Warren Kanders has presided over decreasing stockholder value
Warren Kanders has presided over decreasing stockholder value at most of the companies with which he is or has been involved: -- Stamford Industrial Group (formerly Net Perceptions). Warren Kanders served as executive chairman of Net Perceptions from April 2004 to October 2006 and continues to serve as its non-executive chairman. Since 2004, under Warren Kanders' leadership, Stamford Industrial Group was delisted from NASDAQ (while still known as Net Perceptions), underwent a 1-for-5 reverse stock split, and changed its name and stock symbol. Today the company still trades on the OTC Pink Sheets. Since Warren Kanders took over in April 2004 through April 1, 2009, the company's stock price is down approximately 5%, far worse than the S&P Steel Index, which was up 47% over that same time period. -- Langer, Inc. Warren Kanders has served as chairman of Langer since November 2004. Since that time through April 1, 2009, Langer's stock price has fallen approximately 95%, materially underperforming the S&P 500 Index, which was down only approximately 28%. In addition, in a span of two months during 2008, Kanders oversaw the sale of two of Langer's businesses at a loss: -- In June 2008, Langer sold its Regal Medical Supply business for only $501,000 - approximately one-third of the $1.4 million purchase price paid by Langer in January 2007 (only 15 months prior). Langer recorded a loss of $1.9 million in 2008 on the sale of Regal. -- In July 2008, Langer sold its Bi-Op Laboratories business for $2.4 million. Langer recorded a net loss on the transaction of approximately $660,000, which includes transaction costs of approximately $335,000. -- Furthermore, with Warren Kanders as chairman, Langer sold both of these businesses in "insider" transactions: -- Regal was sold to John Shero and Carl David Ray, two of the original owners of Regal from whom Langer acquired Regal in January 2007. In addition, Mr. Shero served as a vice president of Regal while Regal was owned by Langer. -- Raynald Henry was a shareholder of 9199-9200 Quebec, Inc., which acquired Bi-Op Laboratories. Mr. Henry was among the prior owners of Bi-Op that sold Bi-Op to Langer in January 2003 and he also served as a Bi-Op employee under Langer's ownership. -- Clarus Corporation. Warren Kanders has served as executive chairman of Clarus since December 2002 following a proxy contest at that year's annual meeting. Under Warren Kanders' tenure, Clarus sold all of its revenue generating assets, and in October 2004, was delisted from NASDAQ. Clarus now trades on the OTC Pink Sheets and continues to have no operating business. From December 2002 through April 1, 2009, Clarus' stock price is down approximately 25%, almost twice as bad as the performance of the S&P 500 Index, which is down approximately 13%.
-- Warren Kanders has a history of self-dealing transactions extracting millions of dollars from the companies with which he is or has been involved. For example: