Can companies choose who to invite to meetings with Wall Street analysts and money managers? This is the question raised recently by a small hedge fund manager, who complained in a letter sent to each of the members of the board of directors of truck-maker Paccar as well as the Securities and Exchange Commission that he was “specifically excluded” from a recent gathering hosted by Paccar’s treasurer and investor relations officer, Andrew Wold.
Tom Giovine, president of Los Angeles-based Giovine Capital Group, invoked the SEC’s Regulation Fair Disclosure, noting, “With the advent of Regulation FD, one would further expect greater sensitivity by Paccar toward such a request. Paccar’s insistence in restricting its investor conference invitation list to an unreasonably small group, roughly 20 attendees from what I gather, seems at odds with the spirit of Regulation FD.”
