Perhaps I've missed something here...
We all know that Elgindy only vigorously pursued companies that had somewhat dubious leadership, or a somewhat dubious future... In other words, what we affectionately refer to as PoS companies (or stock).
And the indictment specifically alleges that Elgindy was getting his information (or some portion thereof) from an FBI database on criminal investigations, or at least that's the way I read it...
So why in the dickens is this guy "crowing" about Elgindy's indictment??? Where does he fit in? Is he in the FBI database? Is his firm in the FBI database? Or is this simply a PoS stock? I have no guesses as I don't follow this company one iota. Let the readers decide for themselves...
biz.yahoo.com
Friday May 24, 10:24 am Eastern Time
Press Release
SOURCE: Applied Digital Solutions, Inc.
Applied Digital Solutions Chairman and CEO Comments On Arrests Made in Alleged Stock Manipulation Scheme
PALM BEACH, Fla.--(BUSINESS WIRE)--May 24, 2002--Richard J. Sullivan, Chairman and CEO of Applied Digital Solutions, Inc. (Nasdaq: ADSXE - News), an advanced technology development company, commented today on the recent arrest of five individuals, including two FBI agents, allegedly involved in a stock manipulation scheme that the company believes included ADSX shares.
According to a May 22, 2002 Reuters article, the mastermind of the alleged short-selling stock scheme was Anthony Elgindy, owner and operator of www.InsideTruth.com.
Mr. Elgindy was charged with the short-selling of publicly traded stocks. According to the Reuters article, ADSX was a frequent target of Elgindy's InsideTruth.com commentary. An improper short-selling strategy involves an investor who puts out false rumors about a particular stock and then profits when the company's stock price falls.
Mr. Sullivan said: "These arrests are welcome news but they're long overdue. If the allegations turn out to be true, and Applied Digital's shares were targeted, it's likely that the shareholders of Applied Digital have been hurt by this short-selling scheme. The fact that two FBI agents were apparently involved is especially distressing. We're delighted the FBI has made these arrests and we hope that this will serve as a warning to others who might be tempted to engage in this kind of illegal stock manipulation."
About Applied Digital Solutions, Inc.
Applied Digital Solutions (Nasdaq: ADSXE - News) is an advanced technology development company that focuses on a range of life-enhancing, personal safeguard technologies, early warning alert systems, miniaturized power sources and security monitoring systems combined with the comprehensive data management services required to support them. Through its Advanced Technology Group, the company specializes in security-related data collection, value-added data intelligence and complex data delivery systems for a wide variety of end users including commercial operations, government agencies and consumers. For more information, visit the company's website at adsx.com.
Statements about the Company's future expectations, including future revenues and earnings, and all other statements in this press release other than historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Litigation Reform Act of 1995. Such forward-looking statements involve risks and uncertainties and are subject to change at any time, and the Company's actual results could differ materially from expected results. The Company undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances.
Contact:
Applied Digital Solutions, Inc., Palm Beach
Investor Contact: Lynn Anderson, 561/805-8007
Media Contact: Matthew Cossolotto, 914/245-9721
KJC |
