who have been overcharged

** AlarmForce says review to delay filing of Q3 report, expects to also record charges of C$0.7 mln related to receipt and review of unsolicited buyout offers

** More than 30,000 shares traded, about 5x the stock's 30-day moving average

** Up to Tuesday close, stock had risen nearly 9 pct this year