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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K/A
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): July 12, 2000
FINANCIALWEB.COM, INC
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(Exact Name of Registrant as Specified in Charter)
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<CAPTION>
<S> <C> <C>
Nevada 000-25799 93-1202428
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(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
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201 Park Place, Suite 321
Altamonte Springs, Florida 32701
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(Address of Principal Executive Offices
including Zip Code)
(407) 834-4443
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(Registrant's telephone number, including area code)
This Current Report on Form 8-K amends the Current Report on Form 8-K previously
filed by FinancialWeb.com, Inc. on June 19, 2000 to the extent set forth below.
Item 4. Changes in the Registrant's Certifying Accountant.
(a) On July 12, 2000, Deloitte & Touche LLP ("Deloitte & Touche") informed
FinancialWeb.com, Inc. (the "Company") that it was resigning effective
immediately as the Company's independent auditors. The Company's Board of
Directors and Audit Committee has commenced the selection process for a new
independent auditor but has not engaged one as of the date hereof.
Deloitte & Touche's audit report on the consolidated financial statements
of the Company as of December 31, 1999 and 1998 and for each of the three years
in the period ended December 31, 1999, expressed an unqualified opinion and
included an explanatory paragraph related to the Company's continuation as a
going concern. Deloitte & Touche's resignation was not requested or acted upon
by the Company's Board of Directors or the Audit Committee.
In connection with the audits of the Company's consolidated financial
statements as of December 31, 1999 and 1998 and for each of the three years in
the period ended December 31, 1999, and during the subsequent interim period
through the date of Deloitte & Touche's resignation, there have been no
disagreements with Deloitte & Touche on any matters of accounting principles or
practices, financial statement disclosure, or auditing scope and procedures
which, if not resolved to the satisfaction of Deloitte & Touche, would have
caused Deloitte & Touche to make reference to the matter in its report on the
Company's financial statements.
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On a conference call with the Company on or about July 12, 2000, Deloitte &
Touche informed the Company that in connection with the audits of the Company's
consolidated financial statements as of December 31, 1999 and 1998 and for each
of the three years in the period ended December 31, 1999, Deloitte & Touche
concluded that the Company's lack of adequate systems, controls, and personnel
necessary to timely prepare internal and external financial statements in
conformity with generally accepted accounting principles was a reportable
condition in the Company's internal controls as defined by generally accepted
auditing standards. The Company engaged Deloitte & Touche, among other things,
to help the Company address areas of weakness in its internal controls as part
of the audit process for the periods mentioned above.
Also on the July 12, 2000 conference call with the Company, Deloitte &
Touche informed the Company that due to allegations of conduct to fraudulently
inflate the price of the Company's stock raised in a Federal indictment
released on June 14, 2000 of Glenn B. Laken, a shareholder of and consultant to
the Company (the "Indictment"), Deloitte & Touche believed the Audit Committee
should conduct an investigation into (i) whether any of the Company's officers,
directors or employees had been involved in any of the activities alleged in the
Indictment and, if so, (ii) whether the Company's consolidated financial
statements, including disclosures or possible missing disclosures, may be
materially misstated. Although the Company was not charged in the Indictment,
nor to the Company's knowledge, was it ever a target of the investigation
leading to the Indictment, the day following the announcement of the Indictment,
the Company's, Audit Committee commenced its own inquiry into whether any of the
Company's officers, directors or employees had been involved in any of the
illegal activities alleged in the Indictment. In fact, the Audit Committee's
inquiry was substantially completed prior to the July 12, 2000 conference call
with Deloitte & Touche. Based on its inquiry, the Audit Committee believes that
there was no complicity by the Company or any of its officers, directors or
employees in the illegal activities alleged in the Indictment.
The Company has requested that Deloitte & Touche furnish the Company with a
letter addressed to the Securities and Exchange Commission stating whether or
not Deloitte & Touche agrees with the above statements contained in this Current
Report on Form 8-K. A copy of such letter, dated July 26, 2000, is filed as
Exhibit 16.1 to this Current Report on Form 8-K.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
Exhibit Number Description
16.1 Letter dated July 26, 2000 from Deloitte & Touche LLP to the
Securities and Exchange Commission.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Dated: August 2, 2000
FINANCIALWEB.COM, INC.
By: /s/ Kevin Leininger
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Chief Executive Officer and President
