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