iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
20,692 Blog Posts

Another Seeking Alpha Crime Goes Unreported

Yesterday, some bozo from The Seeking Alpha cesspool posted a series of posts, claiming that VEEV lost Genetech, as a client, to CRM. The result was an immediate gap lower, with the stock sinking 15%–just because some clown from “Suhail Capital” was given a platform to incite fear.

Read the article and notice his frantic writing style, purposely manipulated to cause alarm in readers, hoping they’d sell.

My only question is, why is this ‘gent’ doing such a thing?

As you can plainly see, he is making the Genetech ‘loss” to be a rather big deal. A layman reading this would believe it was VEEV’s largest client. However, the truth is a tad less dire and certainly not wrought with deceit.

According to the companies 8-k, released after the close of trade yesterday, VEEV had this to say about Seeking Alpha’s wild accusations:

 

Veeva Systems: In 8-K, company says that subscription agreement between VEEV & Genentech expired during 2Q13; Already reflected in previously provided guidance
In an 8-K released after the close, VEEV provides the following information: The subscription agreement between Veeva and Genentech, for use of the Veeva CRM product by Genentech users in the United States, expired during VEEV’s fiscal second quarter, which ended July 31, 2013. The financial impact of the expiration of the Genentech Agreement is reflected in Veeva’s previously provided financial results and guidance. At no time in the last eight completed fiscal quarters was Genentech one of Veeva’s top 20 customers, as measured by revenue in the quarter. VEEV does not believe the circumstances that led to the expiration of the Genentech Agreement are indicative of any trend among its customer base generally and are specific to the relationship between Genentech and Veeva.

In summary, Genetech HASN’T BEEN A TOP 20 CLIENT IN OVER TWO YEARS. I repeat, and this time with a bit more elegance, the stuff allowed to be posted by Seeking Alpha that rocked VEEV for 5 points yesterday, resulting in massive losses for investors, was nothing more or less than a complete and utter fabrication.

The ‘gent’ from Suhail came out with a rebuttal piece this morning. But, quite frankly, I couldn’t read it, as it has the grammatical structure and cadence of being written by an 8 year old.

I’d like to know how much they made by trading ahead of this news and why this modern day bucket shop, called Seeking Alpha, is permitted to continue to cause great harm to investors, without anyone on CNBC or the mass media mentioning their complicity in these crimes against the spartan investor.

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17 comments

  1. zombie

    The Fly is God.

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  2. og

    The market has been a little too easily lately. Has me a bit worried.

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    • ironbird

      Not for the “buy what you know” douche bags blowing up in retail. The smell of a long dead canary is out there.

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  3. kasparov

    Seeking Alpha theme song:

    http://www.youtube.com/watch?v=R1RwKzHXJfM

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  4. green machine

    To be honest, I would never read a SA article were it not for the links that you post.

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    • The Fly

      That’s not an accurate depiction of their power, seeing one stock after another crushed thanks to their “reporting.”

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      • metalleg

        They disseminate incorrect info because they are complicit in manipulation. They actually provide a service to those who understand what they do. Just do the opposite of what they say.

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  5. tradercaddy

    IB (Interactive Brokers) actually has them on a news feed.
    It seems like half of the headlines on this feed come from SA (Seeking Alpha).
    It just muddles up the “real” news on the feed.

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  6. matt_bear

    Zombie!!!!!

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  7. juice

    unfortunately what happens at seeling alpha is done everywhere .. including GS MS , you name it … they all write contrary articles to get short, to cover, to get long , to do big clients favors … the wolf on wall st does not have a monopoly on the corruption on wall st … it’s rampant, part of the culture & endemic in the game

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  8. heckler

    Fly would be the absolute best analyst if they let him do it his way. Actually, fuck that, I’d love to see the Fly as a TV talking head. Why? Because he’d rewrite the rules, right? Not just because I want to see wtf he looks like.

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  9. budh

    The SEC should be interested in any stock manipulators. Not just the JP Morgan types.

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  10. sgt hartman

    GenTech dropped VEEV because Roche wants to standardize it’s global computing environment. We’re only talking a few thousand CAL’s, the back end fee and the 10% maintenance contract.
    Steer clear of VEEV, it’s too dicey

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  11. speerothekid

    Please destroy them

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  12. Jolly

    Did you happen to watch Jimmy Kimmel last night? Your favorite ‘shark’, Mr. Wonderful, was on. Luckily, I fell asleep before he came on.

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