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woogerbear

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  • magicJack Vocaltec (CALL -11.5%) closes with giant losses after Copperfield Research issues a report taking aim at the company's accounting and trustworthiness. Among other things, Copperfield accuses magicJack of overstating revenue, earnings, and cash flow in earnings releases relative to SEC filings, and of using put option trades and other questionable investments to inflate earnings. It also notes CEO Dan Borislow has been sued for securities fraud in the past, and has sold shares after using them as collateral against personal debt. (SA Instablog[View news story]
    Put option strategy was know...accounting fraud allegations along with initating a short position is illegal..jail time
    Jan 10 09:25 AM | Likes Like |Link to Comment
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