« August 2005 | Main | October 2005 »

Daily Posts

May 2008
Sun Mon Tue Wed Thu Fri Sat
1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 31

About SLW

Events

Subscribe

Email Alerts

Subscribe and receive email alerts when new articles are published!

Enter Your Email Address

U.S. Code

Code of Federal Regulations

September 30, 2005

Brilliant Idea #2: Marital Prisons

Night Shift (1982)

Bill Blazejowski:  "Wait a minute! Why don't they just mix the mayonnaise with the tuna in the can... HOLD THE PHONE! Why don't they just FEED the tuna fish mayonnaise! Call Starkist!"

I'm going to retroactively declare that the Perp Mask was Brilliant Idea #1, and make the idea I'm about to unveil be Brilliant Idea #2.  This will be part of an ongoing series of Brilliant Ideas that will be published as they occur to me (in other words, really infrequently).

After reading this NYT article about the criminal insider trading prosecution now under way against a Massachusetts husband and wife who face up to 10 years in prison on charges that they traded on inside information that Citizens Financial Group would buy Charter One Financial, I had a moment of clarity:  Marital Prisons.

Under my plan, this young couple ( "Shengnan Wang, 29, a former Citizens Bank employee, and her husband, Hai Liu, 31") would not be sent off to random separate prisons if convicted but rather to "marital prison."  This would be a special prison dedicated to simultaneous husband and wife offenders, and they would, of course, share a cell.  I see many efficiencies here:

  • save on cell space
  • easier for relatives to visit both inmates
  • could serve as a significant deterrent to husbands or wives who don't get along well but who are thinking of committing a crime together
  • eliminates need for conjugal visits

I'm sure there are many other reasons that this qualifies as a Brilliant Idea--please share them with me if any occur to you. 

September 28, 2005

More on RSS Feeds

Are you a lawyer?  Did you write a brilliant memo or article about some securities litigation topic and post it to your website today or yesterday or last week?  Well, people like me and many of the readers of this blog would like to read your brilliant work but guess what?  We don't know it exists. 

On the other hand, as discussed here, law firms like Wilmer Cutler (sorry, "WilmerHale") have taken the initiative to add an RSS feed to their website.  And so when they post their memos, etc. to their website (such as this interesting analysis posted today about Siebel's Reg FD battle with the SEC), those of us who are looking for such things find them immediately.

September 27, 2005

More on the Hazards of Insider Trading by Public Company Employees

I already gave you the straight dope on the stupidity and futility of insider trading by employees of public companies in this post.  Let me follow that up by explaining some of the very real hazards of a corollary to this: public company employees who learn inside information and who do not engage in any trading, but who share this information with a friend or other person who then trades on that information. 

Well, you say, the employee didn't trade and never made a dime off of the information, so what kind of trouble could he/she personally get in for that?  Wouldn't the friend/trader be the only one on the hook in any insider trading case?  Ummm, no. 

Take a look at yesterday's litigation release by the SEC about its case against against Brian G. Paquette, the former Vice President of Product Management at LendingTree, Inc.  The SEC alleges that shortly before a public announcement that LendingTree was being acquired by another company at a substantial premium to LendingTree shareholders, Paquette improperly provided material nonpublic information concerning the pending acquisition to a fellow employee and to a close friend outside the company.   The SEC further alleges that both the fellow employee and the close friend then purchased shares of LendingTree while in possession of this material nonpublic information.  After the announcement, the price of LendingTree stock soared and Paquette's tippees allegedly sold their shares realizing unlawful profits of $2,109 and $12,420, respectively.   Paquette, however, is not alleged to have bought any stock.

The end result, however, is that the SEC sued the non-trading Paquette, who settled the case by agreeing to pay a $29,058 civil penalty, which is equal to two times the trading profits of his tippees.

Even worse for Paquette, the SEC's litigation release states that:

In a related criminal case, the U.S. Attorney's Office for the Western District of North Carolina announced today that Paquette has agreed to plead guilty to a felony obstruction of justice charge, for providing false testimony in the Commission's investigation.

So the end result of Paquette's alleged sharing of inside information with others is that (1) he got himself sued by the SEC for insider trading despite having never traded himself; (2) he had to pay a fine equal to double the profits made by his alleged tippees; (3) he ended up pleading guilty to a felony charge.  Other than that it worked out great for him.

September 23, 2005

Siebel Systems: Securities Litigation Magnet

Does any company get sued for securities-related claims more than Siebel Systems?  It seemed that Siebel's plate was already full, what with a pending securities class action lawsuit and not one but two cases against it by the SEC for alleged violations of Reg FD.  Less than two weeks after actually winning the second Reg FD case outright on September 1, 2005, however, Siebel has been sued yet again, this time for alleged breach of fiduciary duty in connection with its acquisition by Oracle.  According to Siebel's Form 8-K filed September 19,

On September 12, 2005, Siebel and members its board of directors were named in a purported class action complaint filed in California in the San Mateo County Superior Court. The case is captioned Showers v. Siebel et al., No. CIV 449535. The complaint alleges that defendants entered into an agreement for the purchase of Siebel without having performed an active auction or conducted open bidding procedures for sale of Siebel, and that the consideration to be paid pursuant to the acquisition agreement is inadequate. The complaint also alleges that the individuals named as defendants have acted and are acting contrary to their duty.

So, Siebel, you had your eleven days off--it's time to fire up the litigation war room again!

SLW Jeopardy Winner is...

Once again naming our contest winner came down to a contentious meeting of the already-overworked SLW Contest Rules Committee.  After much deliberation, the SLW Jeopardy Winner is one Mark Sakana, who provided the first of many correct responses (1) in the Comments field and (2) in the form of a question: 

"What is the amount of attorneys' fees that will be paid out in light of the final approval order entered in the Worldcom case yesterday?"

As stated in this September 21, 2005 Order from Judge Cote approving the WorldCom settlement,

Finally, the fact that an active and well-qualified Lead Plaintiff has approved this fee and that the Class has not objected to it are also appropriate to consider when judging the public policy of approving a fee award that in its aggregate gives Lead Counsel $336.1 million in fees based on a total lodestar of approximately $83.2 million.

Honorable mention goes to the SLW reader who shall remain nameless who (1)  emailed me the first correct answer (2) not in the form of a question.

Back from the Bond Market Assoc. Conference

I'm back from the Bond Market Association's Asset Managers Forum, where I spoke yesterday about the many challenges institutional investors face in the securities class action/SEC settlement process.  Before you ask, the answer is "no"--Coach K ("the most respected and successful coach in any sport, at any level") was not present.

September 21, 2005

SLW Jeopardy: "What is $336.1 million?"

Welcome to the first installment of "SLW Jeopardy".   Your challenge, of course, is to be the first to buzz in (using the Comment function) and provide the Question that goes with this Answer:

Answer:  What is $336.1 million?

September 20, 2005

Never Mind!

Federal prosecutors announced earlier this month that they will not prosecute WorldCom (the corporation itself) for the massive accounting fraud that occurred at the company.  The Corporate Crime Reporter has this interesting article observing that in light of Verizon's upcoming shareholder vote on a proposed merger with MCI (the new name for WorldCom), Verizon's William Barr, executive vice president and general counsel, probably has changed his mind about the "death to WorldCom" approach he forcefully advocated in this March 2003 letter.  In that letter sent to the SEC, DOJ and FCC, Barr expressed his opinion that WorldCom was a criminal enterprise and that leniency toward WorldCom "cannot be squared with any rational concept of justice."

September 19, 2005

SEC's Cox to Implement Hedge Fund Rule

The WSJ reports that SEC Chairman Christopher Cox intends to implement a rule championed by previous Chairman Donaldson requiring hedge-fund advisers to register with the SEC. Mr. Cox stated that the rule would be implemented "exactly as adopted."

This must come as quite a surprise to critics such as the writer who blasted Cox in this August editorial as someone who would not maintain the integrity of the financial markets and whose "big contribution to American finance has been helping executives hide their companies' numbers."  According to the writer,

Republicans got sore when Donaldson sided with the commission's Democrats on important 3-2 votes. One involved regulating hedge funds, which are now big enough to move markets.

Donaldson had to defend himself against charges of being mean to hedge funds. "I don't see how, in all good conscience, we could not have taken the step we did to bring this huge amount of money under some sort of surveillance," he told Business Week.

Cox will be another story. Unlike Donaldson, the congressman never actually built a business. Before entering politics, he was a lawyer for corporate crooks.

