New Report Exposes Errors in SEC Filings

CROWN HAS BEEN CONFRONTED with an extensive PACE report about the company's filings with the Securities and Exchange Commission (SEC).

The report states Crown made "misleading statements and omitted important facts" in their filings. Sanford Lewis, a noted attorney in the area of corporate accountability, documented $70.7 million in costs and risks which were undisclosed by Crown.

The report refers to the undisclosed information as "a hidden ledger sheet" and raises still other issues pertaining to the Crown's general lack of accountability.

Crown could face considerable difficulties as a result of its failure to disclose vital information to its shareholders.

Crown Boycott News, July-August-September 1999