Breaking...Exclusive...News...GKNT Shareholders Allege Blatant Violations of Insider Trading Sanctions Act of 1984 by CFO, Former CMO, Former CTO...Story Developing...
chaosUnplugged revealed on June 16th, and on July 2nd that Geeknet (LNUX)s CFO, Patricia Morris, other Insiders, Continue Dumping Shares Ahead of Q2 Numbers:
Geeknet (LNUX) Insiders dumping shares ahead of q2 numbers (ending June 30, 2010)...while accepting substantial stock bonuses for non-performance and sustained shareholder value destruction. Alleged Violation(s) of Geeknet Insider Trading Compliance Program Guidelines, Insider Trading Sanctions Act of 1984, SEC Rule 10b-5, Sarbanes-Oxley? and during insider blackout period?
Form 4 (Stock Sells)
Patricia Morris, Chief Financial Officer 12,217 7/1/2010 and 12,218 6/11/2010
James Seirmarco, General Counsel, 6,109 6/11/2010
James Seirmarco, General Counsel, 6,110 6/4/2010
Mike Rudolph, Chief Marketing Officer, 9,774 6/11/2010
Mike Rudolph, Chief Marketing Officer, 6,110 6/11/2010
Form 4 Ten-year Stock Options (Issuances)
Patricia Morris, CFO, 75,000 shares 4/22/2010
James Seirmarco, General Counsel, 100,000 shares 4/22/2010
Mike Rudolph, Chief Marketing Officer, 50,000 shares 4/22/2010
And then there was this additional alleged SEC violation(s) Patricia Morris, CFO, allegedly failed to fully disclose...
(September 22, 2008) US SEC FORM 8-K. In Re: Suzanne Present elected to SourceForge Board of Directors, signed by Patricia M. Morris, Senior Vice President and Chief Financial Officer, SourceForge (LNUX). "...There are no family relationships between Ms. Present and any executive officers, directors, or other employees of Registrant. Ms. Present has no material interests in any transactions or proposed transactions with Registrant...". See SEC Rule 10b-5, Item 404 of Regulation S-K, and Section 406 of the Sarbanes-Oxley Act of 2002.
Source: [Update1] 13D Shareholder Appointed to Board [but] SourceForge (LNUX) Fails to Disclose this Fact.
The additional and allegedly arguably fatal blow is this article published on June 11, 2010...the same day Patty Morris, CFO, Geeknet (GKNT) started dumping said shares.
Famed freshmeat Software Listing Site Bites the Dust
"...Geek.net, the parent company of SourceForge.net, Slashdot.org, ThinkGeek.com, Geek.com, freshmeat.net, and ohloh.net, has told employees that it will be closing freshmeat.net and ohloh.net. This information has not yet been released to the public, but we've heard it from more than one Geek.net employee.Another insider, when asked to confirm what is going on, said, "They're being absorbed into sourceforge.net, so ... yes, I guess (they're closing)."
freshmeat.net (never capitalized) was the first listing and announcement site for free and open source software. It was founded by German programmer Patrick Lenz, who has continued to work on the site's backend code as a subcontractor for its parent company.
Geek.net was previously known as SourceForge.net. Before that it was called VA Linux, and the websites operated as VA's OSTG division. Before that, the publishing part of VA was known as OSDN, and most of them were owned by a company called Andover.net before VA Linux bought that company and started an endless string of restructuring and rebranding.
Geek.net bought ohloh.net in May, 2009. It acquired Geek.com in May, 2010. We have not yet heard any word about Geek.com's future, but Geek.net announced -- internally -- a 25 percent staff cut this week, so things do not bode well for this once-powerful online publisher..." [emphasis added]. Source:
By Robin 'Roblimo' Miller on June 11, 2010 6:38 PM