Irrational Overreaction In Ironclad Performance Wear Shares Creates Compelling Buying Opportunity
- Shares of Ironclad Performance Wear plummeted from $0.37 on August 28, 2014, to $0.25 on September 12 when news spread that the CEO and CFO were named in a lawsuit.
- The lawsuit’s allegations are unrelated to Ironclad and center around contract disputes arising out of the acquisition of Walls Industries by Williamson-Dickie, who is historically known for aggressive business tactics.
- The civil suit names Walls’s former CEO, along with Jeff Cordes and Bill Aisenberg, who were President/COO and CFO, respectively, along with five other parties, including Walls's private equity investors.
- Ronald Chez, who owns ~9.2% of Ironclad, filed a 13-D disclosing an email in which he encouraged the Company to “retain an investment banking firm to assist...exploring strategic alternatives".
- Ironclad shares have been massively and irrationally oversold and investors are encouraged to take advantage of the buying opportunity for this “under-followed gem".