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Tag >> investor relations
Submitted by Jonah Bloom, republished from Going Concern, Accounting News for Accountants and CFOs.
Jonathan Ramsden has been Executive Vice President and Chief Financial Officer of Abercrombie & Fitch since December 2008 and is a key part of a team trying to guide the retailer's global expansion while managing something of a remake of its domestic operations. Going Concern caught up with him recently to find out how he sees A&F's business and what else is on his mind.
Posted by Stephen Taub in Wells Notice, Securities and Exchange Commission, SEC filings, sec, Regulation FD, investor relations, financial statements, finanacial reporting, delayed filing, compliance, Accounting
The Securities and Exchange Commission filed a rare Reg FD case earlier this week.
The regulator brought this action against Presstek, a maker and distributor of digital imaging equipment and its former chief executive officer, Edward J. Marino. The SEC's complaint alleges that on September 28, 2006, while acting on behalf of Presstek, Marino selectively disclosed material non-public information regarding Presstek's financial performance during the third quarter of 2006 to a managing partner of a registered investment adviser. The SEC also alleges that within minutes of receiving the information from Marino, the partner decided to sell his firm's entire Presstek stake. According to the complaint, Presstek did not simultaneously disclose to the public the information provided by Marino to the partner.
Presstek agreed to pay a civil penalty of $400,000 as part of its deal to settle the Commission's charges, without admitting or denying the allegations. The Commission said it took into account certain remedial measures taken by Presstek, including revising its corporate communications policies and corporate governance principles, replacing its management team and appointing new independent board members, and creating a whistleblower's hotline.
Video-game maker Take-Two Interactive Software has agreed to pay $21 million to settle a shareholder class action lawsuit. According to published accounts, the suit charged that Take-Two management illegally backdated stock option grants and -- in a bizarre and unrelated matter -- failed to remove hidden sex scenes from one of its popular games.
It's an unlikely class-action quinella, and one that came about because a pair of shareholder suits were consolidated into one. The two-headed case has been dragging on for nearly four years.
Bank of America agreed to pay $150 million to settle a class-action lawsuit accusing its investment banking unit of misleading investors.
Two pension funds from Louisiana--the Louisiana Sheriff's Pension and Relief Fund and the Louisiana Municipal Police Employees' Retirement System-were the lead plaintiffs in the case.
Whole Foods CEO John Mackey loves him some blogging. He has used it to pimp his company and defend his business tactics. But following an op-ed he wrote on health-care reform that appeared in traditional media outlet the Wall Street Journal last week, he struck a nerve with a number of his web-savvy customers, who were quick to turn others on the internet against him, according to the Washington Post .
A Facebook group named Boycott Whole Foods was launched a few days ago and has nearly 14,000 members. The furor has prompted the company to create a forum on its website to discuss the issue. There are more than 10,000 posts, the WP points out.
Independent research firm CreditSights finagled a sit-down meeting with Goldman Sachs' treasurer, Elizabeth Beshel, and head of investor relations, Dan Holmes. And I'm not sure if I'm flattered or disappointed that analysts get fed the same trite storylines from banks that I had previously thought were reserved strictly for journalists.
You can tell just from the title of CreditSight's report that they didn't get much more than boilerplate talking points on why Goldman is just so darned awesome, "Goldman Sachs: Franchise Fosters Group Behavior." But reading the takeaway points, I found that Goldman was not only tooting its own tuba, but beating some of its competitors over their heads with it.