Poor judgement… or illegal ???
The following information has been brought to our attention by readers of this blog regarding the “Shareholder’s Meeting” on 4/14/2013. YOU be the judge…
1) There was a closed door meeting facilitated by the company CEO and President, and in attendance were “substantial shareholders” of PNCH.
2) This meeting transpired nearly 24 hours before the public release of the 2012 10-K financial reporting.
3) A full trading day transpired between this meeting, and the public release of the financial reporting (10-K).
4) Leaked information indicates that there were discussions: including, but not necessarily limited to, yet to be released financial information, aspects of current and future advertising activities, and overall corporate direction.
5) Some, or all, participants discussed and decided to, keep this information to themselves, family members, and close acquaintances.
6) As of this writing (and to the best of our knowledge) there has been no public release of the above discussed information in any public forum or formal press release.
7) It is currently unknown if any of the participants used this information to make PNCH stock trades during or after the next trading session(s).
Now, we will let you decide if this is simply poor judgment by the parties involved, or something more sinister like conspiracy, or, even illegal activities regarding insider trading as defined by the SEC.
We understand, and are saddened by, the likelihood that this information will be fuel for bashers of the company. It is abundantly clear that Friends of PNCH are supporters of the company. However… we also want to make it clear that we do not support any actions of those that would conspire to withhold information from other shareholders, nor will we be complicit in such by not releasing the information we have been provided. Any scorn should be directed to the participants involved, not the messenger. We feel it is sad that a select few of the so called supporters, made a decision to withhold vital company information from other, perhaps less “substantial” shareholders. There are many more shareholders that have their hard earned money (whatever amount large or small) invested in this company, and for whatever reason could not attend the meeting. Its shameful that the company executives would allow this activity to transpire, and our sincere hope that they did not sanction this action. We urge the company to release the privately discussed information to their other investors, and/or the general public.
What no comments yet, I totally agree with this post and it is extremely irresponsible for the Shareholders that attended and not pass the information. Something caused the stock to drop the last few days after meeting and release of K. I could see the very possibility of insider trading here with all the comments witnessed in the past few days on all stockholder media sites pertaining to PNCH. Everyone involved should be Investigated.