I felt a bit heartened by the CFO replacement. For one thing, I can't imagine Guba's well qualified replacement would have taken on the job if he didn't have a pretty clear view of the company's situation. I'm not sure how "fair disclosure" rules apply here, but I think they would have been ignored.
Good thing someone is giving leniency and understanding. Now that the prior CFO resign, hopefully the company can move forward. Hope he left amicably and willing to assist.
The overall market seemed to like the resignation, even on an overall down market day.
Ya, on second thought, the market likes the company cleaning house and moving forward. The prior guy wasn't up to the job keeping accurate financial records from impending company growth.
Here's wishing this to the bottom. GLTA!
Sure it's logical. This is the guy who was responsible for producing accurate financial reports during a period when reports contained serious errors. His replacement seems to have very good credentials.
This is why I am glad I found these guys. Lost $500, made back $1800. Check out Ultimate Stock Alerts (find them in Google search)
Any thoughts out there? Perhaps??? The market is saying the CFO leaving is a good step in the cleaning up/restating the financial statements. Is the Board pinning the blame on the CFO for his ineptitude!!! The stock price going up might mean CFO resignation will no longer be "the road block" slowing down the process in getting the financial statements restated expeditiously???
Article says, "The co announced that it has appointed Craig E. Holmes as Senior Vice President of Finance. Following the filing of restated financial statements, the Board intends to name Mr. Holmes as the Company's new CFO. In the interim period, Timothy Howsman will serve as a corporate officer and as the Company's principal financial officer, reporting directly to Terence J. Cryan, President and CEO of Global Power."
I'm getting a warm & nervous feeling. This can't be good. However, strangely, this stock goes up. Sometimes the market reactions aren't logical!
The lawyers don't have much choice. The SEC should go after CEO and CFO through SOX statutes. However, this will not happen. Kevin Bacon didn't lose money and the $s are too small for the mighty SEC.
Welcome to the club, if you bought into GLPW by following the Wynnefield.
I did and sadly based upon Yahoo's financial stats that GLPW still paid a dividend. Now, further research shows GLPW stopped paying dividends back in March 2015!
GLPW accountants must be very slow, they can't get their financial house in order. How lame is THAT!
When was the last time you had a $900 day? Had my first one last week thanks to Ultimate Stock Alerts (they are in Google, do a search)
Yeah, that's happened to me too. In this case note that Wynnefield is not just a major holder but an insider, which as I understand it means they own GLPW in their own accounts. I searched the web for info about Wynnefield and its two principals and didn't find anything unfavorable. Nelson Obus was accused of insider trading a few years ago and refused to settle; the SEC took him to court and they lost.