Financier Lip-Bu tan and CFO Geoff Ribar – A trail of failed businesses
Financier Lip-Bu tan and CFO Geoff Ribar – A trail of failed businesses
CDNS Cadence CEO Lip-Bu Tan, CFO Geoff Ribar, together again after SiRF, Centrality and Telegent disasters.
• 2007: SiRF acquires Lip-Bu Tan-controlled Centrality for $280 million, SiRF stock price at $22
• 2008: After SIRF CFO Ribar announces 98% revenue drop SiRF stock plunges to $7
• 2009: Lip-Bu Tan-controlled Telegent files for IPO
• 2010: Telegent CFO Ribar pulls IPO
• 2011: What do Cadence CEO Lip-Bu Tan and Cadence CFO Ribar have in mind for CDNS ?
The SiRF disaster: It’s all in the SEC filings. We just connected the dots for you.
Most notable was the impairment charges after each acquisition: for example, essentially Centrality was written off for goodwill of $216m plus another $43m in asset write downs right after the acquisition.
The Centrality acquisition constituted a large cash gift to Financier Lip-Bu Tan.
Meanwhile, investors saw the SiRF stock price go from $36.15/share to $0.94/share under CFO Ribar’s and BOD chairman Lip-Bu Tan watch.
What happened at Telegent, the most anticipated IPO of 2010 of a once-high-flying silicon valley startup ?
CDNS investors should demand answers to Financier Lip-Bu Tan, who still owns Telegent through his Chinese venture firm Walden International, and Telegent CFO Ribar, who pulled the IPO.
In 1999, Nvidia also pulled its IPO after ousting its CFO Geoff Ribar.
What is going on ?
http://svleaks.blogspot.com/2011/03/financier-lip-bu-tan-and-cfo-geoff.html
http://svleaks.wordpress.com/2011/03/18/financier-lip-bu-tan-and-cfo-geoff-ribar-–-a-trail-of-failed-businesses-2/