Accentuating the caveat emptor perspective with critical commentary on financial disclosure. I adopt a skeptical persona and look for chinks in the teflon coating of financial disclosure. My job is to identify financial warts. Perhaps a Black Swan. Disclosure: I do not hold positions in stocks mentioned for three trading days before or after blog post.
Thursday, October 06, 2005
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!