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Tuesday, April 19, 2016 9:42:11 AM
"A former adviser to ADS told me “Dick [Sullivan] had an almost mystical ability to enroll others in his acquisition scheme and used that ability to buy one company after another.” Yet by June 2002 the company was battling shareholder lawsuits. Operating losses of $232.5 million piled up over a two year period. The stock price plunged from $18 to 11 cents, NASDAQ threatened to de-list ADS"
I'll stop now, I can go all day and haven't even got to Argo.
"According to the complaint, Kates, Argo Chairman Richard J. Sullivan and Senior Vice President David A. Loppert —who all now hold top-level positions with rVue — perpetrated the fraud after getting into disagreements with the investor-plaintiffs.
The fraud allegedly involved the executives placing Argo's stock and other assets into rVue operating subsidiary rVue Inc., then allegedly organized a "pump-and-dump" scheme to raise capital from new investors."
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