Author Topic: Morgan Keegan & Company  (Read 1374 times)

JEast

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Morgan Keegan & Company
« on: September 06, 2018, 07:41:20 AM »
January, 20th 2003  Morgan Keegan & Company put out a fake report that FFH was bankrupt and the stock price tanked in the morning to around CAD$50 briefly.  Others joined in for the next few years until around 2006 when a lawsuit was brought forward against all.  Morgan Keegan & Company finally admit their guilt over fifteen years later.

https://www.fairfax.ca/news/press-releases/press-release-details/2018/Fairfax-Settles-Lawsuit-With-Morgan-Keegan/default.aspx

Many of us knew this was a hit job and especially when about three days later after the report release the analyst revised his story and said he had a typo of just a few billion (if memory serves).


bizaro86

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Re: Morgan Keegan & Company
« Reply #1 on: September 06, 2018, 08:23:03 AM »
Did they actually admit guilt? That would surprise me, and isn't implied by them agreeing to pay.

JEast

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Re: Morgan Keegan & Company
« Reply #2 on: September 06, 2018, 10:54:19 AM »
In non-legal speak, the defendant usually pays for the privilege to not have to admit guilt.

longinvestor

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Re: Morgan Keegan & Company
« Reply #3 on: September 06, 2018, 04:32:52 PM »
January, 20th 2003  Morgan Keegan & Company put out a fake report that FFH was bankrupt and the stock price tanked in the morning to around CAD$50 briefly.  Others joined in for the next few years until around 2006 when a lawsuit was brought forward against all.  Morgan Keegan & Company finally admit their guilt over fifteen years later.

https://www.fairfax.ca/news/press-releases/press-release-details/2018/Fairfax-Settles-Lawsuit-With-Morgan-Keegan/default.aspx

Many of us knew this was a hit job and especially when about three days later after the report release the analyst revised his story and said he had a typo of just a few billion (if memory serves).

15 years is a long time indeed. Those were nervous times but several around here cleaned up between then and 2009. Thanks to the malfeasance.


StubbleJumper

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Re: Morgan Keegan & Company
« Reply #5 on: October 16, 2018, 07:18:02 AM »
Related to these lawsuits

https://www.fairfax.ca/news/press-releases/press-release-details/2018/Damages-Awarded-in-Lawsuit-Against-Exis-Adam-Sender-and-Andrew-Heller/default.aspx



Well, at least FFH won.  The money is bugger-all and, even if it's actually collectible (that's a big if), it probably doesn't even come close to covering FFH's cumulative legal expenses. 

But, at least it silenced the short-and-distort crowd.


SJ

Parsad

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Re: Morgan Keegan & Company
« Reply #6 on: October 16, 2018, 12:24:38 PM »
Related to these lawsuits

https://www.fairfax.ca/news/press-releases/press-release-details/2018/Damages-Awarded-in-Lawsuit-Against-Exis-Adam-Sender-and-Andrew-Heller/default.aspx



Well, at least FFH won.  The money is bugger-all and, even if it's actually collectible (that's a big if), it probably doesn't even come close to covering FFH's cumulative legal expenses. 

But, at least it silenced the short-and-distort crowd.


SJ

On a cost-return basis it may not have been attractive.  In terms of getting some of these miscreants to pay and having our day in court...it was worth it! 

That being said, some didn't really get their just desserts...Cohen, Loeb, Herb Greenberg, Peter Eavis, John Hempton, etc.  Cheers!
No man is a failure who has friends!

Grenville

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Re: Morgan Keegan & Company
« Reply #7 on: October 16, 2018, 12:29:22 PM »
Glad to see Fairfax continue the litigation.