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Chapter 6. Growing Mushrooms: The Art of... > Red Flag 18: When the Press Is Barre...

Red Flag 18: When the Press Is Barred from an Annual Meeting

This is almost always a sign that a company is in trouble. The company may be doing it to prevent reporters from seeing how angry shareholders are over a particular issue or in an attempt to prevent executives from facing media scrutiny because of a scandal. One company to prevent the media from covering its annual meeting in 2002 was ImClone Systems Inc., which was embroiled in an insider trading controversy that led to the indictment of former CEO Sam Waksal. In explaining the decision, ImClone said that it wanted to be able to answer questions from shareholders without “distractions.”


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