Why did SNC.to Lavalin stock sell off today April 13th, 2012

Share EmailFacebookGoogle+TwitterLinkedInReddit

Today intraday SNC.to Lavalin stock sold off intraday

 

Have not seen news on the main news sources yet

but looks like the RCMP is at the head office investigating $56 million in missing funds/payments.

If you use Google Chrome you can get this article translated automatically

http://www.cyberpresse.ca/actualites/quebec-canada/justice-et-faits-divers/201204/13/01-4515092-perquisition-de-la-grc-chez-snc-lavalin.php

 

Past news on SNC.to was that :

SNC-Lavalin had no knowledge of an investigation :

http://www.reuters.com/article/2012/03/26/snc-lavalin-idUSL2E8EQ5AZ20120326?feedType=RSS&feedName=governmentFilingsNews&rpc=43

 

CEO that approved the missing funds had a $5million departure deal

http://www.reuters.com/article/2012/04/03/snclavalin-idUSL2E8F38AV20120403?type=companyNews&feedType=RSS&feedName=companyNews&rpc=43

 

here is chart intraday on SNC.to

had gone down to low $37′s and bounced back to almost the 38.2% fib level ( not a bad bounce but wanted to wait till news hits the major outlets to see if sells off again today or over the weekend)

Will keep an eye on the stock. Did well on it on the March bounce and thought if holds over Feb lows to try it again.

 

Posted in Blog, Breaking News, Charting & Analysis