Copy of my e-mail to S.E.C. re : Ed Snyder / Chase H & Q
(Would someone please post this on the Rocket to the stars thread also ? I still have not "joined" over there (yet)).
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To : enforcement@sec.gov
Subject : recent lies and misinformation spread by Mr. Ed Snyder and Chase H & Q
Recently, Ed Snyder of Chase H & Q has repeatedly (publicly) stated bald-faced lies about developments regarding
Qualcomm, CDMA, Chinese adoption of CDMA, Japanese adoption of CDMA2000, etc.
There is a permanent record of some of Mr. Snyder's brazen lies during an interview on CNBC, where his counterpart (a
wireless analyst at another Wall Street firm) repeatedly responded to Mr. Snyder with the words : "That is not true."
(The interview was broadcast at around 5:20 P.M. (Eastern time) roughly June 1, 2, 5, or 6 this year. (I can get the exact
date with a little legwork, if you need me to do so ...))
Also, before the opening of stock market trading on 6/15/00, Ed Snyder and Chase H & Q released a profoundly negative
opinion on Qualcomm.
Some of those comments indicate a complete lack of verifying information with Qualcomm management.
This sounds to me like "making up" information.
A competing wireless analyst has publicly stated that he talked to Qualcomm management late 6/14/00, and was told
information totally at odds with Ed Snyder's pronouncements.
See : zdii.com
a portion of which I will copy :
Mark Roberts of First Union Securities, who reiterated a
"strong buy" rating on the stock Thursday, says that's not
so. The government's plan to cut subsidies is part of a
move to shift its exports into high gear, a move that could
benefit Qualcomm.
Roberts said he was flabbergasted by other analysts'
downgrades. He said he has spoken with Qualcomm
management since Wednesday's Bear Stearns
conference, who encouraged him to maintain his estimate
for the upcoming July quarter, and said they are
comfortable with estimates for the fourth quarter.
First Union's estimate is 3 cents above the consensus of
30 cents a share for the fourth quarter, as reported by First
Call's poll of 19 analysts. First Call is expecting a profit of
27 cents a share for the third quarter, and $1.08 for the
year.
"They're acting like this is an apocalyptic event," Roberts
said of other analysts, questioning whether they had
spoken with the Korean government, or manufacturers
such as Samsung and Hyundai. Roberts said the purpose
of the Korean government's elimination of handset
subsidies was to slow down manufacturing in order to free
up capacity for the manufacture of devices for export.
"The government is encouraging (the manufacturers) to
ship more phones to South and North America," Roberts
said. He has spoken with Samsung, Hyundai and LG
International, all of which said they don't expect any
substantial change.
As for Globalstar, Roberts said "We'd built that expectation
into our model."
I hereby request that the Enforcement Division of the S.E.C. look into :
1. Whether or not Ed Snyder (and Chase H & Q) can be held liable for publicly stating lies about Qualcomm.
2. Whether clients (or employees) of Chase H & Q bought put options on Qualcomm, or took any unusual action in
Qualcomm related securities in advance of Ed Snyder's comments on Qualcomm that came out on the morning of
6/15/00.
Jon Koplik
[I did put more detailed contact info. (in the original e-mail) right here, but -- I do not want my address and phone
number "out there."]
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