Syntax-Brillian, the company behind the Olevia brand of HDTVs, has fallen deeper into hard times. After delaying and revising last quarter’s financials, the company made a shake-up of top management and a changed their business model. Part of those changes included abandoning their LCoS rear projection television business. Now they are late again with their financials for this quarter, and reports indicate that the NASDAQ is threatening to delist their stock if they don’t release their numbers by next Tuesday.
This also comes on top of a civil suit for stock fraud by some shareholders against the company and certain top management officers. All this bad news has left the company’s stock price severely battered; after hitting $8.78 last spring, it fell to $0.70 this week.
It’s never a good time for bad news, but this could be especially bad for Syntax-Brillian. Across the industry, inventories are piling up after holiday sales failed to hit projected levels, which will push prices down and delay new orders. It will become even more difficult for brands like Olevia to find a competitive space between the lowest-priced brands and the top names like Sony and Samsung. It’s too early to bury Syntax-Brillian, but signs indicate that it may not last much longer.