San Diego Company’s Auditor Doubts Standing
American Technology Corp.’s independent auditor has “substantial doubt” about the electronics manufacturer’s ability to keep operating, the company said in a filing with the Securities and Exchange Commission.
The company had net losses in fiscal 2000, 2001 and 2002 and expects to have more operating losses throughout fiscal 2003, it said in the filing.
San Diego-based American Technology said it would need to raise more capital to meet operating costs.
BDO Seidman is American Technology’s independent auditor, according to the company’s Web site.
Calls to Chief Executive Elwood Norris were not returned.
American Technology’s shares fell 48 cents, or 11%, to $3.75 on Nasdaq.
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