Yes this news from the 21st is why we are all here.
News out: Cooper Stock Buy-Back Confirmed and Forward Split Update Marketwire "Press Releases" COTTAGE GROVE, TN -- (MARKET WIRE) -- 06/21/11 -- Cooper Holding Corp (PINKSHEETS: SHAR), a publicly traded company engaged in the wholesale and retail sale of a diverse line of outdoor hunting and camping products, announced that a third party Affiliate has agreed to buy back stock that the Affiliate may have sold in violation of the Federal Securities Laws. The Company reached an agreement with the Affiliate over the weekend following its three-day investigation of the matter.
Prior to reaching the settlement, the Company launched an investigation to determine how millions of its shares were being sold into the market over the course of open market trading during the previous week. The result of the investigation indicated that the Affiliate may have sold the Company's stock in violation of the securities laws, through various entities each owned by the Affiliate.
Dan Cooper , the Company's CEO, said that the Company's Board of Directors believes this is the best result for the Company's shareholders. "A buy-back of our stock could not have happened without our investigation, which we initiated to protect our shareholders. The Board of Directors felt quite strongly that we had to take immediate action to protect them and we proceeded to do so in an effective and efficient manner."
Pursuant to the settlement, over the course of the next month, the Affiliate will buy back all of the Company's stock that it sold into the market.
In addition to the buy-back of the Company's stock, the Company announced that it is following through with its previously announced two for one forward split. The Company has submitted documents to the Secretary of State of Delaware to register its forward split of the Company's common stock at a ratio of two shares for every one share that is held by the Company's shareholders.
The forward split will apply to the shareholders of record at the close of business on July 5, 2011 (the "record date") with distribution taking place on July 15, 2011 , subject to FINRA approval.
Safe Harbor Statement: Matters discussed in this release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this release, the words "anticipate," "believe," "estimate," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein, and while expected, there is no guarantee that we will attain the aforementioned anticipated developmental milestones. These statements are based on Company expectations and are subject to risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the economic impact, competitive and other factors affecting the Company and its operations, markets, product, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently.
Corporate Communications Contact: The Wall Street Voice L.L.C 5145 Curry Ford Rd. Suit C Orlando, Florida , 32812 PHONE: (407) - 277-3817 www.thewallstreetvoice.com Email Contact
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