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Share Name | Share Symbol | Market | Type |
---|---|---|---|
DVL Inc (PK) | USOTC:DVLN | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 4,500.00 | 3,965.00 | 4,900.00 | 0.00 | 21:00:00 |
DVL,
Inc.
|
||
(Exact name of registrant as
specified in its charter)
|
||
Delaware
|
13-2892858
|
|
(State
or other jurisdiction of incorporation)
|
(IRS
Employer Identification No.)
|
¨
|
Written
communication pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
|
¨
|
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
¨
|
Pre-commencement
communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
|
¨
|
Pre-commencement
communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
|
|
(a)
|
On
October 30, 2009, the Company and its independent registered public
accounting firm, Imowitz Koenig & Co., LLP (“IKC”) agreed that IKC
would resign and not stand for re-appointment as the Company’s
independent registered public accounting
firm.
|
|
·
|
IKC’s
reports on the Company’s consolidated financial statements as of and for
the years ended December 31, 2008 and 2007 did not contain an adverse
opinion or a disclaimer of opinion and, were not qualified or modified as
to uncertainty, audit scope, or accounting
principle.
|
|
·
|
During
the Company’s fiscal years ended December 31, 2008 and 2007 and through
the most recent interim period, there were no disagreements with IKC on
any matter of accounting principles or practices, financial statement
disclosure, or auditing scope or procedures, which disagreement(s), if not
resolved to the satisfaction of IKC, would have caused IKC to make a
reference to the subject matter of the disagreement(s) in connection with
their reports on the Company’s financial statements for such
years.
|
|
·
|
During
the Company’s fiscal years ended December 31, 2008 and 2007 and through
the most recent interim period, there was a “reportable event” as
described in Item 304(a)(1)(v) of Regulation S-K promulgated under the
Securities Exchange Act of 1934, as amended (the “Exchange
Act”). As disclosed in our 2008 Form 10-K, our control
environment did not sufficiently promote effective internal control over
financial reporting throughout the organization. No misstatements occurred
as a result of such material weakness in our internal controls over
financial reporting.
|
|
·
|
In
an effort to improve its internal controls over financial reporting on
November 2, 2009 the Company engaged Real Estate Systems Implementation
Group LLC (“RESIG”) to provide substantially all of the Company’s internal
accounting, financial statement preparation and bookkeeping functions on
an outsourced consulting basis. RESIG is an affiliate of IKC and therefore
IKC is no longer independent with respect to our financial statements.
Consequently IKC has resigned and the Company engaged a new independent
registered public accounting firm as described
below.
|
|
(b)
|
On
November 3, 2009, the Company, with approval of the Audit Committee of the
Board of Directors of the Company, engaged McGladrey & Pullen, LLP
(“M&P”) as the Company’s new independent registered public accounting
firm as of and for the year ending December 31, 2009. During
the fiscal years ended December 31, 2008 and 2007, and through the most
recent interim period, neither the Company nor anyone acting on the
Company’s behalf consulted with M&P regarding either (i) the
application of the accounting principles to a specified transaction,
either completed or proposed; or the type of audit opinion that might be
rendered on the Company’s financial statements, and neither a written
report nor oral advice was provided by M&P to the Company that was an
important factor considered by the Company in reaching a decision as to
any accounting, auditing or financial reporting issues: or (ii) any matter
that was either the subject of a “disagreement”, as that term is described
in item 304 (a) (1) (v) of Regulation S-K promulgated under the Exchange
Act, and the related instructions to Item 304 of Regulation S-K, or a
“reportable event”, as the term is described in Item 304 (a) (1) (v) of
Regulation S-K.
|
(b)
|
On
November 2, 2009, Henry Swain, the Principal Financial Officer and
Principal Accounting Officer of the Company resigned from the offices of
Chief Financial Officer and Treasurer of the Company and he is no longer
the Principal Financial Officer and Principal Accounting Officer of the
Company. Mr. Swain, Executive Vice President will retain other duties at
the Company with respect to the Company’s
operations.
|
(c)
|
On
November 2, 2009, the Company appointed Neil H. Koenig as Executive Vice
President and Chief Financial Officer of the Company and as such, Mr.
Koenig is the Principal Financial Officer and Principal Accounting Officer
of the Company. Mr. Koenig’s appointment as Executive Vice
President and Chief Financial Officer was required pursuant to an
agreement (the “Agreement”) entered into on November 2, 2009 between the
Company and RESIG pursuant to which RESIG will provide substantially all
of the Company’s internal accounting, financial statement preparation and
bookkeeping functions on an outsourced consulting basis, as further
described below.
|
DVL,
INC,
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|||
|
By:
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/s/ Alan Casnoff | |
Alan Casnoff | |||
President
& Chief Executive Officer
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|||
1 Year DVL (PK) Chart |
1 Month DVL (PK) Chart |
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