RLLD 4,275 Posted November 2, 2007 Teamsters, which owns 125,000 Countrywide shares, alleges Mozilo and the others “issued materially false and misleading statements” with regards to the company’s financial results. It claimed this caused Countrywide’s shares to trade at an artificially high price, reaching a five-year high of US$44.94 a share, while the true financial results were “concealed from the investing public” allowing it to sell $440m of equities. Rink Share this post Link to post Share on other sites
TimmySmith 2,783 Posted November 2, 2007 Big wigs make the dough while the shareholders get screwed. I assume the Teamsters is suing them for some sort of copyright infringement. Share this post Link to post Share on other sites
RLLD 4,275 Posted November 2, 2007 Big wigs make the dough while the shareholders get screwed. I assume the Teamsters is suing them for some sort of copyright infringement. They are suing them for making announcements that made the issue of the market and their position seem safe; while their execs dumped stock at high prices.....meanwhile people who did not take the time to understand the market, or read the Countrwide financials bought up their garbage.....the Teamsters pension fund being one of those idtios.... Share this post Link to post Share on other sites
BudBro 183 Posted November 2, 2007 They are suing them for making announcements that made the issue of the market and their position seem safe; while their execs dumped stock at high prices.....meanwhile people who did not take the time to understand the market, or read the Countrwide financials bought up their garbage.....the Teamsters pension fund being one of those idtios.... shouldn't the teamsters be firing or worse the manager that they hired to pay attention to this type of thing? this would mean anyone who loses money in a speculative investment and doesn't want to pay attention be allowed to sue a company that loses money. we all have access to information of company executives and how they trade company stock. teamsters management is just as at fault as countrywide. Share this post Link to post Share on other sites
TylerRoseFan 16 Posted November 3, 2007 shouldn't the teamsters be firing or worse the manager that they hired to pay attention to this type of thing? this would mean anyone who loses money in a speculative investment and doesn't want to pay attention be allowed to sue a company that loses money. we all have access to information of company executives and how they trade company stock. teamsters management is just as at fault as countrywide. Unions Share this post Link to post Share on other sites
