Samsonite International S.A. (1910.HK)

[cyclone]

Samsonite shares suspended again as company readies fresh response to short-seller attack
Luggage maker has already called accusations of questionable accounting by activist investor Blue Orca ‘misleading”, promises a further announcement

Laurie Chen
PUBLISHED : Monday, 28 May, 2018, 12:51pm
UPDATED : Monday, 28 May, 2018, 12:51pm

Shares in Samsonite, the world’s biggest luggage brand, were suspended from trading for a second time in Hong Kong on Monday, with the company saying it would make a further announcement in the wake of accusations by an activist investor last week.

US short-selling firm Blue Orca Capital had accused the company of questionable accounting practices and poor corporate governance in a report, triggering a near 12 per cent slide in the company’s share price last Thursday before the shares were briefly suspended.

The shares fell another 12 per cent when trading resumed on Friday, hitting a nine-month low of HK$26.80 and valuing Samsonite at US$4.8 billion.

More details in http://www.scmp.com/business/companies/a...h-response

[cyclone]

Samsonite CEO Ramesh Tainwala steps down after short-seller attack

Jane Li
PUBLISHED : Friday, 01 June, 2018, 9:36am
UPDATED : Friday, 01 June, 2018, 3:37pm

Samsonite, the world’s biggest luggage maker, has replaced its CEO Ramesh Tainwala after an activist investor accused him of lying about his academic background.

The company’s shares plummeted last week and were later suspended after US short-seller Blue Orca Capital made that allegation and also accused Samsonite of “questionable accounting practises” and poor corporate governance.

News of Tainwala’s departure sent Samsonite’s shares surging by up to 12 per cent when they resumed trading on Friday, recovering virtually all the ground they lost when Blue Orca’s report sent the stock into free-fall on May 24.

His resignation, announced in a statement on Friday morning, follows allegations by Blue Orca that he had falsely claimed to be a doctor while not in fact holding a doctorate. He will be replaced by chief financial officer Kyle Gendreau.

“The board thanks Ramesh for his dedication and many contributions to the success of Samsonite over the years,” said Timothy Parker, chairman of the company, in the statement.

More details in http://www.scmp.com/business/companies/a...dd-comment

[bpequity]

Samsonite Quote is 1910.HK or 1990.HK? When I do a search, 1990.HK reflects as Xing Hua Port.


Sent from my iPhone using Tapatalk

[brattzz]

Shares in Samsonite, the world’s biggest luggage brand, valuing Samsonite at US$4.8 billion...

and yet couldn't find a decent management to run it well... gosh.... :O :O :O
Gosh.....what is wrong with this co.??

i have a few samsonite luggage still in action, after +10 yrs...
would really love for this brand to grow strong and live on...

maybe warren buffet can take a look at this gem-went-wrong and set it right???

[cyclone]

Samsonite Quote is 1910.HK or 1990.HK? When I do a search, 1990.HK reflects as Xing Hua Port.


Sent from my iPhone using Tapatalk

I made a mistake. Samsonite stock code is 1910.HK. Thanks.