Strategy in TECH...
On Tuesday, a Schedule 13G/A Form was filed with the Securities and Exchange Commission (SEC) on behalf of former Masimo Corporation CEO Joe Kiani. The form is a “Statement of Ownership” and it is used to disclose the amount of ownership of top holders of public company stock. In this filing, Kiani reports to the SEC that he holds 13.2% of Masimo stock.
There’s just one problem…he doesn’t…
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.
As Strata-gee recently reported, there are currently seven active lawsuits that have been filed against Control4 and their Board of Directors in the wake of their acquisition by SnapAV. In a new DEFA14A filing with the Securities and Exchange Commission last Friday, the company addresses the issue of these lawsuits – saying that they are going to fight them. But then they do something very curious – they file an amendment to their original Schedule 14A filing, their Proxy Statement, with added information that appears to add missing material in response to allegations in the lawsuits filed against them.
Back in June, Strata-gee reported that Monster Products, Inc. (the former Monster Cable) had filed an S-1 registration document with the Securities and Exchange Commission, laying out its plans to launch a new cryptocurrency known as Monster Money. In addition to this, the company would offer shares in the company as well. The filing got a lot of attention at the time, in part because if successful, it would be the largest cryptocurrency launch ever to that point.
Now, I’ve learned that this initiative has been officially rescinded by the company.
The Department of Justice (D.O.J.) has notified Nortek, Inc. that it has closed its investigation into a corporate bribery scandal involving the company’s operations in China and will take no further actions, according to a report by Reuters. Nortek, parent company of Core Brands – a holding company of several custom integration brands – had revealed the existence an internal investigation into the matter by the company to investors several quarters ago. At the same time, Nortek reported the matter to the authorities, noting that they would fully cooperate with any government investigation.
Nortek “will not be charged because the U.S. [company] had turned themselves in,” Reuters noted. Nortek stock was up 5.19% in late afternoon trading on the news.
Nortek, Inc. (Nortek) released their results for the 2016 fiscal first quarter and generally showed broad improvement,with sales gains and profit improvements in most of their segments. But not in the Custom and Commercial Air segment which had a sales decline; and especially not in their AVC segment, which saw continued sales declines and generated a loss from operations.
