A heart warming story of triumph over adversity
Discussion
http://thenewspaper.com/news/11/1157.
Opposition Brings Red Light Camera Stock Plunge
Australian vendor Redflex and Rhode Island company Nestor Inc. find their stocks drop due to bans on camera \
One year ago, camera vendor Redflex saw its stock plunge to A$3.01 after the Ohio House of Representatives passed an effective ban on photo enforcement. Now that a state Senate committee recommended passage of the bill last week, Redflex stock slipped even further to just A$1.86 (US $1.41) on the Australian Stock Exchange.
The sharp drop in stock price over the past year represents an A$862,495.40 (US $655,586.31) loss for Christopher Cooper, the chairman of the board for Redflex.
Meanwhile, Rhode Island's Nestor has seen its stock drop nearly in half from $6.75 in November to just $3.61 yesterday. At the end of last year, the struggling company was $59.1 million in debt.
The company cited a number of adverse factors in a filing with the Securities and Exchange Commision. These include, "... the failure of additional states to adopt or maintain legislation enabling the use of automated traffic enforcement systems;...equipment defects and other product quality problems; [and] a shift towards fixed rate, as opposed to per ticket, compensation arrangements for our speed products, which could adversely affect revenues."
Four members of Nestor's board of directors stepped down last July citing, "fundamental disagreements with the chief executive officer concerning his management of the company."
Opposition Brings Red Light Camera Stock Plunge
Australian vendor Redflex and Rhode Island company Nestor Inc. find their stocks drop due to bans on camera \
One year ago, camera vendor Redflex saw its stock plunge to A$3.01 after the Ohio House of Representatives passed an effective ban on photo enforcement. Now that a state Senate committee recommended passage of the bill last week, Redflex stock slipped even further to just A$1.86 (US $1.41) on the Australian Stock Exchange.
The sharp drop in stock price over the past year represents an A$862,495.40 (US $655,586.31) loss for Christopher Cooper, the chairman of the board for Redflex.
Meanwhile, Rhode Island's Nestor has seen its stock drop nearly in half from $6.75 in November to just $3.61 yesterday. At the end of last year, the struggling company was $59.1 million in debt.
The company cited a number of adverse factors in a filing with the Securities and Exchange Commision. These include, "... the failure of additional states to adopt or maintain legislation enabling the use of automated traffic enforcement systems;...equipment defects and other product quality problems; [and] a shift towards fixed rate, as opposed to per ticket, compensation arrangements for our speed products, which could adversely affect revenues."
Four members of Nestor's board of directors stepped down last July citing, "fundamental disagreements with the chief executive officer concerning his management of the company."
A little update...
They've been delisted from the Nasdaq and have had to sack some workers - shame
http://thenewspaper.com/news/14/1455.
They've been delisted from the Nasdaq and have had to sack some workers - shame
http://thenewspaper.com/news/14/1455.
jasandjules said:
puggit said:
They've been delisted from the Nasdaq and have had to sack some workers - shame
How my heart bleeds..
It's always sad for the ordinary employees - the bosses will likely have secured their own financial wellbeing.
I'd like the ex-cop who's made millions importing LTI20-20's to be declared bankrupt.
Globulator said:
deva link said:
It's always sad for the ordinary employees - the bosses will likely have secured their own financial wellbeing.
Yes, very sad. Obviously they had no idea what the company made. You could say that about so many people though - the 'defence' industry, Inland Revenue, etc etc.
It's not like they were making gallows. (If there are any gallow makers on here then I'm sure it's a noble profession).
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