From Wave: "As a result of this material weakness, our preliminary consolidated financial statements included a material misstatement in the purchase accounting for our acquisition of Safend Ltd. and other misstatements in revenue related to multi deliverable arrangements.
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Is 'material misstatements' just an accounting term? Or does it actually mean what it says? Material misstatement?
Here is a definition of "material" from an online legal dictionary:
"Important; affecting the merits of a case; causing a particular course of action; significant; substantial. A description of the quality of evidence that possesses such substantial Probative value as to establish the truth or falsity of a point in issue in a lawsuit.
A material fact is an occurrence, event, or information that is sufficiently significant to influence an individual into acting in a certain way, such as entering into a contract. In formal court procedures, a material fact is anything needed to prove one party's case, or tending to establish a point that is crucial to a person's position.
A material issue is a question that is in dispute between two parties involved in litigation, and that must be answered in order for the conflict to be resolved."
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I do not have access to the actual forms--maybe one of you does and can explain exactly what happened.
Whatever it was Wave 'materially misstated,' was important enough to cause postponement of the year end/Q4 conference call just 8 minutes before it was to begin.
If I have 'materially misstated' the nature of Wave's errors, please show me and I will willingly apologize. I am not in the habit of making things up to make Wave look worse than it already is.
Given the history, Wave needs no help in this regard. Rather, the usual is the help given Wave in trying to excuse the inexcusable, defend the indefensible and to rationalize the irrational.
Would somebody like to take a crack at explaining Gerry Feeney writing a Wave check for $250,000 to a NH nut case named David Booth?
Booth wore tinfoil in his hardhat "to keep aliens from sucking his brains out," according to someone who worked beside Booth.
No comment from Wave has ever been forthcoming. Feeney said to me personally, "He (Booth) had something going for him."
A quarter of a million bucks gone and nothing whatsoever to show for it.
The purchase of ishophere? The Global Wave accounting? Numbers which disappear and reappear in different form and amounts? [This is what Unclever was trying to reconcile and is what led to the attack on her.]
The list goes on. I hope no one, especially supporters, are trying to insist this kind of stuff is normal and not outside the range of responsible fiscal mgt. But I have been surprised before.
Blue
