Apparently, First Solar only allows bullish investors to its events.
Hedge Fund manager Andrew Kaplan, whose largest short position is in First Solar, was turned away at the door at an investor relations event on December 16th. Despite having an invitation. What is this, a North Korean election?
Sure, FSLR is a favourite for short-sellers, with about 30% of the company’s free float sold short, but come on, if your company is truly strong then you don’t need to worry about such matters and shorts will get killed. Right?
Thus we actually lose confidence in companies that become paranoid of short-sellers. It shows that management suspects something unsustainable about their share price.
Bloomberg: “Andrew Kaplan was not invited to the live event, which had space limitations on attendance, but he managed to RSVP via e-mail and we did not catch the error in advance,” Bernheimer said. “We regret any embarrassment or awkwardness caused by issuing him an admittance badge and then taking it back.”
“While, I suppose, you have the right to refuse admission to your event to anyone whom you have reason to believe might be disruptive, I find it hard to see how I might fit into that category,” Kaplan wrote in his e-mail to First Solar on Dec. 17. “I was dressed nicely. My hair was combed. I have always conducted myself with decorum at other events, and my questions to management members have always been pertinent and respectful.”