U.S. Markets close in 2 hrs 12 mins

GlobalSCAPE, Inc. (GSB)

NYSE American - Nasdaq Real Time Price. Currency in USD
Add to watchlist
3.77-0.02 (-0.53%)
As of 1:28PM EDT. Market open.
People also watch
GVPITIRWCWTTINS
  • T
    Thomas Paine
    Thomas Paine
    Anyone notice yesterdays CRN press release contains a GSB quote from Mr. Mullen, VP Marketing, instead of Mr. Goulet or some other higher up as has been typical? Could be meaningful....or could be inconsequential. Time will tell.
  • A
    Alvin
    Alvin
    the good news is that the SEC has not taken any action against GSB. Also, I do not think they will find a lot of shareholder during the time error was found. The problem is that the litigation may linger for an undertermined time (could be one or two years)
  • A
    Alvin
    Alvin
    THE LAW FIRM ALLEGATIONS
    Company issued materially false and misleading statements and/or failed to disclose that: (1) GlobalSCAPE overstated the reported amounts of accounts receivable as of December 31, 2016, and license revenue for the three months and year ended December 31, 2016, by approximately $403,000 and $396,000, respectively, resulting in the overstatement of the Company's revenues for those periods; (2) GlobalSCAPE's total current assets and total assets were overstated by $292,000; (3) GlobalSCAPE's total stockholder equity and total liabilities and stockholders' equity were overstated by $217,000 and $292,000, respectively; (4) GlobalSCAPE lacked adequate internal controls over financial reporting; and (5) consequently, GlobalSCAPE's publicly disseminated financial statements were materially false and misleading.

    PROVING DAMAGES FROM ANY OF THOSE ALLEGATIONS IS NEARLY IMPOSSIBLE
  • c
    chris
    chris
    Finally they filed the law suit. From Alvin's post, the amounts we are talking about are peanuts. Looking at the price action on Friday after the news of the filing came out this looks like a turning point.
  • A
    Alvin
    Alvin
    Are there any law firms remaining who have not filed?
  • c
    chris
    chris
    Has any of you seen more press releases by law firms over these past 3 weeks than in the case of GSB? I mean this is really unbelievable how many press releases, several a day now for the past weeks.
  • M
    MichaelH
    MichaelH
    Q2 results in Q3?
  • L
    LYLE
    LYLE
    I've always found Greg Newman's posts to be interesting and informative. It seems strange to me that he as just quit posting. Come on Greg, what do you think? Are you still in or are you out? I'm just curious.
  • L
    Larry
    Larry
    Disclosure
    I have sold 3/4's of my shares(alst two weeks) due to this debacle by management.We sit close to $3.50,a place I NEVER expected to see again.I blame management in full for lack of internal checks and balances! It just seems they can not get out o their own way.
    This may all wash out but not without expense and a cloud for who knows how long.I still have some skin in the game and a finger on the trigger.
    Thanks GSB for once again getting it WRONG!
    Best to all
  • A
    Alvin
    Alvin
    2Q17 earnings would have come out by now (based on precedent). Extra-care is appropriate. This time, managment should comment on the "possible" impact of the law suits for the forward quarters and fully explain measures in place to make sure revenue and income is appropriately reported.
  • M
    Mark
    Mark
    It wpuld help of mgmt would ossie progress reports
    The silence implies this is a larger issue
  • S
    Steven
    Steven

    Greg Newman was a long term serious investor in GSB and was almost always on the conf calls during the last few years. I wish him all the best in his investments. Pretty disappointing that a company with such tiny revenue can't get its books in order. I was expecting the stock to head towards $10 in a couple of years and it was good to see strength in the stock earlier this year with RHA buying such a huge chunk from Mann and Brown and showing confidence in management's strategy. Now management has lost credibility in the near term. One thing in favor of the bulls is RHA might step up again and buy heavily once the company provides clarifications.

    It is interesting to read the employee comment titled "Ambitious medium sized company trying to go big" posted on July 30 just shortly before the company nuked its investors and stock with that awful PR. Do bear in mind that Glassdoor reviews are posted anonymously and supposed to be from employees, many of them could be disgruntled former employees, so do take these reviews with not a pinch but a bucket of salt.

    https://www.glassdoor.ca/Overview/Working-at-GlobalSCAPE-EI_IE19119.11,22.htm

    Technically, stock has now support at 3.5 and next 3.2

    Working at GlobalSCAPE
    See what employees say it's like to work at GlobalSCAPE. Salaries, reviews, and more - all posted by employees working at GlobalSCAPE.
    www.glassdoor.ca
  • k
    kj
    kj
    odd, no remarks for the Newman Agency since this unfolded.
  • T
    Texas
    Texas

    More shares bought this week by GSB Acquisition.....

    http://archive.fast-edgar.com/20170822/ACZZPG22ZM2SQZZ2222U2ZZ7JSQFZZ2RAU92

    SEC FORM 4
    archive.fast-edgar.com
  • A
    Alvin
    Alvin
    We have GSB admitting an error, and we have a bevy of law firms who want to sue for damages. The request for damages is likely to be unreasonable. That means this is an issue that can put a lid on the stock for the next 12 months. BUT, that prospect may already be reflected in the current stock price.
  • H
    HawkeyeHunter
    HawkeyeHunter
    In the grand scheme of things, this pullback is totally healthy and reasonable. Good time to add more shares! 👍🏻
  • A
    Alvin
    Alvin
    the drop in stock price is the reason for all of the law suites - more damages.

    Great 2Q report can get the stock back to where it was - has to be far better than expected
  • G
    GeorgeW12
    GeorgeW12
    check out Innovative Foods, IVFH, they are doing about $0.20 EPS and trading for about $0.75 per share, and getting more liquid. Top line grew and bottom line doubled YOY. They suck at IR but now they are going to start focusing more on getting the story out
  • c
    chris
    chris
    The law firms seem to be desperate for customers in this case... I have never seen anything like this...
  • A
    Alvin
    Alvin
    big swings on the stock price of interest to traders. The percent changes are astonishing.
    The issue: confidence or lack of confidence in the accuracy of revenue and income.