Where is Herb Greenberg when you need him? How about Joe Nocero, Floyd Norris, or Carol Remond? Roddy Boyd, did he completely drop off the face of the earth?
Last month a US Federal Court Judge in Georgia dismissed with prejudice the case filed by one of financial media’s favorite short selling sources, David Einhorn against Allied Capital.
Recognize that each of these 5-star journalists had something stellar to say when Einhorn filed the case but remarkably not one has anything to say when the case is dismissed. In fact, they must not have received that “nod” to write the story, which would explain why no story has ever emerged about the dismissal.
Without media coverage of the event we are left to read the news through the Allied Capital press release.
"The District Court dismissed the case in its entirety and with prejudice because the allegations in the complaint failed to state a claim under the False Claims Act. As the Court noted, the plaintiffs’ allegations represented nothing more than publicly available information, recycled and repackaged. That type of pleading does not satisfy the jurisdictional requirements of the FCA."
Apparently Einhorn is a little peeved at the judge and is upset that she dismissed on a “technicality”. Heck, what would you expect from a guy who has been alleged to manipulate our markets on “technicalities”?
I still wonder, where are these unbiased members of the financial media? Locked in a room awaiting the next David Einhorn phone call for their next hatchet job? Apparently these "integrity minded" folk only bash companies who file lawsuits against their sources calling such suits frivolous but when such sources file frivolous lawsuits against public companies, and such lawsuits are thrown out of court with prejudice, it is not newsworthy material.
Anybody got a spare pre-paid credit card handy?
If you have any doubts about Herb, here is an interesting link that tracks his performance – or should I say, his ability to aid others in stellar performance