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SEC is Investigating RTW Invest. & Its Role in Masimo Proxy ‘Empty Voting’ Scheme

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Image from RTW website, RTW is connected to Joe Kiani and the Masimo proxy war
RTW website

In a new report last week, we learned that the Securities and Exchange Commission (SEC) has launched an investigation into RTW Investments over its role in an “empty voting” scheme related to the Masimo Corp. proxy battle which concluded in September at the Masimo Annual Stockholders Meeting. Masimo, now under new board management, has accused former CEO Joe Kiani and RTW of colluding in an empty voting scheme to try and manipulate a board election in their favor and deprive shareholders of their voting rights.

See more on this news about the SEC, Masimo, Joe Kiani, and RTW

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Sonos in Sustained Struggle Throughout 4Q & Full Year Fiscal 2024

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Sonos 4Q and Full Year Fiscal 2024 results

Sonos, Inc. (Nasdaq: SONO) Chief Executive Officer Patrick Spence did his best to sound upbeat and exuberant recently as he discussed the company’s results for its fourth quarter (4Q) and full year of Fiscal 2024 on an earnings call with financial analysts. Although most expected poor results in the wake of recent challenges, the numbers were particularly rough as the company is struggling against market headwinds in the audio segment, a less-than-satisfying rollout of what it had hoped would be a blockbuster new product in a blockbuster new category (Ace headphones), and most vexingly, from its own self-inflicted wound with a horribly botched app rollout.

Spence faced a tough sell to analysts, even with reduced expectations, as the numbers were quite disappointing.

See the results for 4Q & full-year fiscal 2024 at Sonos

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Masimo Responds to ‘Speculative Articles’ on Sound United

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Marantz Grand Horizon speaker from the Masimo Sound United group
Marantz’s just launched Grand Horizon loudspeaker [Click to enlarge]

‘Discontinued Operation’ is a Financial Reporting Designation

Late Tuesday, Masimo’s communications team reached out to Strata-gee to provide a statement designed to counter or otherwise address unspecified “speculative articles” on the recent pronouncement from Masimo CFO Micah Young that the Sound United division may end up being treated as a “discontinued operation” if the Board decides not to spin it off as a publicly-traded company.

Why are people speculating about that? Read on…

See more on the Sound United ‘Discontinued Operation’ controversy

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J Geiger Shade Maker’s Gamble on New Trial with Lutron Cost It $1.2 Million

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Photo from lawsuit showing the Lutron bracket (R) looks identical to the J Geiger bracket made by GeigTech (L)
Patented GeigTech (J Geiger) bracket on the left, Lutron copy on the right [Click to enlarge]

Last week, a jury was convened for a special trial to determine reasonable damages in the matter of GeigTech East Bay LLC v. Lutron Electronics Co., Inc. GeigTech, the plaintiff in this case is the manufacturer of motorized shade products marketed under the J Geiger brand, an independent company owned by Savant (and which is not a party to this litigation). Lutron has already been found to have infringed on certain patents held by Geigtech and the original jury’s large damages award was set aside by the judge who found it to be excessive. This new trial was held to determine a more reasonable damages amount.

See the painful result for Geigtech in this new trial

[Read more…] about J Geiger Shade Maker’s Gamble on New Trial with Lutron Cost It $1.2 Million

McIntosh Group Acquired by Bose; Does This Deal Make Any Sense?

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Image from Bose website
Bose website

On Tuesday, Bose Corporation – a privately held manufacturer and marketer of a variety of predominantly audio products like headphones, speakers, soundbars and car audio – announced it has acquired McIntosh Group, a high-end manufacturer of electronics under the McIntosh brand and speakers/phono cartridges under the Sonus faber brand. Terms of the deal were not revealed and a buzz has descended around the industry as to whether this is a good thing or a bad thing.

Learn more about Bose acquiring McIntosh

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Snap One Parent Resideo Releases 3Q/2024 Results; Organic Gains are Modest

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Resideo 3Q/2024 earnings presentation cover image

Resideo Technologies, Inc. (NYSE: REZI) – the new parent company of residential integration company Snap One – recently released the financial results for its third quarter of fiscal 2024, the 90-day period that ended September 28, 2024. While the overall numbers looked fairly strong with revenues increasing 18% to $1.83 billion with gross profit expansion, when looked at organically, the results show a more moderate revenue growth of 4%.

See more on the Resideo results in 3Q/2024

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Troubling Trend: 2024 CEDIA Expo Loses Hundreds of Attendees This Year

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Scene from the 2022 CEDIA Expo
On-site registration and badge pickup at the 2022 CEDIA Expo

Data from the 2024 CEDIA Expo in Denver, CO this past September shows a troubling trend – attendance actually declined…and declined appreciably – from the 2023 version of the event. And this decline took place even though the promoter has combined CEDIA Expo with a new event (new last year), the Commercial Integrator Expo (CIX), which was probably an effort to boost attendance numbers.

See more on the attendance at CEDIA Expo 2024

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Masimo Releases 3Q/2024 Results, First Under New Management; Investors Like It

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Masimo cover page

Sound United to be ‘A Discontinued Operation’

On Tuesday, Masimo Corporation (Nasdaq: MASI) announced the results of its financial performance for the third quarter (3Q) of Fiscal 2024 (FY2024) – the first such report under the new management. While the report comes from the new management, including interim CEO Michelle Brennan, the period of this report is for the quarter that ended September 28, 2024 – meaning the bulk of the actual performance occurred under previous CEO Joe Kiani. Still, the numbers, for the most part, looked pretty good.

Learn all about the performance of Masimo in 3Q/2024

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A Giant Stumbles: Samsung Chip Div. Operating Profits Drop a Stunning 40%

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A flag showing the Samsung logo

Samsung Electronics, Inc. – a giant in the global consumer electronics industry – saw operating profits drop a stunning 40% in its all-important Device Solutions Division compared to the previous quarter. Device Solutions is its semiconductor division and many in the industry are watching this division closely, as it is a key part of Samsung’s business. But recently, the company – in a rare miss – failed to get on board with the rapid growth of the artificial intelligence (AI) industry early on. It is now running to catch up to competitors and this result shows they are not yet there.

See more on this rare stumble from industry giant Samsung

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Masimo Terminates Kiani’s Employment; Files Lawsuit Alleging He Violated Securities Law

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Header of Masimo lawsuit against Joe Kiani & RTW

In a recent filing with the Securities and Exchange Commission, the new Masimo (Nasdaq: MASI) Board of Directors reaffirmed its non-GAAP 3Q and full-year financial guidance as previously provided by the company to investors. It also notified the commission that the Board has officially terminated the employment of former CEO Joe Kiani.

Perhaps most surprisingly, it has additionally filed a major lawsuit against Joe Kiani and RTW Investments alleging, among other things, that they colluded to create a group that violated federal securities laws.

See more on this latest filing with the SEC by the new Masimo Board of Directors

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