Message #1634 From:
TheMachine Date: August 20, 2009 08:59:52 AM
IMMR's Medical division
A division I banked on. A product line I introduce to the single largest buying group here in NYC (that group wanted to move forward years ago but IMMR Medical staff....well they thought it best to ...well I opened doors, that door was to a decision makers and that door stayed open, still is, but nothing ever happened {outside of egg on my face that is when I stopped posting as much as I did. I'm telling you guys 100's if not more would/still can be sold through that channel. For the record I would not have made one penny nor would I have had any information regarding if and when something would happen 3 years ago!}
The senior staff at IMMR Medical, to me seemed very competent. They had many checks and balances. They claimed to be profitable and kept the books in a manor that would have made it easy to be spun out as an independent company if and when need be. The senior staff ran a very very tight ship. I was enormously impress to the point where I felt good enough to expose some of my resources. I thought it would help both parties.
I do not know for a fact that any single or a group of people that where responsible nor in fact the exact time frame the below is referencing, however I do believe that the president of IMMR Medical had to sign off on every quarterly report. That the CFO had to review those numbers and both are not currently with the company. I seem to remember that both sold stock in the past as the company used OUR (use shareholders) money to buy back stock in the open market.
"This determination was based on the ongoing previously announced investigation,
undertaken by the Audit Committee of the Board of Directors, of certain revenue
transactions in Immersion's Medical line of business for which accounting errors
have been identified. Immersion is currently neither in a position to fully
quantify the restatement adjustments nor in a position to determine the
magnitude of revenue and accounts receivable overstatements during the above
periods; however, the correction of these errors would affect the amount and
timing of revenue recognized for the respective periods."
Well I have to run. I'll post more about my thoughts a little later.
Be safe, stay informed and profitable. Do your own DD (all the above is just my humble opinion and most likely wrong.)
