Asensio & Company: ParkerVision's Ferraro Resorts to 'Stupidity' Excuse
NEW YORK, Oct. 19 /PRNewswire/ -- The following is being issued by Asensio & Company, a member of the National Association of Securities Dealers, CRD number 31742:
An article in last Friday's Wall Street Journal titled "Disclosure Issue Hits White-Shoe Manager" resulted from Neuberger Berman, Inc.'s (NYSE: NEU) and Jack M. Ferraro's roles in ParkerVision, Inc.'s (Nasdaq: PRKR) stock promotion. In the piece, Mr. Ferraro said the dismal performance of his suspicious stock selection addresses his "stupidity." We do not believe that Mr. Ferraro is stupid. We also do not believe that Mr. Ferraro allowed himself to be quoted in a June 1998 news story as saying that he thinks ParkerVision "can do what they say it can do" because he is stupid.
ParkerVision was already a tainted stock before Mr. Ferraro made his above positive statement. In fact, Mr. Ferraro continued to promote ParkerVision even after Forbes Magazine recently published a Boeing Company (NYSE: BA) statement that unequivocally refuted ParkerVision's product and test result claims. Mr. Ferraro spoke on a ParkerVision conference call immediately after the Boeing statement was published. We believe that Mr. Ferraro's participation on that call was a tacit endorsement of the ParkerVision story intended to discount the significance of the Boeing news and allay investors' concerns. Furthermore, Mr. Ferraro continued his involvement even after detailed engineering analyses were available proving that ParkerVision's most significant D2D statements were completely false.
There is one action by Mr. Ferraro that may be accurately described as stupid. One of the quotes included in the Journal article is attributed to "a spokesman for Mr. Ferraro." Coincidentally, both ParkerVision and Mr. Ferraro used Richard Stern as their spokesman in their recent dealings with the press.
This report should not be construed as an offer to sell or solicitation of an offer to buy any securities. Opinions expressed are subject to change without notice. This report has been prepared from original sources and data which we believe to be reliable but accuracy is not guaranteed. This research report was prepared by Asensio & Company, Inc. whose stockholders, officers and employees may from time to time acquire, hold or sell a position in the securities mentioned herein. Asensio & Company, Inc. may act as principal for its own account or may sell or buy to or from its customers the securities described herein. Asensio & Company, Inc., may from time to time perform investment banking or other services for, or solicit investment banking or other business from, any company mentioned in this report or its affiliates.
SOURCE Asensio & Company, Inc.
CO: Asensio & Company, Inc.; Neuberger Berman, Inc.; ParkerVision, Inc.; Boeing Company
ST: New York
IN: FIN
SU:
10/19/1999 08:01 EDT prnewswire.com
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