GREY:LGLTF - Post by User
Post by
kim2015on May 29, 2015 5:48pm
266 Views
Post# 23779666
Questions and Concerns
Questions and ConcernsMy Concerns are:
1) Management has 6 months to prepare the financial statement, not 1 month. The year end was Dec 31st.
2) CFO jointed the Company on July 1st (per June 27th 2014 news release). He left in March 2015. How could a person with 9 months of seniority caused this much damage?
3) I invested in a $70M revenue company with $7M+ earnings guidance (per management’s representation), not a coffee shop with 2 staffs. Where is the junior accountant, VP of Finance, Controller or even a third party consultant who prepares the trial balance?
4) Management has the 3rdQ result on Nov 26, 2014 and they issued news release titled “Record Third Quarter 2014 Results” and the stock went to $0.58
5) CFO signed off the 3rdQ report on Nov 26th. Why would it take 6 months to finalize only 3 months of work from Sept to Dec unless they have serious issues
6) CFO was at work up to the end of March or April. He spent at least 3-4 months working on the books and records before he became sick. What happened to the 3-4 months of work?
7) Insiders were selling at mid $0.40 level while the company failed to file their financial statement. The stock is now at mid $0.30. What about the Insider Trading Rules and Black-out policies?. This insider spent the effort to file his/her insider reports therefore must be a current insider. Not an ex-insider.
Since LOY’s 3rdQ announcement stock plummeted by over 50% from $0.58 on Nov 28. Shareholders are very frustrated and very mad all due to management’s malpractice. Did anyone call Andrew Ryu or Board of Directors and get the facts straight?