Sunday, April 23, 2017 1:17:40 PM
several observations...ultimately supporting Karin's observations on Dr. Menon
1. No one disputes that it did appear in originally in a filing ... (assuming it is correct, because I am not going to check the SEC filing , ie original sources...which is how mistakes are made and innocently perpetuated)... and, as you note, was continued.
2. All your previous posts on the subject (2015) are "secondary references"...meaning they are not original sources, i.e. the filings, but rather publications that picked up the inaccuracy in the original 10-K in 2008 (or 2007) and repeating them. You then repeat the repeats. You well know all your references alluding to Dr. Menon "repeating" are other's repeating.
3. It is virtually impossible to correct, if any, "ORIGINAL SOURCE" materials that have inaccurate statements or factual inaccuracies in that document, once filed, since they are part of the original "record". This is especially true of one filed with SEC. You can file an amendment...but the original remains. You can supplement with retractions and corrections is separate docs. As long as it remains in the original doc it can and generally will be inaccurately cited by those in whom the inaccuracy benefits. (and ignore corrections in the record!)
4. HERE IS THE REALITY...most of the time, (and 90% of the time with a Pink Sheet / BB company), the CEO executing the 10K (or filed doc) relies on the attorney who is preparing the document being filed to have assembled and checked the doc for factual accuracy. THEY DONT READ IT!
The smaller, less business/legal sophistication...the more likely it won't be read, but "relied upon". And a Doctor is going to read all these non-Medical docs which he knows absolutely nothing about? Highly unlikely at that business level.
(The attorney will have a secretary, para-legal or associate reviewing whatever bio's might have been provided to read them, and lift the important info and insert in doc. Someone down the food chain, likely read Dr. Menon's vita/bio, saw "collaborating in study at Harvard" "pursuing his PHD"...and bam...mistake is made. Then goes up the food chain with: "did you check this"...answer "Yes"...end of story)
5. Once on the internet, always on the internet...enough said. Those who want to prey on the original mistake will do so until the cows come home. (dating myself)
6. Horrified or Doubt individuals don't read legal docs before signing and rely upon attorneys/preparers to reflect accuracy of content? 98% of congressmen don't read the bills they sign off on...they rely on drafters Telling them what it says...they do not read it first hand (unless they sponsored it...and we hope). I point to as proof, (as well as knowing congressional staff) the infamous bimbo's statement: "We have to pass it to find out what is in it" (Nancy Pelosi)
7. Finally, not looking, (not going to put more time into this) Dr. Menon likely did not sign the 10K, he wasn't CEO. But whomever did...all above applies.
At this point...IMHO...it is beyond necessary to further discuss...if you want to assign an intent or nefarious reason for the original mistake...be my guest.
PS. ...My comments are based upon 42 years of personal experience as an attorney in areas of business/contract/corporate, bankruptcy and SEC law...as well as having been a Chairman/CEO a public (BB) company, dealing with these issues on the other side. My opinions are my own...but based upon real experience...not "in theory".
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