You longs have no clue. What does life look like at the headquarters today? This is just an educated guess but let's see. It's hard to get anything done because the lawyers have taken all of the files and computers to copy the hard drives. They are logging every e-mail sent by all of the financial, executive, and sales people in the company over the last 6 years and are now interviewing them.
The MIS people are busy too because some people have deleted e-mails and the lawyers have asked them to restore everything that has been deleted so that they can prepare for the discovery motions. Obstruction of justice charges are a possibility - nasty stuff.
Lawyers are everywhere - the Board hired lawyers, the individuals under investigation have hired lawyers, P&G is probably threatening legal action, the shareholder suits are warming up in the bullpen, and the beat goes on.
The next thing that will happen is the interviews from the board of directors lawyers - Joe - two years ago, you sent an e-mail that said x - what did you mean by that? Joe - before you answer, you should know that you have the right to hire legal counsel - would you like to do that first? More lawyers.
The auditing firm has undoubtedly engaged lawyers who are also calling and asking for information.
Then there are the bankers lawyers who are also calling.
The suppliers are calling - sorry, but your normal payment terms don't work anymore - we need cash now if you want your supplies.
We need to report earnings but no one will sign off. Every assumption needs to be revisted since no one believes anything these days. You know, some of those assumptions seem pretty questionable in hindsight. And by the way, the boss and the boss's boss are gone.
Of course this is all speculation. But I ask you - have the longs on this board ever said anything that turned out to be untrue? And now, have I?
I think you are absolutely correct. I once was employed at a publicly traded company that also got involved in an accounting issue, but nothing like this!. Really, the issues were not that scandalous, but man, it was incredible, we had the SEC practically living in the joint. It was so disruptive that it was a major catalyst in accepting a position that I was not that enthusiastic about with another company.
Most on this board are just pumping and more than likely just went long in the last day or so and are just pumping for a quick trade. And...I don't blame them. This can be traded and I've been in three times over the last few months, I got out of the day before last weeks latest big drop because any chartist could see the chart was breaking down the two days prior. People need to learn the read charts. Had it not been for that...wow...I would not be a happy camper and would be about at nuts as many on these boards.
Will I go to this trough one more time? Sure...when it settles and the volume dry's up a little. But...I'll watch it constantly and split at soon as the charts change.
When the street is shorting, it's always been my experience, NEVER try to go against them. The, 'the pros', WILL WIN! I've seen them destroy even good company's if that what they want. Ever heard of the phrase 'bear raid' folks?
I had a great day today - walked for two hours, did charity work that helped people live better lives, and tried to help others from making a big financial mistake.
I have no stake in this company - neither long nor short. But I have seen such misinformation and deception on this board that I felt obligated to speak up. Good luck to you.
I have a friend that works there and this is 100% wrong. He said they are making moves to restore accounting and have every intentions to getting cleared and being stronger...look out shorts, its true.