WSJ: KEY DATES OF THE INQUIRY
Events in the inquiry into Thom Calandra , according to MarketWatch general counsel Doug Appleton:
Nov. 7, 2003: Mr. Appleton receives an e-mail from "Steve Pluvia," who claims to have damaging information about Mr. Calandra's connections with Ivanhoe Mines. (A respresentative for Ivanhoe Mines didn't return a call seeking comment.) Mr. Appleton asks for contact information, and receives an e-mail reply that "Steve Pluvia" is a nom de plume for several people doing research into stock fraud. "Steve Pluvia" is a well-known name on stock-chat boards, and previous news reports have named him as a short-seller who makes negative comments about companies in an effort to drive their stock price lower. Mr. Appleton says that, at the time, this information "discredits" the e-mail, but nonetheless the e-mail "started our whole thought process on it."
Mid-November: Forbes Magazine publishes an article on Ivanhoe Mines that mentions Mr. Calandra's frequent plugging of Ivanhoe Mines and his ownership of stock in Ivanhoe Energy. Mr. Appleton and MarketWatch management meet with Mr. Calandra . He says he has duly disclosed his stock holdings and doesn't own shares of Ivanhoe Mines, according to Mr. Appleton. (Mr. Calandra's lawyer, Dana Welch, declined Thursday to comment on the inquiry, but said all her client's disclosures in his newsletter were accurate.)
Late December: Mr. Calandra receives a letter of inquiry from the SEC dated Dec. 19 requesting information about his trading dating to Oct. 2002. He immediately shows the letter to his bosses. MarketWatch initiates its own investigation. Mr. Calandra hires Ms. Welch, of Ropes & Gray in San Francisco.
Jan. 22, 2004: Mr. Calandra faxes his letter of resignation to MarketWatch at 9 a.m. Ms. Welch said the inquiry wasn't the sole cause of her client's resignation, and that she planned to turn over information to the SEC, as requested, by Jan. 29. Mr. Appleton said, "We've reacted from day one by jumping on this, and working with the top people at the company, because we are a news organization and have to do it the right way." |
