What now for Mems Technology?

No news is rather bad, isn't it?!

Previously blogged on Feb 12th, Unnamed Sources Strikes On Mems! , it was noted that Mems surged some 42% on the 11th feb 2008. And the article that was the catalyst for the stock surge was published on the Edge weekly, The said article on Mems

• For the first time since accounting problems emerged at MEMS Technology Bhd, new information has surfaced indicating that the company may soon get out of the quagmire it is in.
  
  The much-awaited special audit report, which was commisioned by MEMS and done by Atarek Kamil Ibrahim & Co, has been completed and presented to MEMS' external auditors KPMG.
  
  According to MEMS' chairman and controlling shareholder Datuk Ahmad Kabeer Nagoor, the (external) auditors have some queries on the report. He says these are being discussed by MEMS' independent committee. Ahmad Kabeer declined to elaborate, saying that more details will be revealed soon.

The following trading data highlights what has happen before and after the said article was published.

Stock had went from 13 sen to a high of 21 sen. All thanks to one single article! And on the day after the article was published, the stock surged 42%! The power of our financial press.

And since there has been zero news on the stock.

Which is rather nerve wrecking for the minority investors of Mems. ( Given all the current issues, I wonder why the still want to be a long term investor in this company? Do they still trust the company?) This is because as stated by the company, the company will be suspended if it fails to release their Audited Financial Statements by 29th Feb 2008.

• Nonetheless, if the Company fails to issue the Audited Financial Statements by 29 February 2008 (being 3 months from 30 November 2007) and Unaudited Quarterly Report by 31 March 2008 (being 3 months from 31 December 2007), in addition to the enforcement action that Bursa Malaysia Securities Berhad (“Bursa Securities”) may take, Bursa Securities shall suspend the trading in the securities of the Company. The suspension shall only be uplifted, unless otherwise determined by Bursa Securities, on the market day following the issuance of the above financial statements

And this morning, Mems is currently down a whopping 18.7% at 13 sen!

How?

Do you think Mems would be able to release their Audited Financial Statements in time?

Makes me wonder about that Edge Weekly article yet again.

For example, if Mems is in the clear and that there is absolutely nothing wrong with their financial statements, surely Mems would want to release it as soon as possible, right? And the longer it takes, the longer its share price would be in the doldrums, yes?

How?