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CoSine: E&Y Says Bye-Bye
There's more upheaval at CoSine Communications Inc. (Nasdaq: COSN): It was announced today that Ernst & Young will resign as the company's auditor after CoSine files its report for the quarter ending September 30, 2004.
Neither company explained why Ernst & Young took the decision to ditch CoSine. However, in a statement released earlier, CoSine said that it had not had any disagreements with the auditing firm in 2002, 2003, or 2004 that would have prompted Ernst & Young to comment in its reports.
CoSine's Audit Committee is now searching for a new auditing firm, it added.
Ernst & Young's move is the latest event in a turbulent few weeks for the company. Earlier this month CoSine announced it will lay off "most of its employees," keeping only a small crew on board to pursue "strategic alternatives," presumably a combination with some other company (see CoSine Cuts to the Bone and CoSine to Cut Nearly Everybody).
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