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gnulaw (51.06)

Breaking News...13D Shareholder Appointed to Board [but] SourceForge (LNUX) Fails to Disclose this Fact

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September 25, 2008 – Comments (9) | RELATED TICKERS: CBS , GKNT , YHOO

Violation of SEC Rule 10b-5? On September 24th SourceForge announced Suzanne Present's appointment to its Board of Directors citing her "impressive" background including her past association with Lazard Freres & Co and cofounder and principal of Gladwyne Partners, LLC, a private partnership fund manager. However, SourceForge failed to disclose what esecurities_tm reported on June 25, 2008...that on "...June 12 Suzanne Present, Gladwyne Catalyst Genpar, LLC, Martin Sams Fund, et al Filed a 13D having acquired 4,607,500 shares of LNUX on the open market from 6/11 - 6/13 at an avg price of $1.36..." .

So...what's the real story here and what would have been a more appropriate title for SourceForge's September 24th press release than:

                             SourceForge Appoints Suzanne Present to Board of Directors

                 Finance Veteran Joins Board of Directors as SourceForge Continues to

                                                  Strengthen Operations


                                                                  ?

9 Comments – Post Your Own

#1) On September 25, 2008 at 9:27 PM, lquadland10 (< 20) wrote:

What else is new. This is the century of no laws alowed. Congress hems and haws on the bailout bill so who ever owns FDIC gets mad and Makes up a rumor and wham bam thank you mam washington mutial is gone. The group who invested 2 billion at the first of the year is sol.

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#2) On September 26, 2008 at 2:52 AM, gnulaw (51.06) wrote:

SourceForge 8K Filing for Suzanne Present also failed to [disclose] said material issues of fact. In addition to Present's 13D status she was also "...granted an option to purchase 70,000 shares of Registrant's Common Stock, vesting over a period of three years, with one quarter vesting on the date of grant and one thirty-sixth vesting each month thereafter. The vesting of this option will automatically accelerate upon a change of control of Registrant. Ms. Present will also be entitled to receive cash compensation and additional restricted stock grants in accordance with Registrant's standard non-employee director compensation policies, which provide that, among other things, each non-employee director receives an annual retainer of $20,000..." source: Form 8-K filed 25-Sep-2008.

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#3) On September 26, 2008 at 2:53 AM, gnulaw (51.06) wrote:

SourceForge 8K Filing for Suzanne Present also failed to [disclose] said material issues of fact. In addition to Present's 13D status she was also "...granted an option to purchase 70,000 shares of Registrant's Common Stock, vesting over a period of three years, with one quarter vesting on the date of grant and one thirty-sixth vesting each month thereafter. The vesting of this option will automatically accelerate upon a change of control of Registrant. Ms. Present will also be entitled to receive cash compensation and additional restricted stock grants in accordance with Registrant's standard non-employee director compensation policies, which provide that, among other things, each non-employee director receives an annual retainer of $20,000..." source: Form 8-K filed 25-Sep-2008.

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#4) On September 27, 2008 at 12:18 PM, gnulaw (51.06) wrote:

All things equal the thought process/mindset behind the Suzanne Present 8-k filing and press release is precisely that which was the condition precedent/proximate cause for the present Wall Street/Banking meltdown...greed and arrogance(.)  I am alleging this Board appointment, 8K filing and contemporaneous release is alleged stock fraud and violates State, Federal, SEC securities regulations, in general, and, at least, SEC Rule 10b-5, specifically.

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#5) On September 27, 2008 at 12:18 PM, gnulaw (51.06) wrote:

All things equal the thought process/mindset behind the Suzanne Present 8-k filing and press release is precisely that which was the condition precedent/proximate cause for the present Wall Street/Banking meltdown...greed and arrogance(.)  I am alleging this Board appointment, 8K filing and contemporaneous release is alleged stock fraud and violates State, Federal, SEC securities regulations, in general, and, at least, SEC Rule 10b-5, specifically.

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#6) On October 01, 2008 at 9:50 PM, gnulaw (51.06) wrote:

What is Suzanne Present aka Mary Sellner Thomas aka William Sams...up to?

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#7) On November 25, 2009 at 8:56 PM, gnulaw (51.06) wrote:

>>However, SourceForge failed to disclose what esecurities_tm reported on June 25, 2008...that on "...June 12 Suzanne Present, Gladwyne Catalyst Genpar, LLC, Martin Sams Fund, et al Filed a 13D having acquired 4,607,500 shares of LNUX on the open market from 6/11 - 6/13 at an avg price of $1.36..." . 

AS A MATTER OF RECORD we have learned that YAHOO! has deleted the above referenced post from the LNUX Yahoo! Finance Message Boards*. Note: There is speculation and allegations that said act[s] (suspicious deletions of [select] esecurities_tm Yahoo! Finance Message Board posts) are related to chaosUnplugged's coverage** of Jon Sobel, former President of Geeknet (LNUX) Media and former General Cousel [for Yahoo!]. 

 

* Yahoo! Finance Message Boards June 11 - June 28 2008. http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_G/forumview?bn=10814&off=241&ri=51680&dir=f&n=4Lw_L0.OP4OCHcrnY5vDcQ-- 

 

** What did Jonathan Sobel know and when did he know it? http://caps.fool.com/Blogs/ViewPost.aspx?bpid=297805&t=01005232244381733972 

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#8) On November 25, 2009 at 10:12 PM, gnulaw (51.06) wrote:

Why is Yahoo! Deleting Messages with Alleged Legal Implications From Geeknet (LNUX) Message Board?

 

Source: http://www.topix.com/com/sourceforge/2009/11/why-is-yahoo-deleting-messages-from-geeknet-lnux-message-board-from-2008 

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#9) On November 26, 2009 at 8:38 AM, gnulaw (51.06) wrote:

>>Violation of SEC Rule 10b-5?

in addition to Section 406 of the Sarbanes-Oxley Act of 2002 and SEC rules promulgated thereunder? (Pursuant to Geeknet's Corporate Governance code of ethics for principle executive(s), senior financial officer(s), and Board of Director(s)). 

References:

Geeknet Corporate Governance

http://geek.net/investors/corporate-governance/  

Sarbanes-Oxley Act of 2002 

1. http://www.sec.gov/about/laws.shtml#sox2002  

2. http://www.soxlaw.com/

3. http://en.wikipedia.org/wiki/Sarbanes–Oxley_Act 

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