Speaking of complaints, how about this one?
TXN presented at an invesment conference pre-market last week. TXN dropped 10% pre-market.
Later in the day I read the presentation transcript, and the TXN manager said that sales were not ramping as fast as previous cycles, autos were not coming back as quickly as they would like, things are basically OK, but it's a slow rise, not a rapid rise. This was enough to make the stock drop 10%, presumably sold by hedge fund dudes that were in the audience.
How is this NOT a violation of securities laws? This sounds to me like meaningful insider information, presented to a select few (the audience) and with no corresponding TXN press release to announce this new, material update to Q3 trends.
They should be sued. If I owned more than about $2,000 TXN, I would sue them, but I don't, so I won't. However, a retail investor advocacy group should sue TXN.
In fact, any company that says in any forum anything meaningful about business trends since the previous earnings call, and does not issue a press release BEFORE making the presentation, should have their asses sued off. |
