OK, another horrible quarter, this is what, three in a row?
Lack of Earnings as well as a lack of any earnings visibility anytime in the near future.
An SEC inquiry that has gone from being an informal inquiry into a formal investigation on not just one item, but a whole host of items and a likely huge fine, a 10 or maybe 20 year consent decree which will impose restrictions of some likely onerous variety. Criminal charges? Who knows. Where were their lawyers? Asleep? Where were the internal accountants and auditors? Asleep too?
A whole other group of senior executives - including the CFO now out the door - these latest two having being chosen by Oddland. With all the departures over the last couple of years, is there anybody even left?
Then there's the loss of those Georgia accounts - again with an allegation of questionable business practices that likely caught the eye of other state auditors - nice work!
They have a published code of ethics out on the Internet - maybe Oddland and the lawyers and their accountants and their sales and merchandising group - and the Board - all need to read it.
Oh, I forgot, it's the economy's fault. It's the fault of the State of California, oh and Florida too. It's the fault of all the people who have left. Maybe, just maybe, it's the fault of the people who have stayed - one person in particular.
When will the Board act? It's past time for a new ceo.
Why do you have a hold rating? I was about to buy 5000 shares, but after your post, I cancelled the order to do more research. I have been lucky with this stock by being patient and not holding positions for long. Can it go into the single digits on what you say?
Great post! The issue is at the top...Odlands mouth and feet go in different directions. He came in and acted like a know it all expert in all areas of the business and didn't care what anyone said or told him! Discounted all the experience and knowledge of everyone, and has basically ruined the company. The place seems to be in complete disarray and is getting worse, based on the most recent conference call. From the tone of the Analysts voices, they have lost trust and confidence in the Leadership. You can't blame them, since none of their questions were anywhere near answered intelligently and they were given nothing substantive that's going to improve the results.
Everyone who knew anything about the business has left due to the environment, so the place now has "Steve's Team" who own all the fiasco's that have occurred that has caused the SEC to act. These have all happened under his watch.
To be fair, when he came in, the company really needed a change at that time too. But after three years, the choice was wrong and it's time for another change. Oh yeh...it's more than one guy who needs to be changed...the entire Senior Executive Team needs to be replaced by experienced executives who have a proven track record of success, which none of the current Team has.