Chicago-area electronics manufacturer, Molex (makers of plugs, switches and such) is facing a brace of shareholder lawsuits from some of the usual suspects. But frankly, what can the company expect given that it is on its third chief financial officer since November '04. Never a good sign.

The suits stem from alleged financial irregularities that became a subject of scrutiny as a result of a 2004 Deloitte & Touche audit of the firm.

Deloitte resigned as auditor in December 2004 (see more details here) after Molex declined to follow the auditor's recommendation that Molex replace its chief executive J. Joseph King (who had held the position since 2001). King departed the position anyway in December '04. Meanwhile Ernst & Young picked up the torch as company auditor.

King, is a named defendant in many of the shareholder suits, along with John and Frederick Krehbiel (whose family founded Molex and has managed the firm throughout much of its 66 year history). Other execs on the hit-list include general counsel Louis Hecht and vice-president, Diane S. Bullock.

-- MDT