5. Swisher Flushes CEO
Shares of the sanitation products maker sank almost 19% to $1.68 Monday on news that CEO Steven Berrard is stepping aside so the company can clean up its accounting. Swisher named Thomas Byrne, an executive vice president, to serve as interim CEO, while Berrard will remain on the company's board. Berrard, if you remember, maintained back in March 2012 that Swisher's problem was a one-time, minor housekeeping event totaling less than $4 million."In order to facilitate completion of the 2011 audit process, and in order to better focus my energies on the strategic direction of Swisher Hygiene, I believe it is in the best interest of the company and its shareholders for me to step down as president and chief executive officer," said Berrard in a company statement. Bye Bye Berrard, we here at the Dumbest Lab hate to see you go. Swisher shareholders, on the other hand, may have a different opinion since they've seen nearly half their money disappear since the start of the year, primarily because of the company's inability to file a reliable quarterly financial report. And not just for the first half of this year, but all of 2011. Come on guys. Why is it so hard to hand in your homework? Dog ate your 10Qs? The company also admitted Monday that the Nasdaq is giving it until Sept. 26 to become current on all its financial filings or else face delisting. In other words, Swisher better clean up its act real quick, because it won't be able to sweep its problems under the rug much longer.
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