Press release issued by Fraud Discovery Institute.
FDI demonstrates that InterOil (NYSE:IOC) selectively excludes certain issued press releases from regulatory filing
Susuve Laumaea, Senior Manager for Media Relations at InterOil (NYSE:IOC) in Papua New Guinea has issued at least two press releases on behalf of InterOil Corporation dealing with material exploration operations in PNG, but neither of these official company press releases were filed with the Securities and Exchange Commission, nor do they appear on the company website. In addition, at least one other item appearing to be a press release regarding InterOil and authored by Laumaea has been published on a Papua New Guinea blogger’s website.
“It appears that InterOil selectively excludes certain press releases from regulatory disclosure,” said Barry Minkow, Co-Founder of the Fraud Discovery Institute, Inc. These documents have been posted to FDI’s web site, www.frauddiscovery.net. “And for a company that has regularly been accused of being a ‘press releasing machine’ to exclude at least two, and possibly three, press releases from SEC filings is troubling,” added Minkow.
This revelation comes the day after Minkow received threatening and vulgar emails from Laumaea, which were prompted by a December 14, 2009 press release by FDI entitled “FDI challenges three month, 132% increase in InterOil Corp’s (NYSE:IOC) stock price by demonstrating slight of hand in recent press releases.”
In his emails to Minkow, Laumaea stated, among other things, “You are a scum of the earth, a creepy-crawlie who should have been locked away and the key thrown away too so that you rot away like the dung heap you are. You are a coward of the highest order, and you have a known short position, and you send lies out hoping to profit on the chance that your lies can manipulate share volatility down and deceive good shareholders. I can’t use you as crocodile feed because you are too poisonous … those alligators will die eating you, cooked or uncooked.”
Laumaea further wrote: “Dear Mr So-called Barry Minkow: Everything you have written is blatantly erroneous and slanderous, you SOB!I don’t buy into your crappy excuse… You are nothing more than an internet pirate, a low-life manipulator who is out to profit by your dishonest, fraudulent, slanderous and cowardly methods. Up yours.”
These emails, all of which are available on our web site www.frauddiscovery.net, came from Laumaea’s corporate email address at interoil.com, confirming that he does in fact hold a position with InterOil. Minkow questions whether Wall Street can really have a high degree of confidence in a company whose senior management sends childish and threatening emails to someone who publicly raises questions about InterOil’s financial performance, press release hype and stock price.
All of InterOil Corporation’s exploration, production, refining, liquefaction and distribution assets are located in Papua New Guinea, and Laumaea is the person apparently in charge of media relations there. If this is the type of person Wall Street must rely on to run things in Papua New Guinea, a person who uses intimidation and thug tactics to silence critics, what does that say
about the company as a whole?