"Mr. Koo will not be doing any more conference calls."
I've seen this mentioned twice on this forum and I'm not sure what this actually means.
Does this mean there are no more quarterly conference calls or Mr. Koo is not participating or what?
If so, I find that very disappointing and a bad sign and I think a lot of people rely on the CC for good information especially with a foreign company.
Is there a link to this information?
The cancellation of the conference calls is a response to the law suits. Those suits allege that Koo deceived investors in conference calls. So the company response is to not hold conference calls. It's not a good development.
I believe the issue was primarily that the company's previous to last call was so enthusiastic about the display module future helped increase the stock price to over $16 per share. I myself added to my position at some double digit prices. The last call indicated a complete reversal of the module production prospects and the so called law suits against the company immerged along with the price drop to $5.55 per share. Seeing the fallout from this past conference call I have the feeling that Mr. Koo (and or his advisors) said, "enough of this already, who needs this kind of blowback, I just won't say anything or answer questions in the future except report the current quarterly results." This doesn't mean the company is bad or misleading, it just indicates they don't want a repeat of what happened. There appeared to be no upside to the recent conference call but a whole lot of downside. So, who really can blame Mr. Koo for his decision regarding the future?
Below is the press release from June 13. The key phrase is ... "the Company has elected to cease the oral discussion of its financial results". It seems to me a conference call would contradict the press release. I am not expecting a conference call on August 5th.
SHENZHEN, China, June 13, 2013 /PRNewswire/ -- Nam Tai Electronics, Inc. ("Nam Tai" or the "Company") (NTE) today announced the date of release of its second quarter results and payment of its quarterly dividend.
Second Quarter Results
Nam Tai announced to release its second quarter financial results for the period ended June 30, 2013 on Monday, August 5, 2013 at 6:30 a.m. (EDT). Nam Tai had previously announced that it was planning to release its second quarter 2013 financial results on Monday, July 29, 2013. In light of the recent complaint, the Company has elected to cease the oral discussion of its financial results following the release of its quarterly financial results, while continue to maintain its robust disclosure of material current events through press releases. This policy change is effective immediately and accordingly there will be no Company-hosted conference call following the release of Nam Tai's second quarter 2013 financial results.
Thanks for the information.
That is terrible... I felt not only was his English good enough, but he really gave a lot of good information that helps me as an investor. Especially when dealing with a Chinese company, I think having the conference call is important as it's much harder to understand what's going on in a foreign country.
I'd strongly suggest that they re-instate the conference call.
The last sentence is pretty clear. "This policy change is effective immediately and accordingly there will be no Company-hosted conference call following the release of Nam Tai's second quarter 2013 financial results."
No conference call means no conference call. His English wasn't that bad to me though. Maybe around 66%-75% of it was understandable.
Mr. Koo received quite a bit of criticism for his performance at the last CC, primarily that is English is very hard to understand. Whether this criticism plays a part in his decision, I do not know.
After the last couple of conference calls many people complained about not being able to understand Koo, and now many people understood him pretty well??????????? Maybe the ability to understand Koo is directly related to the stock price.