Late Breaking Nonsense

Kudos to Footnoted.org for outing Metris. Metris issued a press release at 11:00 pm indicating that they were subject to a Wells Notice from the SEC. The market is closed and the SEC staff has gone home. Most investors are probably not watching so it seemed like a good time to slip this little tidbit out. It certainly missed the editorial deadlines of many a business publication. Why did management decide to issue the press release so late in the day? What can the average investor conclude from management's behaviour? Trust? Can we rely on the SEC to publicize say once a day who is subject to a Wells notice or any other notice. Transparency in the market place does create confidence. We will put it to management and see what they have to say? Stand By for more!