|Weekly News Digest
February 21, 2006 — In addition to this week's NewsBreaks article and the monthly NewsLink Spotlight, Information Today, Inc. (ITI) offers Weekly News Digests that feature recent product news and company announcements. Watch for additional coverage to appear in the next print issue of Information Today. For other up-to-the-minute news, check out ITIís Twitter account: @ITINewsBreaks.
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ProQuest Discovers Accounting Irregularities; Lawsuits Are Filed
ProQuest Company (http://www.proquestcompany.com) announced that during a review related to its internal controls assessment required by the Sarbanes-Oxley Act of 2002, the company discovered material irregularities in its accounting. As a result, the company said it intends to restate its previously issued financial statements, possibly back to 1999. The internal audit found that royalty accounts were materially understated in previously issued financial statements, while prepaid royalty accounts were materially overstated. At least one class action lawsuit on behalf of investors has already been filed; several other law firms have indicated that they will also file suit and that they are seeking investors as claimants.
ProQuest's Audit Committee has initiated an independent investigation that is being conducted with the assistance of Skadden, Arps, Slate, Meagher & Flom, LLP, which was retained solely for this purpose. Skadden has hired forensic accountants from Chicago Partners, LLC to assist it in the investigation. While the Audit Committee believes a restatement will be required, it has not yet determined the time periods involved or the amount of the accounting restatement. ProQuest appointed a new CFO in November 2005, Richard Surratt. Kevin Gregory was the previous CFO. Gregory and ProQuest's chairman and CEO, Alan Aldworth, are named in the lawsuits along with the company.
ProQuest Company has two business segments: ProQuest Information and Learning (http://www.proquest.com), which serves the education and library markets, and ProQuest Business Solutions, which provides business information to the automotive market. The accounting irregularities that have been identified primarily affect ProQuest's Information and Learning division. The company stated it "believes that the accounting irregularities do not affect the company's cash balances, the amounts invoiced to customers, cash receipts from customers, or disbursements to publishers and suppliers."
Source: ProQuest Company
Wolters Kluwer Launches International Litigation Service
Wolters Kluwer Law & Business, a unit of Wolters Kluwer (http://www.wolterskluwer.com), announced the launch of KluwerLitigation, a new service for professionals working in the international litigation arena (http://www.kluwerlitigation.com). Produced by Kluwer Law International, the online service is designed to provide insights into commercial litigation procedures in nearly 50 countries with explanations of the courts, judiciary, and local legal processes.
KluwerLitigation also includes national reports written by leading arbitration experts that provide comprehensive information on the arbitration law and practice of more than 60 countries. Also on the site, professionals will find commentary; case law, including International Council of Commercial Arbitration materials; and instruments, which provide the user with a quick overview of litigation and enforcement in each jurisdiction.
The service's coverage comprises content from three works by experts in international litigation:
- Encyclopedia of International Commercial Litigation, edited by Sir Anthony Colman
- Enforcement of Foreign Judgments, edited by Louis Garb and Julian D. M. Lew
- International Encyclopedia of Laws: Civil Procedure, edited by Piet Taelman
KluwerLitigation also includes the full text of the four main conventions covering commercial litigation (Brussels Convention, Evidence Convention, New York Convention, and the Service Convention) as well as all relevant European Commission regulations.Source: Wolters Kluwer
CIVIC Announces New GIS Service for Libraries
CIVIC Technologies, Inc. (CIVIC), a provider of geographic information systems (GIS) for public libraries, announced its new LibraryDecision SnapShot service, which is designed and priced so that public libraries of all sizes can better understand the communities they serve. SnapShot is designed to help librarians plan more intelligently for the future. Demographic trends, strategic issues, and constituent concerns are identified and integrated into a comprehensive report. Polaris Library Systems (http://www.polarislibrary.com), a strategic marketing partner of CIVIC since 2004, will introduce SnapShot to its public library customers nationally.
SnapShot's external analysis addresses the social, economic, and urban development trends of a library's jurisdiction while an internal analysis focuses on issues such as facility limitations that affect service, funding cut backs, and growth or decline in patrons and checkouts. SnapShot sells for $895 and is available to public libraries nationally by contacting CIVIC Technologies. To learn more, visit http://www.civictechnologies.com/library/snapshot.cfm. SnapShot was prepared for Henderson District Public Libraries (Nev.), a Polaris customer. The Henderson SnapShot report is available at the same Web site address.
CIVIC's products include three other LibraryDecision offerings and basic and pro versions of BusinessDecision, which is designed for library patron use.
Source: CIVIC Technologies, Inc.
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