First, I know my english isn´t perfect, hope you still understand my point(s).
This is a pressrelease in Sweden from october translated in google translate:
EPICEPT: REITERATES SHOULD BE PARTNER FOR CEPLENE EU Q4 - CEO (Direct) 2008-10-09 12:41
"STOCKHOLM (Direct) Epicept reiterates that the company should have a partner in place in Europe for its preparations Ceplene in the fourth quarter of this year and to begin Ceplene sold in the first quarter of 2009.
It says Epicepts CEO Jack Talley to Nyhetsbyrån Direct.
He has previously said that sales should be started gradually to reach a peak of 200 one million dollar in Europe on five år. / CW"
This is just a drop in the sea of all the lies and missguiding vauge crap he has put out. Is it really legal to deceive shareholders like this?
In this particular case above he either didn´t know what the f**k he was talking about and just pulled something out of his love-hole, or he just lied to keep the shareholders in hostage.
I constanly feel like an hostage in epicept, I've been in the stock so long and lost so much money that I just "can´t" sell before the partnerdeal. I had lost a lot in october and i have lost even more now, not to mention all the great opportunities that i have missed out on because of this hostage-situation.
Considering the fact that JT allready was in Q4 when the PR above came I really thought he based his statement on something, that he actually had a clue about what he was talking about. And considering all the delays and failures of the past I really didn't think he would have the nerve to deceive the market again, especially this time on the "big news" and especially not with the extra attenion the company had after the EU-approval. But it just went on and on and keeps on going on.
It really feels like it is a deliberate strategy from the companys side to do whatever it takes to keep the shareholders in their chains. And it really feels horrible to be fooled over and over by this spam-faced idiot. I clearly took water over my head when i tried my luck in the stock market. I admit that i didn´t investigate my "rights" as a shareholder very well. But never in my worst nightmares could I imagine that the share-holder-rights would be this weak! It seams as if the epiceptmanagment can say pretty much whatever they want, and still allways get away with it! They can say "we're gonna make a billion$-revenue tomorrow", make nothing, do nothing, and then pretend like they never said it. And then they go on without any excuses, without any explanations whitout anything.
And for you swedish jack-off-lovers: the problem isn't that the partnerdeal is taking time, it's that jack said the partnerdeal was to be completed in Q4 2008, that was october, november or at the latest december. Now its MARCH! It was the partner deal that was going to save the economy, not another MONSTER-round of dilution!
And a comment on the "completed coursework towards an M.B.A.": the scary part isn´t the fact that he didn´t finish his "coursework", it´s the fact that he actually puts it up as a merit on his qualification-list.
To sum this up: isn´t there anything we can do? Don´t we have any rights? Isn´t there any limits for how much they can lie and deceive? Is it legal to have a deliberate strategy of lies to keep your stockholders?
I don´t only write this to put some weight of my chest, i really would like to get those last questions answered, so if you do know the answers, please respond.
Britt, unfortunately all longs have made the same negative experience with Talley's "trustability".
Regarding you PR citation: Talley uses the subjunctive "..company "should"..have. " That term serves these guys as the route to circumvent any clear commitment. See also their multi-page PR disclaimers on "Forward-Looking Statements" regarding expressions as "anticipate etc.) However the same statement in a newspaper interview might be considered different and as misleading shareholder information.
>"Is it really legal to deceive shareholders like this?.. never ..could I imagine that the share-holder-rights would be this weak! It seams as if .. managment can say pretty much whatever they want, and still allways get away with it! "<
The EPCT mgmt are employees, paid by shareholder money (the employers), therefore these guys have to work for the interest of their shareholders. They face legal consequences if they ignore their duty of right shareholder information, also if they confuse or omit material facts for shareholders. If clear evidence exists that Talley and others deceived shareholders, manipulated shares or created any gray zones for their own advantage, then they will have serious legal problems. Therefore look in that, and if you are insecure about any irregularity you may consult the SEC.
>... on the "completed coursework towards an M.B.A.."<. Your comment on Talley's "track record" may help to explain his "performance". What kind of results shall we expect from a CEO who even markets as "merit", that he visited a "coursework" where he however did not reach the final goal.
"However the same statement in a newspaper interview might be considered different and as misleading shareholder information."
If jack would give an interview or give statements on a web-based newspaper or newssite, without his multi-page PR disclaimers and Forward-Looking Statements included, would he still be of the hook? If not, then we have a hook on him!
"They face legal consequences if they ignore their duty of right shareholder information, also if they confuse or omit material facts for shareholders."
Isn´t this happening all the time? It can´t be their "duty of right shareholder information" to just pretend like they never mentioned that they "should have a partner in q4". It would be annoying with lame excuses about the delays but this strategy of pretending it never happend, I really have no words for it.
Even as late as in december during a webcast jt stated there where no delays and that the deal still would be signed in q4! And at the webcast on the tenth of february the only dramatic news was the fact that the commercial introduction was changed from Q1 to Q3!!! Another halfyear of delay! And as far as I can recall(correct me if I´m wrong) jack didn´t even mention it! It just flashed by in the mediaplayer like all the other old "no big deal"-details. A six month further delay, a catastrophe, and he acts like everything is allright!
I don´t have the knowledge, the skills or the power to take any legal actions against these bandits on my own, but if there was a "force" that could and would, I would be a strong supporter of that and I would do what I could to be a part of it.