Centennial Fires CEO, Probes Finances

Centennial Technologies Inc. said it fired Chairman and Chief Executive Emanuel Pinez and began an investigation into the accuracy of its financial statements. Centennial’s investigation probably means earnings will be revised lower, said Centennial director J.P. Luc Beaubien. The action represents a painful turn of events for a company whose stock performance last year ranked it 12th in the Bloomberg 100, up 452%. The stock has recently plunged from $55 to $16.50 as of Monday on the New York Stock Exchange, on concerns about slowing sales growth. The stock did not open for trading Tuesday, after the announcement. The Billerica, Mass., maker of adapter cards for personal computers said it is looking into the accuracy of its reported earnings for the fiscal 1997 second quarter and earlier periods.