Comstock Slips After Going-concern Warning
BOSTON — Shares of Comstock Homebuilding Cos. were off more than 18% Tuesday after the company said its independent auditor, PricewaterhouseCoopers, indicated its belief that “declining market conditions and the significant amount of the company’s debt that matures in 2008 creates substantial doubt that the company would continue operating as a going concern.” Comstock, that focuses on affordable housing and first-time buyers, has seen its business plunge during the housing pullback. The stock was down by 16 cents to 70 cents at last check.
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