(Clearwater, Florida: Ucs Financial News) Church of Scientology shares (SCIK) tumbled 19% as the Church announced a 2 billion dollar write down. According to SEC filings, its’ portfolio suffered massive losses and the firm was forced to liquidate assets. At the urging of disgruntled share holders the SEC has launched an investigation of the Church’s financial condition.
Church of Scientology officials then dropped another bomb shell, according to Mark C. Rathbun the Inspector General Scientology, the firm would restate its quarterly earnings once the SEC investigation was complete.
This is not the first time the Church of Scientology has faced financial troubles. In 2002 the Church’s CEO David Miscavige declared personal bankruptcy when the .Dot com bust wiped out the Religious Technology Center (RTC), the corporation he ran that controlled Scientology technology and trademarks.
According to financial analysts tracking the Church of Scientology, “The firms fundamentals are strong and the business model is sound. Once the thetans have cleared the share price will recover.”
Church of Scientology shares (SCIK) rated HOLD