Wave Systems Corp. (fka WAVXQ)

[SPIN]

edit: i didn't specifically attribute fault Doma...

just tried to present a real world scenario as to how this might have transpired. look bud, i thought the reporting was sloppy back then & i still do, but i also believe i understand how it happened.

the use of "partner" could be considered by some as misleading AND the reporters were confused by the phrase "Embedded Security Subsystem" which does not necessarily mean that ETS was to be embedded in IBM pcs. i know it. you know it. but people from outside the weird little world of wave do not know it!

part·ner·ship    ( P )  Pronunciation Key  (pärtnr-shp)
n.

1. The state of being a partner.
2.
a. A legal contract entered into by two or more persons in which each agrees to furnish a part of the capital and labor for a business enterprise, and by which each shares a fixed proportion of profits and losses.
b. The persons bound by such a contract.

http://dictionary.reference.com/search?q=partnership

shute -- i think the inquiry goes about a half million shares deeper than just the reporter error issues.

but i respect yer right to the position that the SEC is investigating Wave for reporters' mistakes.

edit:

Among other individual stocks seeing early activity, Wave Systems (WAVX: news, chart, profile) was a standout to the downside, tumbling 31 cents, or 17 percent, to $1.50 in Instinet pre-open. The provider of digital security products said late Thursday that the Securities and Exchange Commission has begun a formal investigation into certain matters relating to certain public statements made by the company during and around August 2003, as well as certain trading in Wave's securities during such time.

please don't say this has *anything* to do w/short-sellers (except to the extent that it is an early gift for them).

it was more likely PO'ed bagholders from $5 that bought CFO Feeney's stock that reported Wave.

better hope Elliott Spitzer doesn't join in on this mess...