The writer concluded this rant against Cox by suggesting that hedge funds supported Cox because they knew they'd be "taken care of":

And so this is the man who will now protect us against Wall Street predators.

Anyone up for putting his or her Social Security money in a stock market overseen by Cox?

A recent headline on the new SEC chairman should surprise no one. It read, "Hedge funds cheering for Cox." They, at least, know they'll be taken care of.

As far as I can tell from the editorial, the writer basically concluded that Cox "would not maintain the integrity of the financial markets" because (1) before becoming a politician he was "a defender of corporate crooks;" (2) "In Congress, he sponsored bills to limit the rights of shareholders to sue companies;" and (3) " Unlike Donaldson, the congressman never actually built a business." 

To which I  say:

(1) Defender of corporate crooks? Cox was a corporate lawyer (in the mid-1980s) at Latham & Watkins, one of the top law firms in the world.  Corporate lawyers draft documents, structure deals, etc.  They do not generally "defend corporate crooks."  Cox undoubtedly represented dozens of model corporate citizens in addition to the single bad egg client the editorial is focused upon. 

(2) He sponsored the PSLRA?   So?  The PSLRA is not some universally condemned bill designed to harm shareholders.  To the contrary, many lawyers, professors, bloggers, investors and even reporters believe it was and is a smart piece of legislation.

(3) Didn't build a business? I'm not sure why this is even relevant to whether a regulator will maintain integrity but, in any event, Cox's bio states that he co-founded a publication called Context Corporation that translated the Russian newspaper Pravda into English.

The bottom line is that I don't know much about Cox or what he will or won't do, but I do know that working at Latham & Watkins as a corporate lawyer and sponsoring the PSLRA is no basis for questioning anyone's commitment to maintaining the integrity of the financial markets.

September 14, 2005

Houston, We Have a Problem

Just as it turns out that anyone can declare themselves eligible for the NBA draft (including people who have no game whatsoever, your 62-year-old aunt, etc.), it also would appear that anyone with a computer can file for an IPO with the SEC.  A company called Apollo Publication Corporation recently filed this registration statement with the SEC for a supposed $3.6 billion offering.  On the surface, Apollo seems to have  a lot going for it.  The registration statement lists the following board of directors:

Simon Victor (Honorable Chairman of Director Board Committee)
George Herbert Bush Sr. (Honorable Chairman of Director Board Committee)
Rutang Luo (Honorable Chairman of Director Board Committee)
Xiaobo Lucy Luo (Chair and CEO, Chief Executive Officer/First Director)
George Walker Bush Sr. (Chair and President/Second Director)
Paul Martin (CFO, Chief Financial Officer)
Lishan Yang (COO, Chief Operating Officer/Third Director)
William Snow (Treasurer/USA)
Rongji Zhu(Treasurer/PRC)
John Paul Manley (Treasurer/Canada)
Joseph Liberman (CLO, Chief Legal Officer)
Jie Jenny Luo (CIO, Chief Information Officer)

   INDEPENDENT DIRECTORS OF AUDIT COMMITTEE
   James Baker  (Independent Director)
   Jimmy Carter  (Independent Director)
   Jean Chretien  (Independent Director)
   Paul Oneil  (Independent Director)
   Al Greenspan  (Independent Director)

Bush, Carter, Big "Al Greenspan"...  Not too shabby!  Lead underwriter?  Listed as CIBC--lookin' good.

The company's mission?  "Our mission is to found An Imperial Of Earth (IOE) with One God Luo, One  Language, One Culture, One History, One Law, One Standard, One Currency, One Postal, etc on One Land of Earth of Solo Solar System."  Hmmm, okay then.

But wait.  The SEC has now moved in to halt the IPO, stating in this document that

the registration statement is materially false and misleading because, among other things: (1) it states that numerous United States and world political figures are currently serving as directors and officers of Apollo, or are otherwise associated with the Company; and (2) it falsely lists the “Canadian Imperial Bank of Commerce” (CIBC) and certain CIBC affiliates as “joint book-running managers” for Apollo’s offering. The Statement also alleges that the registration statement omits to state materials facts, such as: (1) Apollo’s current and historical financial information; and (2) audited financial statements. Finally, the Statement alleges that the registration statement does not contain the signatures of  Apollo’s principal executive, financial and accounting officers, any board member, or any authorized representative in the United States.

