In this section of Asensio & Company's website you will find copies of certain letters written by Asensio & Company to companies that are or have been the subject of Asensio & Company's research efforts. These letters are written for several purposes. First, they are an attempt to procure information by explaining to management our concerns and asking specific questions whose answers are not available from public sources. As you can read in the letters archived in the section the answers to some of these questions could amount to admissions of facts these public companies would prefer to deny or ignore. Unfortunately public companies can choose not to provide the information requested regardless of its importance to investors. As a result, you will find few responses and (or at least as of the date of this writing) none that actually provide the factual information requested.
These letters also serve another purpose. Asensio & Company's research reports contradict and criticize management and their promotional hype. In extreme (but not rare) cases, where we find what in our opinion is hard evidence of repeated intentional dissemination of false promotional statements (what we call the "Pump") combined with all sorts of schemes to sell stock to the public (what we call the "Dump") we refer to these companies and their officers by the only "F" word Wall Street would not: FRAUD. These letters not only tell the recipient what we think of them (and what we think is going on) but the reasons why.
Asensio & Company is under no obligation to disclose all or any of these letters either at the time they are delivered or after they are delivered. Please keep in mind that we often have a financial interest in these transactions and that these letters are written as part of an advocacy program in support of the thesis contained in our research. However, unlike those other firms who can make money from fees even when their research is dead-wrong, as investors we only profit if our predictions are correct.
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| Company | Letters |
| | Black Box Corporation | October 15, 2002 letter to Black Box orporation. | | Black Box Corporation | October 23, 2002 letter to Black Box orporation. | | Brocade Communications Systems, Inc. | September 10, 2002 letter to Brocade Communication | | Brocade Communications Systems, Inc. | September 12, 2002 letter to Brocade Communication | | Research Frontiers Incorporated | Letter dated June 4, 2002 to Research Frontiers | | PolyMedica Corporation | May 15, 2002 Letter to PolyMedica Corporation | | PolyMedica Corporation | May 28, 2002 Letter to PolyMedica Corporation | | Winstar Communications, Inc. | March 8, 2001 letter to Winstar Communications | | Winstar Communications, Inc. | March 8, 2001 follow-up letter to Winstar Communic | | Winstar Communications, Inc. | February 14, 2001 letter to Winstar Communications | | Winstar Communications, Inc. | February 16, 2001 letter to Winstar Communications | | Winstar Communications, Inc. | February 22, 2001 letter to Winstar Communications | |
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