Millennial Technologies, a designer, manufacturer, and marketer of PC cards for portable computers, printers, telecommunications equipment, and equipment diagnostic systems, was the darling of Wall Street during Year 6. Its common stock price was the leading gainer for the year on the New York Stock Exchange. Its bubble burst during the third quarter of Year 7 when revelations about seriously misstated financial statements for prior years became known. This case seeks to identify signals of the financial shenanigans and to assess the likelihood of the firm’s future survival.

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