Mazor Robotics (MZOR: $34.50) There was news that came out today that stated that the Israeli Securities Authority (ISA) conducted a search of the offices of the company in May, and questioned some officers of the company in regards to this investigation. They gave no reason to the company for this action and there has been nothing announced by the ISA as to the reason for their actions. The company stated that they have not been informed for the reason for this move by the ISA, that they have not been charged with anything, and that they are cooperating with the ISA.
This is all we know.
We are reminded by a friend of the company, an astute veteran of Wall Street, who says: “From my days at Bear Stearns I learned to always get out of a stock if there is some misunderstanding. Get out first then dig in.”
We are going to do just that. We are removing Mazor from our Special Opportunities portfolio at $34.50, with a gain for 103% since we added the company at $17 on June 17th last year.
We still think the company has a long way to go upwards, but if for some reason the company is misleading us with the financials, we will just have to wait and see whether to get back in. We will keep you posted.