If you are a registered user please log in to see more postings.
 

The AAO Weblog covers accounting issues and current events as they relate the practice of investment analysis. All posts prior to September, 2007 are in the public domain, but after September 4, only subscribers to The Analyst's Accounting Observer will see all posts going forward. Only selected, occasional posts will be released to the public domain from September 4 forward.

Subscriptions to full posts available for $500 annually.
Glass Lewis' Goings-On
Location: BlogsAAO Weblog (Public)    
Posted by: Jack Ciesielski 5/22/2007 6:33 AM
A couple of key resignations at Glass Lewis & Co., the (relatively) new proxy advisory service firm, occurred last week.

First, Jonathan Weil, formerly of the Wall Street Journal and then the managing editor of GL's research department, turned in his keys. Shortly afterwards, research director and former SEC chief accountant Lynn Turner turned his in, too.

Apparently, the two are not happy with the level of disclosures made by GL's new owner, Xinhua Finance, about the activities of the companies CFO at the time of the company's initial public offering. That CFO was Shelly Singhal, who Barron's reports "was fighting a civil racketeering suit in California courts for his investment activities," and before becoming an investor in Xinhua in 2003 had "been a major investor in a couple of companies called AremisSoft and ACLN."

There's a good recap of the events at CFO.com, as reported by Roy Harris. They practiced what they preached: it's good to see that their reputations mattered to this pair.
Permalink |  Trackback