Charles Goodwin - Seeking Alpha 'Charles Goodwin' Tag RSS Syndication from SeekingAlpha.com SeekingAlpha.com http://seekingalpha.com/author/charles-goodwin Did Autobytel Forget To Pay Sales Tax? http://seekingalpha.com/article/12456-did-autobytel-forget-to-pay-sales-tax?source=feed 12456 last article, I described how the management of Autobytel (ABTL) has been misleading investors into believing that all or most of the purchase requests that Autobytel sells to dealers originate from Autobytel websites. Since then, PricewaterhouseCoopers ("PwC") has resigned as the independent registered public accounting firm for the Company effective at the end of this quarter. PwC did not give any reason for their resignation.

The Sarbanes-Oxley Act requires public accounting firms such as PwC to register with the Public Company Accounting Oversight Board ("PCAOB") in order to conduct public company audits. If The PCAOB determines that PwC participated in violations of the Sarbanes-Oxley act, federal securities laws, or applicable professional standards, the PCAOB may discipline PwC. The PCAOB has a full range of sanctions at its disposal, including suspension or revocation of registration, censure and significant fines.

If it was determined that Autobytel violated federal securities laws while PwC was the company auditor, PwC could have their registration revoked by the PCAOB. In this case PwC would not be able to audit public companies and could go the way of Arthur Anderson. In light of this, PwC has much more at stake than Autobytel. It is not a surprise that PwC resigned as the independent registered public accounting firm for Autobytel.

]]> Fri, 23 Jun 2006 02:50:14 -0400 Charles Goodwin last article, I described how the management of Autobytel (ABTL) has been misleading investors into believing that all or most of the purchase requests that Autobytel sells to dealers originate from Autobytel websites. Since then, PricewaterhouseCoopers ("PwC") has resigned as the independent registered public accounting firm for the Company effective at the end of this quarter. PwC did not give any reason for their resignation.

The Sarbanes-Oxley Act requires public accounting firms such as PwC to register with the Public Company Accounting Oversight Board ("PCAOB") in order to conduct public company audits. If The PCAOB determines that PwC participated in violations of the Sarbanes-Oxley act, federal securities laws, or applicable professional standards, the PCAOB may discipline PwC. The PCAOB has a full range of sanctions at its disposal, including suspension or revocation of registration, censure and significant fines.

If it was determined that Autobytel violated federal securities laws while PwC was the company auditor, PwC could have their registration revoked by the PCAOB. In this case PwC would not be able to audit public companies and could go the way of Arthur Anderson. In light of this, PwC has much more at stake than Autobytel. It is not a surprise that PwC resigned as the independent registered public accounting firm for Autobytel.


Complete Story »]]> ABTL Charles Goodwin Autobytel's Acquisition of Purchase Requests -- The Evidence (ABTL) http://seekingalpha.com/article/11384-autobytel-s-acquisition-of-purchase-requests-the-evidence-abtl?source=feed 11384 Autobytel Misleading Investors On Purchase Requests? stated that "80% of purchase requests sold by Autobytel to dealers are bought by Autobytel from third party companies." A number of Seeking Alpha readers asked for evidence for this. Here it is.

Following is a excerpt from the Autobytel 2005 10-K page 49 referencing the purchase of purchase requests:

]]> Wed, 31 May 2006 04:10:49 -0400 Charles Goodwin Autobytel Misleading Investors On Purchase Requests? stated that "80% of purchase requests sold by Autobytel to dealers are bought by Autobytel from third party companies." A number of Seeking Alpha readers asked for evidence for this. Here it is.

Following is a excerpt from the Autobytel 2005 10-K page 49 referencing the purchase of purchase requests:


Complete Story »]]> ABTL Charles Goodwin Autobytel Misleading Investors On Purchase Requests? (ABTL) http://seekingalpha.com/article/11364-autobytel-misleading-investors-on-purchase-requests-abtl?source=feed 11364 their Form 10-Q for the 1st quarter of 2006. On page 19, there is an in-depth discussion of the sale of purchase requests by Autobytel to dealers, but no discussion of the buying of purchase requests by Autobytel from third party companies.

This language misleads investors into believing that Autobytel has a lot of web traffic through its websites and generates the purchase requests from Autobytel.com, Autoweb.com, Car.com, CarSmart.com, AutoSite.com, AICAutoSite.com, Autoahorros.com and CarTV.com.

]]> Tue, 30 May 2006 12:16:24 -0400 Charles Goodwin their Form 10-Q for the 1st quarter of 2006. On page 19, there is an in-depth discussion of the sale of purchase requests by Autobytel to dealers, but no discussion of the buying of purchase requests by Autobytel from third party companies.

This language misleads investors into believing that Autobytel has a lot of web traffic through its websites and generates the purchase requests from Autobytel.com, Autoweb.com, Car.com, CarSmart.com, AutoSite.com, AICAutoSite.com, Autoahorros.com and CarTV.com.


Complete Story »]]> ABTL Charles Goodwin