Genio Shuts Down

After Accounting Problems

Genio's board of directors shut down the operations of the company in January.  The actions come in the wake of the departure of the Susan Eisner, the company's president, in November; and the departure of three members of the board of directors, the CFO and the CEO (who had only been with the company since November) in January.  Those actions took place after the company revealed that it had incorrectly reported its sales and that it was going to have a $900,000 sales hit from returns (see 'Genio Expects Returns Hit').  The company's accounting firm also filed a letter with the SEC stating that the officers of the company had represented to the accountants that the sales were non-returnable.