As discussed in this article, Apollo's registration statement contains several other interesting tidbits:

Apollo's chief financial officer is supposedly Prime Minister Paul Martin and the treasurer is ex-finance minister John Manley. A host of world leaders also toil away for Apollo, including British Prime Minister Tony Blair, who "deals with products and management" in the United Kingdom. Russian President Vladimir Putin, French President Jacques Chirac, and UN Secretary-General Kofi Annan are also listed as "controllers." Even Cuban President Fidel Castro is said to work for Apollo overseeing operations in Cuba.

September 13, 2005

Memo to Public Company Employees

To: Public Company Employees About to Engage in Insider Trading in Advance of "Big News" About Their Companies

From: Securities Litigation Watch

Re: Your Future (or Lack Thereof)

I saw it when I was at the SEC and I've seen it regularly ever since:  SEC enforcement actions against employees of publicly-traded companies who get advance notice of earnings news or other big news concerning their companies and buy/sell the company's stock prior to the announcement of that news.   Of course, that practice is called "insider trading" and it is against the law.  As I hope to persuade you below, it is also called "incredibly stupid."  Seriously, people, we're talking about Darwin Award-level stupidity here. 

Let me break this down for you as simply as I can.  The following points are true and you need to understand this:

  • The SEC at least takes a look at the trading that precedes every merger, earnings surprise or other announcement that causes a significant rise or fall in the price of a company's stock.  Every one.
  • If there is unusual trading activity preceding a rise/fall in a company's stock, the SEC will immediately obtain the names of the traders involved.  That means your name.  They will, in addition, obtain the New Account form that you filled out when you opened the account in which you traded.  Now think back...what information was included on that form?  Right--your employer.
  • The SEC also will immediately obtain from the issuer in question (i.e., your company) a list of its employees.  Guess whose name is going to be on that list?  They will then match that list up against the people who traded in advance of the news announcement.  Your name is going to be on both lists, dummy. 

    What's that you say??  No one will catch you because you cleverly traded in your gramma's account?  Wrong again--the SEC is going to call your gramma when they see the trading in her account.  They'll ask her if she knows anyone on a list of suspicious traders.  Your name will be on that list.  Your gramma will then rat out your no-good-gramma-account-trading self or she'll commit perjury.  Don't do that to your gramma.
  • Probably within a week or so, you will be called by the SEC.  You will be asked specifically why you bought/sold the stock when you did.  You will be asked what you knew and when you knew it.  All of this is under penalty of perjury.  You will either confess or lie.  If you tell the truth, it is game over.  If you lie, you may go to prison.  See Stewart, Martha.
  • You will be sued by the SEC, and you will need to either settle or go to trial.  You will pay up to hundreds of thousands of dollars if you go to trial, and since you worked for the company and the company will provide a detailed chronology to the SEC of exactly who knew about the "big news" and when, you are going to lose anyway.  If/when you settle, you will be forced to disgorge all of your profits (or losses avoided) and pay an additional penalty of somewhere between one and three times that amount.  Through your settlement, you may also be prohibited from serving on the board of any public company in the future, and you will be subject to an ongoing court injunction against violating the securities laws.
  • You will almost certainly be fired by your company when it learns you are among the people who traded in advance of the big news and who is being investigated by the SEC.  If you are not fired at that time, you probably will be when you settle or lose the case.  You will then likely join the ranks of the hard-core unemployed.

That's it.  That's as plain as I can put it.  This is an IQ test and every one of you employees (or directors) of public companies whose names show up on this list are failing.  Just stop it.

September 12, 2005

Back from the Northern Trust Conference

I'm back from the 2005 Northern Trust Institutional Client Conference in Chicago, where I spoke on Friday about "Current Trends in Securities Litigation and Enforcement."  For the record, Coach K was not present at this conference, which I guess is understandable since he can't be expected to speak at every securities-related conference, and since I'm sure he is busily preparing for his keynote address at the upcoming Sarbanes-Oxley Conference & Exposition

He'd better be, because the conference's promoters are now sending out these breathless fliers proclaiming "Coach K Has Built Some Of The Most Effective Teams In History--Now Imagine What He Could Do For You And Your Team..."

Imagine! (Cue John Lennon piano music....)

