AIG Class Action Lawsuit

Stull, Stull and Brody announce a class action lawsuit against AIG. (NYSE:AIG) They claim that during the class action time frame brokers representing AIG sold mutual funds that participated in a revenue sharing program. Advisors did not disclose the close relationships that existed and therefore an enormous conflict of interest existed. More info at www.ssbny.com. What is interesting is the long time frame of the class action June 30, 2000 to June 8, 2005.

Goldman Sachs Fumble

Action Fund Management LLC has called on Goldman Sachs to correct statements made at its annual meeting. They also want CEO Henry M Paulson Jr. to reimburse Goldman Sachs for shareholder assets used to advance Mr Paulson's personal interests. In a press release issued approximately an hour ago Action Fund is pointing out conflicts between federal tax records for "The Nature Conservancy" and comments made by Goldman Sachs board member John Bryant. This seems seriously conflicted and needs clarification. There have been some major announcements in the past week about Forestland Sales to conservation groups. The announcements are heavy on corporate optics. Probably too heavy. Check out www.freeenterpriseactionfund.com for more information.

Richardson Electronics (Nasdaq:RELL) Blows Up

The CEO leaves suddenly for personal reasons and is replaced temporarily by the Chairman. Earnings have to be restated because something funny was happening in the Italian subsidiary. Maybe they did not make suficient provisions for taxes (I'm sure the IRS will look into it). Regulatory statements cannot be filed because of the mess. We need to hang some directors for being asleep. Investors are not well served by accurate audit findings just before the corporate vehicle hits the wall and practically destroys itself.

Hampshire Group (Nasdaq:HAMP) Confused Executive Suite

Hampshire Group appoints Jonathan Norwood as the new CFO and Vice President. Existing CFO Charles Clayton becomes EVP and Treasurer. Lines of financial responsibility seem confused. Can this board of directors make decisions. The parimutuel betting approach to executive selection does not create confidence.

Weekend Follies April 1-2, 2006

We have a rather large haul this weekend. Weekend follies attempts to identify companies who release information at odd-ball hours during the weekend when most investors are not looking. Fourteen (14) culprits this time. Six NYSE listings Pope & Talbot (POP), Whirlpool (WHR), Embraer (ERJ), Pengrowth (PGH), Transcontinental (TCI), Central Vermont (CV). Five Nasdaq listings Prg Schultz (PRGX), Radware (RDWR), Pan American Silver (PAAS), Forbes Medi- Tech (FMTI), Pomeroy (PMRYE). Three Amex Listings (Amdl (ADL), Micoislet (MII), Miramar Mining (MNG). Caveat emptor with companies that release information when few if any are listening.