Author Topic: HAUP - Hauppauge Digital  (Read 1962 times)

Og

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HAUP - Hauppauge Digital
« on: July 20, 2018, 11:56:47 AM »
I currently control 110,000 shares. Today I visited the HQ of Hauppauge Digital (HAUP). The CFO refused to give me their financial statements. This is illegal under both NY & DE law. I have filed a complaint with both the NY & DE Secretary of State.

Got the idea from NoNameStocks.com

Link: http://www.nonamestocks.com/2018/06/haup-hides-in-darkness.html

If anybody is interested in doing some nanocap activism with this or you are currently a shareholder - let me know!





Foreign Tuffett

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Re: HAUP - Hauppauge Digital
« Reply #1 on: July 20, 2018, 12:38:53 PM »
Did he give a reason for not providing you with the financials?

Og

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Re: HAUP - Hauppauge Digital
« Reply #2 on: July 20, 2018, 12:40:40 PM »
Yes a bullshit one. And one that has no legal basis. Either their general counsel is incompetent or they are intentionally breaking the law.

Foreign Tuffett

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Re: HAUP - Hauppauge Digital
« Reply #3 on: July 20, 2018, 12:51:13 PM »
Yes a bullshit one. And one that has no legal basis. Either their general counsel is incompetent or they are intentionally breaking the law.

Are you willing to share the reason he provided you with?

Og

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Re: HAUP - Hauppauge Digital
« Reply #4 on: July 20, 2018, 12:56:56 PM »
Same as in NoNameStocks

writser

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Re: HAUP - Hauppauge Digital
« Reply #5 on: July 20, 2018, 01:11:11 PM »
Was anything else worthwhile during the visit? Or a total waste of time? Interesting situation this.
When you are dead, you do not know you are dead. It's only painful and difficult for others. The same applies when you are stupid.

globalfinancepartners

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Re: HAUP - Hauppauge Digital
« Reply #6 on: July 20, 2018, 04:25:21 PM »
Does anybody know if they ultimately went though with the reverse stock split they were voting on at their last annual meeting covered in an sec proxy?  Seems possible that any and all value could have been siphoned off through these related-party licensing arrangements, such as the codenamed "Brooklyn technology" - whatever that is.

If it was me running the company I would have tried to retire shares of my valuable (I'm assuming here) enterprise that trades here and there for pennies on the dollar.  Somehow I doubt they have been doing that, but wouldn't it be nice to be pleasantly surprised by a management team for a change...

I wonder if asking the CFO or board members the simple question of how many shares are outstanding is easier to get an answer on than convincing them to send over financial statements.

You guys should be able to compel them to hold an annual meeting, but you'd want to accumulate enough stock to make the effort and expense worth your while.

Sportgamma

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Re: HAUP - Hauppauge Digital
« Reply #7 on: August 23, 2018, 03:11:25 PM »
I think there is a reason to believe that the management of Hauppauge has stripped the company of its assets and moved them to another company:

Quote
Absolute terrible Management, have no idea what they are doing. The company is dying fast, they have had to dissolve the old Hauppauge to create a new business so they don't have to pay their old debts..I would not recommend this company in the least.
Glassdoor review from March 2018 (https://www.glassdoor.com/Reviews/Hauppauge-Digital-Reviews-E3993.htm)



TBW

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Re: HAUP - Hauppauge Digital
« Reply #8 on: October 12, 2018, 02:33:15 AM »
This is an interesting situation.  I have run into dark companies that hide behind Reg FD when not providing financials to shareholders that ask for them.  Its nonsense.

Question I have, even if HAUP dissolved and moved assets wouldn't current shareholders still have a lawsuit against this?  It is one thing to not provide financials, but that doesn't mean they wouldn't have to tell shareholders if they sold assets, and ended the corporation, right?  This doesn't mean that the cost vs the benefit would justify a lawsuit, but just pointing out that there should be some recourse if that review is correct.

I don't see anything on PACER that has to do with a bankruptcy.

Og

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Re: HAUP - Hauppauge Digital
« Reply #9 on: October 12, 2018, 12:53:13 PM »
I spoke to a detective at the DE Attorney General's office who advised me to take this to court or speak to the NY Attorney General's office. NY said they can't enforce this but they recommended I do this legally if I wanted action taken. There is precedent in the DE Business Cout for winning these kinds of cases (see the example with Winmill & Co). I currently control 1% and NoNameStocks controls another 1%. I've been in touch with a shareholder who currently controls 4%.

Is there anyone on this board that would be interested in splitting legal costs to force management's hand to give financials? Management doesn't own much stock most likely FYI.

If anyone would like me to put them in touch with the 4% shareholder, he's eager to do something if he could get enough other people supporting the effort. Happy to put anyone interested in touch with him.

Thanks.