Barron's Article Sparks Controversy Surrounding ParkerVision (PRKR)
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ParkerVision opened this week about 20% lower than its closing price on last Friday. As a result of an extremely negative Barron's article released this morning, shares of ParkerVision hit a new 52-week low at $7.00 just after the stock market opened today.
"The Strange Case of ParkerVision", written by columnist Bill Alpert, highlights ParkerVision's rocky 17-year history as a developer of wireless technologies and products. Mr. Alpert uses information from a private website, "PV Notes", and its creators, to detail numerous so-called "worthless" activities ParkerVision's management has planned since the 1990's.
Barb Paldus, an engineer who graduated from Stanford, and Mike Farnwald, a well-known Silicon Valley inventor, creators of PV Notes, started the website, as Mr. Farnwald puts it, because "Once in a while, you stumble across a company with technical claims so outrageously false or stupid, that you feel you have to do something about it." Furthermore, the entrepreneurs have been consistently shorting the stock for some time.
The article discusses such "shady" activities as Banca del Gottardo's 23% stake in ParkerVision since 1996, prior to ParkerVision making about $28 million in offshore stock sales through the bank. Going on, the article cites information gathered on PV Notes from STMicroelectronics, RF Micro Devices, Skyworks and Anadigics as evidence against ParkerVision's technology viability. Mr. Alpert uses Steve Cripps, a leading power-amp authority and chairman of the power amplifier subcommittee of the Institute of Electrical and Electronic Engineers as a reliable source, calling ParkerVision's "d2d" (direct-to-data) and "d2p" (direct-to-power) technologies "bust". Mr. Cripps told Alpert that ParkerVision's d2p technology would not work because "ParkerVision's approach uses a high-performance digital-signal processor that would drain a handset's battery."
Responding to the article, and hoping to maintain investor confidence, ParkerVision issued a press release at 8 AM "In an effort to correct errors and factual inaccuracies and to clarify information..." The press release pointed out that neither Mr. Farmwald nor Ms. Paldus has requested information concerning the d2p technology, and therefore could not have much knowledge of the technology. Additionally, the press release refutes one of the stronger points in the article: the assumption that the d2p technology will not work because it will drain batteries as a result of the digital signal processor, by simply noting that the d2p technology will not use DSP's.
In the press release, CEO of ParkerVision, Jeffrey Parker, extends an "open invitation to Steve Cripps to make a visit to one of our facilities...to witness a demonstration of our technology..."
"The Strange Case of ParkerVision", written by columnist Bill Alpert, highlights ParkerVision's rocky 17-year history as a developer of wireless technologies and products. Mr. Alpert uses information from a private website, "PV Notes", and its creators, to detail numerous so-called "worthless" activities ParkerVision's management has planned since the 1990's.
Barb Paldus, an engineer who graduated from Stanford, and Mike Farnwald, a well-known Silicon Valley inventor, creators of PV Notes, started the website, as Mr. Farnwald puts it, because "Once in a while, you stumble across a company with technical claims so outrageously false or stupid, that you feel you have to do something about it." Furthermore, the entrepreneurs have been consistently shorting the stock for some time.
The article discusses such "shady" activities as Banca del Gottardo's 23% stake in ParkerVision since 1996, prior to ParkerVision making about $28 million in offshore stock sales through the bank. Going on, the article cites information gathered on PV Notes from STMicroelectronics, RF Micro Devices, Skyworks and Anadigics as evidence against ParkerVision's technology viability. Mr. Alpert uses Steve Cripps, a leading power-amp authority and chairman of the power amplifier subcommittee of the Institute of Electrical and Electronic Engineers as a reliable source, calling ParkerVision's "d2d" (direct-to-data) and "d2p" (direct-to-power) technologies "bust". Mr. Cripps told Alpert that ParkerVision's d2p technology would not work because "ParkerVision's approach uses a high-performance digital-signal processor that would drain a handset's battery."
Responding to the article, and hoping to maintain investor confidence, ParkerVision issued a press release at 8 AM "In an effort to correct errors and factual inaccuracies and to clarify information..." The press release pointed out that neither Mr. Farmwald nor Ms. Paldus has requested information concerning the d2p technology, and therefore could not have much knowledge of the technology. Additionally, the press release refutes one of the stronger points in the article: the assumption that the d2p technology will not work because it will drain batteries as a result of the digital signal processor, by simply noting that the d2p technology will not use DSP's.
In the press release, CEO of ParkerVision, Jeffrey Parker, extends an "open invitation to Steve Cripps to make a visit to one of our facilities...to witness a demonstration of our technology..."
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