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|Business Description:||The largest online pet supply company.|
|Business Problem:||The company had decided in November of 2000 to terminate all operations, settle all creditor obligations and return remaining funds to shareholders. Diablo Management Group (DMG) assumed fiduciary responsibility for Pets.com in January of 2001.|
Since the Company was publicly traded and listed on the NASDAQ exchange the initial focus was to make sure that the Company complied with all reporting requirements. Pets.com had gone public in the 1st quarter of 2000, but had never completed a full year audit nor filed a 10K. At the time DMG took over, the Pets.com auditing firm decided not to stand for re-election and it was necessary to immediately retain an audit firm with SEC experience. An audit firm was retained by DMG and subsequently achieved a clean opinion on both the 2000 and 2001 audits for Pets.com.