You may say I'm a dreamer,
but I'm not the only one,
I hope some day you'll accept Coach K's Sarbanes-Oxley wisdom,
And your company, will be well run.

September 7, 2005

Paging "Overlawyered"

Paging Overlawyered...

Despite the blatant fraud uncovered at WorldCom and the many executives who have been sentenced to prison, damaged shareholders who believe they will only receive pennies on the dollar continue to look for other, nonbankrupt defendants under other "novel" theories. 

For instance, on August 15, 2003 (the very first day this blog was in existence, by the way), we posted here about the 71-year-old West Palm Beach retiree who lost $2 million when MCI and WorldCom stock plummeted and sued Citigroup for his pain and suffering, high blood pressure, anxiety attacks, and so on under the Florida tort of "outrage."

Now a different Florida investor who lost $600,000 in WorldCom stock has launched another theory at another quite unexpected defendant--Nasdaq.  Steven Weissman is suing Nasdaq because, he alleges, "advertisements by Nasdaq influenced his decision to purchase more than $600,000 of stock in WorldCom Inc."  According to a July 31, 2005 article in the South Florida Sun-Sentinel,

     Weissman says he took Nasdaq's newspaper, TV and Internet marketing as its stamp of approval for companies, including WorldCom, mentioned in the ads. TV commercials showing corporate chieftains such as Michael Dell of Dell Inc., Steve Ballmer of Microsoft Corp. and Howard Schultz of Starbucks Corp. have aired widely in recent years.

     The ads, with the slogan "Listed on Nasdaq," refer to the executives as visionaries. Though they are clearly promotional, the commercials don't explicitly suggest the purchase of the companies' stock. Other stock markets such as the New York Stock Exchange promote themselves, but Nasdaq has been especially aggressive featuring listed companies and their CEOs.

     "There are tens of thousands of people with the same claim as me who can say they saw the ads and relied on them," Weissman says. He viewed WorldCom as a "buy and hold" investment because it appeared to have an important role in the future of telecom infrastructure and claimed to be in excellent financial shape. He is suing both Nasdaq, which is a for-profit corporation, and the National Association of Securities Dealers, or NASD, which regulates trading on the Nasdaq.

     But why not go after the more obvious target, WorldCom? Weissman points out that WorldCom went bankrupt and already faces a barrage of shareholder suits. "It was obvious that shareholders could only recover, if anything, a few pennies on the dollar through lawsuits against WorldCom," he says.

***

Sitting at his dining room table, Weissman shows a copy of a two-page Nasdaq ad in The Wall Street Journal of April 11, 2002. "Keeping our markets true," the ad states. "It's all about character." The ad says a company's management, board, internal audit committee and independent auditors "share in a fiduciary obligation to investors to provide an accurate overall representation of performance, financial condition and risk."  The ad is endorsed by 63 chief executives, including Ebbers.

For those of you who are already muttering "Motion to Dismiss granted," the article notes that last year, U.S. District Judge William Zloch denied Nasdaq's motion to dismiss the suit, finding that Nasdaq was not immune to Weissman's allegations.  Oral argument in Nasdaq's appeal of that ruling is scheduled for sometime this month.

September 6, 2005

Don't Mess With Judge Walton

The PSLRA Nugget flags the interesting securities litigation opinion from Judge Reggie B. Walton of the U.S. District Court for the District of D.C. (Burman v. Phoenix Worldwide Industries, August 30, 2005). The opinion is interesting not for any securities-related reason but rather because of Judge Walton's Footnote 1, in which he expresses his displeasure for the type of condescending and simply unnecessary "argument" that is all-too-common in litigation today:

....Based upon the papers thus far submitted to this Court, it is clear that this is a highly contentious litigation. Despite the apparent animosity between the parties, counsel are reminded that they are expected to treat each other, and every other individual involved in this litigation, with "dignity, respect and civility, both in court and in out-of-court conference, meeting and discovery proceedings." Judge Walton's General Order and Guidelines for Civil Cases at 1, available at http:// www.dcd.uscourts.gov/rbw-general-civil-order.pdf. This includes civility in the papers submitted to this Court. The papers submitted by the defendants do not demonstrate the dignity and respect the Court expects of litigants appearing before it. See, e.g., Def.'s Reply at 7 ("Defendants agree that a review of the Amended Complaint is a 'painstaking' endeavor."); 18 ("If Plaintiffs do not appear to understand their own claims, how can Defendants?"); 29 ("Defendants are not obligated to teach Plaintiffs how to properly plead their complaint. However, we will give Plaintiffs a clue."). Such condescending invectives do nothing to advance a party's position. As members of the Bar, counsel surely know how to vigorously advance their respective party's position without being disrespectful or mean spirited. The Court will look with disfavor on any further circumstances that warrant such a reminder, and if warranted, will take appropriate action to sanction such behavior.

