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Now that the SEC has embraced Twitter and issued new rules
on the use of corporate web sites, you’d expect all sorts of companies
to be jumping in with both feet. But that’s not exactly the case at
Pionner Drilling (PDC).
Yesterday, after the market closed, the company filed this short 8K
that was packed with information: the CFO, Joyce Schuldt, who only
joined the company last year, resigned and will be gone by the end of
next week, one of its directors, C. Robert Bunch, who happens to be the
former Chairman, resigned from the board on Tuesday, which because
Bunch was a member of the audit committee, puts the company in
violation of American Stock Exchange rules on audit committees.
Yet, Pioneer waited until this morning to put out the press release announcing this news.
But even more potentially troubling is the short letter
that Bunch wrote, which was attached to the 8K: “Over the past several
months it has become increasingly clear that many of my views regarding
Pioneer Drilling Company fundamentally differ from those of management
and the other directors.”
Before this morning’s news, Pioneer’s stock was up over 50%
year-to-date. But clearly, there’s been a lot of chaos in the
boardroom. In an age of instant communication, it’s too bad that
investors are just finding out about it now. Originally posted at: http://www.footnoted.org/
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