I have been a MAGS investor holding 5000 shares at prices ranging from 26 to 33. I read your press releases and was excited about the prospects of your company. It has been over 3 weeks that you have had a press release. For the last 2 weeks, your stock has been crashing and there has not been any press releases from your company regarding any new contracts or forward looking comments. You have left your investors in the dark. How can one make informed decisions when the management of the company is silent. Some of us ended up being real suckers for investing in Magal. I finally sold today at a net loss of $30,000. This has wiped out all of my gains this year and more. For God's sake, you are a public company and have a responsibility to disclose material information. Have you signed new contracts lately? What is the earnings outlook? How are you faring compared to the competition? Being tight lipped when investors trusted you and the stock is crashing is plain immoral. Unless, everything was always a hype and there is nothing to report. In that case, I'll understand why there has been such a heavy insider selling.
Please provide some forward looking information and details on recent contracts. This is no longer a small mom and pop company. Wake up and be on the side of your investors.
I feel bad for your losses, I sold IMCL to buy MAGS. I'm just going to ride it out, I'm too disgusted to sell now. Good letter, I hope you e-mailed it, the insider selling without new contract announcements killed the stock. Mama
Your conclusion is right. There is no real news to report. Daytraders hyped the stock and as the CEO stated he was surprised when it was at $25. Look at what happened to IPIX, MACE, CDCY, TBUS, FVCX....all security plays.