Amen to that. I'm sure the timing is coincidental, but check out the article cited in this August 31, 2005 post by Evan Schaeffer on this very point. Schaeffer writes:

Step #3 Adopt the Right Tone

It's at this point that many veer wildly off course.

Tone can be defined as the underlying attitude we take towards our opponent and our opponent's arguments. This attitude isn't explicitly spelled out, but shows through the fabric of our legal arguments.

Tone comes in all varieties—objective, respectful, or professional on the one hand; condescending, self-righteous, or bitter on the other.

Too often we pull out all our guns and attack, either rudely mocking the arguments of opposing counsel, or even worse, rudely mocking opposing counsel.

This approach seems to add an extra oomph to the force of our legal argument.

Yet all too often, what actually happens is that we alienate the reader—that is, the court. An angry, defiant tone just doesn't add a lot. Ever met someone whose response to every difficult situation is a sarcastic retort? Amusing for a few minutes, but then listeners get bored or disgusted, and want to leave the room.

Remember: The judge already knows you disagree with your opponent's position.

Begin by rationally stating why you disagree. An objective, reasonable tone is usually the most persuasive.

So kudos to Judge Walton for attempting to preserve civility in his courtroom and for reinforcing that angry sarcasm is almost never a persuasive or appropriate tone for legal argument.

By the way, this is the same Judge Walton who earlier in August was written up in this Washington Post article for single-handedly stopping an assault he witnessed in a DC traffic circle while driving his family to the airport. The 56-year-old judge reportedly wrestled another man's attacker to the ground and subdued him until the police came.  Police spokesman Kenny Bryson was quoted in the article as saying "God bless Judge Walton. I surely wouldn't want to mess with him. He's really to be commended for jumping in."

Reg FD Lightning Strikes Siebel Systems...Again!, Part II

Summer's over, kids are back in school, and we're planted once again in the swivel chair at the Securities Litigation Watch command center....What?  You didn't even realize we were gone? 

The first thing to talk about is Siebel's surprise victory over the SEC in the Reg FD enforcement action brought against it back in June 2004.  As discussed here last year, the SEC sued Siebel for the second time under Reg FD claiming violations

during two private events ... in New York on April 30, 2003, a "one-on-one" meeting with an institutional investor and an invitation-only dinner hosted by Morgan Stanley. The Commission charges that, at both the meeting and the dinner, [Siebel's CFO] made positive comments about the Company's business activity levels and transaction pipeline that materially contrasted with negative public statements Siebel made about its business in the preceding several weeks.

In this September 1, 2005 opinion by Judge Daniels of the SDNY, however, the court was having none of that argument.  Rather, as Siebel happily trumpeted in this press release,

the Court completely vindicated the Company and two if its executives, Mark Hanson and Ken Goldman, stating that the SEC's approach and interpretation of Regulation FD "places an unreasonable burden on a company's management and spokespersons to become linguistic experts, or otherwise live in fear of violating Regulation FD should the words they use later be interpreted by the SEC as connoting even the slightest variance from the Company's public statements."

The court also observed that the SEC's complaint "scrutinized, at an extremely heightened level, every particular word used in the statement, including the tense of verbs and the general syntax of each sentence.  No support for such an approach can be found in Regulation FD...."  Because the court found that the complaint did not state a claim, it did not address another thorny issue that has been generating a great deal of buzz lately--the constitutionality of Reg FD under, among other things, the First Amendment. 

It is unclear what Reg FD enforcement can or will look like going forward after Siebel.  The Siebel court's analysis would at least seem to put an end to any further "body language"-type allegations, as discussed here.

   
 
About RiskMetrics Group | Disclaimer

Copyright © 2007 RiskMetrics Group


Powered by Movable Type 3.36