- Thursday, 12 November 2009
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Chip weather forecast: Price wars are imminent. Squally showers.
Regulator spanks Wolfson over Ipod shuffle
SPECIALIST AUDIO chip producer, Wolfson, has been handed a £140,000 fine from the FSA - the UK's financial regulator - for failing to disclose the loss of an order from Apple.
Apparently, the Duke of Cupertino decided not to use Wolfson's chips in the very latest versions of its Ipod Nano and Touch.
Rather than revealing this information immediately, Wolfson sat on the news for sixteen days until it finally decided to fess up.
The FSA deemed that this created a false market in Wolfson's shares, especially since the loss of the order was equivalent to about eight per cent of its forecast revenues for 2008.
Wolfson put the mistake down to bad advice from its financial PR company, Makinson Cowell, and eventually revealed the lost order on advice from its laywers. µ
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It's possible that someone in the company was waiting to sell some shares. This is not uncommon, depending on their position it could be illegal.
They may even buy them back once they drop, so they pocket the cash difference while still keeping the same number of shares
As far as my experience with them is concerned , it is a great company to invest your money and this incident can be a one off incident . They got wonderful products , best in the industry and Top customers and the running of the company is also great ..