Internet e-mail software company

Critical Path

(CPTH)

plunged 54% in preopen

Island

trading after announcing that it formed a committee to investigate its revenue recognition practices and has put its president, David Thatcher, on administrative leave.

The company

posted a surprise loss Jan. 18, sending its shares plunging as much as 55%.

The stock, which closed Thursday at $10.06, is down from a March 2000 high of $119.50.