Shares of Scandal-Plagued Centennial Plunge
Centennial Technologies Inc. stock plunged 76% amid admissions that its financial results had been overstated as far back as 1994. Even more uncertain days lay ahead. Centennial, the top performer on the NYSE last year, will be off the Big Board--and every other major U.S. stock exchange--after today. Shares of the Bellerica, Mass.-based maker of personal computer components closed at $3.50, down $11.25 from their last traded price on Tuesday, when the NYSE halted trading in the stock. The firm’s troubles became public Feb. 10 when it said it had fired former Chief Executive Emanuel Pinez for misstating financial results for fiscal 1996. Pinez was jailed later that week and charged with securities fraud. Once the stock is delisted, people stuck holding it will have few trading options. Both the Nasdaq Stock Market and American Stock Exchange said they would not pick up the stock if asked to.