|New Threads Only:|
|New Threads & Replies:|
Forum List » Value Ideas and Strategies|
Share and discuss value investing ideas and investing strategies.
Meade Loses 1/3 of Market Cap Due To Mistake?
Posted by: Barel Karsan (IP Logged)
Date: December 10, 2012 11:22PM
Meade (MEAD) shares fell by almost 30% today, seemingly on news that Hummingbird Management has cut its stake in the company from 7.63% to 3.24%. There may be reason to believe the filing is a mistake and that Hummingbird hasn't actually cut its stake, however.
According to the 13D appearing under Meade, the issuing company has 2,851,105 shares outstanding1. But Meade has only 1.3 million shares outstanding!
There is a company with 2,851,105 million shares as of its last report. It's called Tel-Instrument Electronics. Furthermore, Tel-Instrument Electronics is listed as the issuer in the 13D, even though it is filed under Meade. There is one mention of Meade in the filing, but this could be where the mistake is made. It's possible that whoever filed this used Hummingbird's Meade 13D as a template and forgot to change this final reference to Meade.
Finally, the electronic name of the file containing the filing is interesting. It's called "tik13da-121210.txt". It just so happens that the first three letters (TIK) is the stock symbol for Tel-Instrument!
Is it possible that Meade fell 30% because of a filing mistake? If so, does it rise 50% tomorrow to recover its previous level?
I sent a message to Paul Sonkin of Hummingbird asking him for clarification but have not yet heard back.
Disclosure: No position
1 From the filing: The aggregate percentage of Shares reported owned by each person named herein is based upon 2,851,105 Shares outstanding as of November 14, 2012 which is the total number of Shares outstanding as reported in the Issuer's quarterly report on Form 10Q
Stocks Discussed: MEAD,
Re Meade Loses 1 3 of Market Cap Due To Mistake
Posted by: hardcorevalue (IP Logged)
Date: December 11, 2012 12:07AM
nice find saj!
Stocks Discussed: MEAD,
Disclaimers: GuruFocus.com is not operated by a broker, a dealer, or a registered investment adviser. Under no circumstances does any information posted on GuruFocus.com represent a recommendation to buy or sell a security. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute, investment advice or recommendations. The gurus may buy and sell securities before and after any particular article and report and information herein is published, with respect to the securities discussed in any article and report posted herein. In no event shall GuruFocus.com be liable to any member, guest or third party for any damages of any kind arising out of the use of any content or other material published or available on GuruFocus.com, or relating to the use of, or inability to use, GuruFocus.com or any content, including, without limitation, any investment losses, lost profits, lost opportunity, special, incidental, indirect, consequential or punitive damages. Past performance is a poor indicator of future performance. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute, investment advice or recommendations. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. The gurus listed in this website are not affiliated with GuruFocus.com, LLC. Stock quotes provided by InterActive Data. Fundamental company data provided by Morningstar, updated daily.