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The CEO of Richardson Electronics, Ltd. (NASDAQ:RELL) leaves suddenly for personal reasons and is replaced temporarily by the Chairman. Earnings have to be restated because something funny was happening in the Italian subsidiary. Maybe they did not make sufficient provisions for taxes (I'm sure the IRS will look into it). Regulatory statements cannot be filed because of the mess.

We need to hang some directors for being asleep. Investors are not well served by accurate audit findings just before the corporate vehicle hits the wall and practically destroys itself.

RELL 1-yr chart: