Spangler v. Lockheed Martin
Spangler v. Lockheed Martin
Opinion
5(&200(1'(' )25 )8//7(;7 38%/,&$7,21 6SDQJOHUY/RFNKHHG 1R 3XUVXDQW WR 6L[WK &LUFXLW 5XOH
0DUWLQ(QHUJ\HWDO (/(&7521,& &,7$7,21 )(' $SS 3 WK &LU )LOH 1DPH DS
DILQGLQJWKDW6SDQJOHUFDQQRWZRUN0HW/LIHjVGHFLVLRQWR WHUPLQDWH 6SDQJOHUjV /7' EHQHILWV ZDV DUELWUDU\ DQG 81,7('67$7(6&28572)$33($/6 FDSULFLRXV )257+(6,;7+&,5&8,7 ,,,&RQFOXVLRQ BBBBBBBBBBBBBBBBB )RUDOOWKHUHDVRQVVWDWHGDERYHWKHGLVWULFWFRXUWjVGHFLVLRQ LV 5(9(56(' DQG WKH FDVH 5(0$1'(' IRU HQWU\ RI MXGJPHQWLQIDYRURI6SDQJOHU s$1,&( 63$1*/(5 ; 3ODLQWLII$SSHOODQW 1R Y ! /2&.+((' 0$57,1 (1(5*< 6<67(06 ,1& 0(75232/,7$1 /,)( ,1685$1&( &2 'HIHQGDQWV$SSHOOHHV 1 $SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW IRUWKH(DVWHUQ'LVWULFWRI7HQQHVVHHDW.QR[YLOOH 1RnsDPHV+sDUYLV'LVWULFWsXGJH $UJXHG 2FWREHU 'HFLGHGDQG)LOHG 'HFHPEHU %HIRUH 0$57,1&KLHI&LUFXLWsXGJH 5<$1&LUFXLW sXGJH &2+1'LVWULFWsXGJH
7KH +RQRUDEOH $YHUQ &RKQ 8QLWHG 6WDWHV 'LVWULFW sXGJH IRU WKH (DVWHUQ 'LVWULFW RI 0LFKLJDQ VLWWLQJ E\ GHVLJQDWLRQ
6SDQJOHUY/RFNKHHG 1R 1R 6SDQJOHUY/RFNKHHG 0DUWLQ(QHUJ\HWDO 0DUWLQ(QHUJ\HWDO
BBBBBBBBBBBBBBBBB UHFRUG:K\0HW/LIHGLGQRWDOVRVHQG'U5LFHjVUHSRUWRU WKH UHVW RI 6SDQJOHUjV ILOH &UDZIRUG IRU UHYLHZ E\ WKH &2816(/ YRFDWLRQDOFRQVXOWDQWLVLQH[SOLFDEOH,QGHHGZHFDQRQO\ FRQFOXGHWKDW0HW/LIHDV6SDQJOHUFRQWHQGVmFKHUU\SLFNHGl $5*8(' 'RQDOG.9RZHOO92:(// $662&,$7(6 KHU ILOH LQ KRSHV RI REWDLQLQJ D IDYRUDEOH UHSRUW IURP WKH .QR[YLOOH 7HQQHVVHH IRU $SSHOODQW sRKQ & %XUJLQ sU YRFDWLRQDOFRQVXOWDQWDVWR6SDQJOHUjVDELOLW\WRZRUN .5$0(55$<621/($.(52'*(56 025*$1 .QR[YLOOH7HQQHVVHHIRU$SSHOOHHV21%5,() 'RQDOG 0HW /LIHjV DFWLRQ LQ VHQGLQJ RQO\ 'U 0DF.D\jV . 9RZHOO (OL]DEHWK .HOO\ sRKQVRQ 92:(// 6HSWHPEHU UHSRUW WR &UDZIRUG ZDV DUELWUDU\ DQG $662&,$7(6.QR[YLOOH7HQQHVVHHIRU$SSHOODQWsRKQ& FDSULFLRXV0HW/LIHVKRXOGKDYHSURYLGHG&UDZIRUGZLWKDOO %XUJLQsU.5$0(55$<621/($.(52'*(56 RI WKH PHGLFDO UHFRUGV UHOHYDQW WR 6SDQJOHUjV FDSDFLW\ WR 025*$1.QR[YLOOH7HQQHVVHH&KULVWRSKHU++D\HV2DN ZRUN $V D UHVXOW WKH UHSRUW E\ &UDZIRUGjV YRFDWLRQDO 5LGJH7HQQHVVHHIRU$SSHOOHHV FRQVXOWDQWZDVDQLQFRPSOHWHDQGLQDFFXUDWHUHSUHVHQWDWLRQRI 6SDQJOHUjVDELOLW\WRZRUN BBBBBBBBBBBBBBBBB 5HJDUGOHVV RI WKH VKRUWFRPLQJV RI WKH YRFDWLRQDO 23,1,21 FRQVXOWDQWjV UHSRUW DQG 0HW /LIHjV DUELWUDU\ DFWLRQV ZLWK BBBBBBBBBBBBBBBBB UHVSHFWWRWKHUHSRUWWKHXOWLPDWHLVVXHLQDQ(5,6$GHQLDORI EHQHILWV FDVH LV QRW ZKHWKHU GLVFUHWH DFWV E\ WKH SODQ $9(51&2+1'LVWULFWsXGJH7KLVLVDFDVHXQGHUWKH DGPLQLVWUDWRU DUH DUELWUDU\ DQG FDSULFLRXV EXW ZKHWKHU LWV (PSOR\PHQW5HWLUHPHQW'LVDELOLW\$FW 86&HW XOWLPDWH GHFLVLRQ GHQ\LQJ EHQHILWV ZDV DUELWUDU\ DQG VHT (5,6$ 3ODLQWLIIDSSHOODQWsDQLFH6SDQJOHU 6SDQJOHU FDSULFLRXV)RUWKLVZHPXVWH[DPLQH0HW/LIHjVGHFLVLRQLQ FODLPV WKDW GHIHQGDQWVDSSHOOHHV /RFNKHHG 0DUWLQ (QHUJ\ OLJKWRIWKHDGPLQLVWUDWLYHUHFRUG+HUHDVVHWIRUWKLQGHWDLO 6\VWHPV ,QF /RFNKHHG 0DUWLQ DQG 0HWURSROLWDQ /LIH DERYH YLUWXDOO\ DOO RI WKH HYLGHQFH LQ WKH DGPLQLVWUDWLYH ,QVXUDQFH&R 0HW/LIH ZURQJIXOO\WHUPLQDWHGKHUORQJ UHFRUGVKRZVWKDW6SDQJOHULVGLVDEOHGIURPZRUNLQJ0HW WHUPGLVDELOLW\ /7' EHQHILWV$IWHUFRQGXFWLQJDUHYLHZRI /LIHKRZHYHUFKRVHWREDVHLWVGHFLVLRQRQRQO\WKHUHSRUWE\ WKHDGPLQLVWUDWLYHUHFRUGXQGHU:LONLQVY%DSWLVW+HDOWKFDUH &UDZIRUGjV YRFDWLRQDO FRQVXOWDQW %HFDXVH WKH UHSRUW ZDV 6\V ,QF )G WK &LU WKH GLVWULFW FRXUW LQKHUHQWO\IODZHGDQGEHFDXVHWKHPHGLFDOHYLGHQFHVXSSRUWV JUDQWHG0HW/LIHjVPRWLRQIRUMXGJPHQWRQWKHDGPLQLVWUDWLYH UHFRUG 6SDQJOHU DSSHDOV %DVHG RQ RXU UHYLHZ RI WKH DGPLQLVWUDWLYHUHFRUGZHILQGWKDW0HW/LIHDFWHGDUELWUDULO\ DQG FDSULFLRXVO\ LQ GHQ\LQJ 6SDQJOHUjV /7' FODLP 7KH GLVWULFW FRXUW IRXQG FUHGLEOH 0HW /LIHjV DUJXPHQW WKDW LW GLG QRW VHQG 'U 5LFHjV 3K\VLFDO &DSDFLWLHV (YDOXDWLRQ WR &UDZIRUG EHFDXVH LW $FFRUGLQJO\ZHUHYHUVHWKHGLVWULFWFRXUWjVGHFLVLRQ ZDV QRW DFFRPSDQLHG E\ RIILFH QRWHV RU RWKHU LQIRUPDWLRQ WKDW ZRXOG EH VXIILFLHQW WR HYDOXDWH 6SDQJOHUjV DELOLW\ WR ZRUN :H GLVDJUHH 7KHUH LV QR HYLGHQFH WKDW 0HW /LIH DOVR VHQW RIILFH QRWHV RU RWKHU LQIRUPDWLRQ IURP 'U 0DF.D\ WR WKH YRFDWLRQDO FRQVXOWDQW DW &UDZIRUG ,QGHHG ZH QRWH WKDW 'U 5LFHjV IRUP FRQWDLQHG WKH VWDWHPHQW WKDW 6SDQJOHU FRXOG QRW $OWKRXJK ERWK 0HW /LIH DQG /RFNKHHG 0DUWLQ DUH QDPHG ZRUN ZKLFK ZRXOG VHHP WR EH UHOHYDQW LQIRUPDWLRQ WR VHQG WR &UDZIRUG GHIHQGDQWV WKH GHFLVLRQ WR GHQ\ 6SDQJOHU EHQHILWV ZDV PDGH E\ 0HW /LIH IRU LWV UHYLHZ E\ D YRFDWLRQDO FRQVXOWDQW :H GR QRW VHH DQ\ JRRG UHDVRQ )RU SXUSRVHV RI WKLV GHFLVLRQ ZH WUHDW WKH FDVH DV LI LW LV DJDLQVW RQO\ 0HW IRU ZK\ 0HW /LIH VHQW RQO\ 'U 0DF.D\jV 3K\VLFDO &DSDFLWLHV (YDOXDWLRQ /LIH DQG QRW 'U 5LFHjV 6SDQJOHUY/RFNKHHG 1R 1R 6SDQJOHUY/RFNKHHG 0DUWLQ(QHUJ\HWDO 0DUWLQ(QHUJ\HWDO
Y(DWRQ&RUS )G WK&LU 6HHDOVR ,%DFNJURXQG <HDJHUY5HOLDQFH6WDQGDUG/LIH,QV&R)G WK&LU 6WDWHGGLIIHUHQWO\>Z@KHQLWLVSRVVLEOHWR 6SDQJOHU ZRUNHG DV D OHDG DXGLWRUGDWD DVVLVWDQW DW RIIHU D UHDVRQHG H[SODQDWLRQ EDVHG RQ WKH HYLGHQFH IRU D /RFNKHHG0DUWLQjV86JRYHUQPHQWIDFLOLW\LQ2DN5LGJH SDUWLFXODU RXWFRPH WKDW RXWFRPH LV QRW DUELWUDU\ RU 7HQQHVVHH$VDQHPSOR\HH6SDQJOHUZDVHOLJLEOHIRUDQGD FDSULFLRXV 'DYLV Y .HQWXFN\ )LQDQFH &RV 5HWLUHPHQW SDUWLFLSDQW LQ /RFNKHHG 0DUWLQjV (PSOR\HH %HQHILW 3ODQ 3ODQ)G WK&LU LQWHUQDOTXRWDWLRQV JRYHUQHGE\(5,6$/RFNKHHG0DUWLQLVWKHSODQVSRQVRU DQGFLWDWLRQRPLWWHG 6HHDOVR3HUH]Y$HWQD/LIH,QV&R DQG0HW/LIHLVWKHSODQDGPLQLVWUDWRU )G WK&LU HQEDQF ,Q2FWREHURI 6SDQJOHUEHJDQPLVVLQJZRUNEHFDXVH % RI VSRQG\OROLVWKHVLV :KHQ VKH ZDV QRW DEOH WR UHWXUQ 6SDQJOHU DSSOLHG IRU DQG UHFHLYHG VKRUWWHUP GLVDELOLW\ ,Q UHTXHVWLQJ D WUDQVIHUDEOH VNLOOV DQDO\VLV E\ &UDZIRUG EHQHILWVIRUVL[PRQWKV 0HW /LIH VHQW RQO\ 'U 0DF.D\jV 6HSWHPEHU 3K\VLFDO &DSDFLWLHV (YDOXDWLRQ %DVHG RQ 'U 0DF.D\jV 'XULQJWKHVHVL[PRQWKV6SDQJOHUVRXJKWWUHDWPHQWZLWK UHSRUW WKH YRFDWLRQDO FRQVXOWDQW DW &UDZIRUG RSLQHG WKDW 'U0LFKDHO0DF.D\DQRUWKRSHGLFVXUJHRQZKRGLDJQRVHG 6SDQJOHUFRXOGSHUIRUPKHURZQMREDVZHOODVVHYHUDORWKHU KHUZLWKVSRQG\OROLVWKHVLV$QRIILFHQRWHIURPDsDQXDU\ VHGHQWDU\ SRVLWLRQV ,W LV XQGLVSXWHG WKDW WKH YRFDWLRQDO YLVLWVWDWHVWKDW6SDQJOHU FRQVXOWDQW QHYHU H[DPLQHG 6SDQJOHU QRU KDG DQ\ RWKHU PDWHULDOVRWKHUWKDQ'U0DF.D\jV6HSWHPEHU 3K\VLFDO KDV QRW LPSURYHG ZLWK SK\VLFDO WKHUDS\ 6KH UHPDLQV &DSDFLWLHV (YDOXDWLRQ RQ ZKLFK WR EDVH WKLV RSLQLRQ XQDEOHWRUHWXUQWRZRUN6KHFRQWLQXHVZLWKVLJQLILFDQW &RQWUDU\ WR 0HW /LIHjV DVVHUWLRQ 'U 0DF.D\jV EDFNSDLQVKHZLVKHVWRSURFHHGZLWKFRQVHUYDWLYH 6HSWHPEHU UHSRUW RI 6SDQJOHUjV FDSDELOLWLHV LV WUHDWPHQWDQGHOHFWHGIRUDEUDFH:HKDYHGLVFXVVHG VRPHZKDWDEHUUDQW DVQRWHGLQGHWDLODERYHDOORIKLVSULRU FDJHIXVLRQRIWKHOXPEDUVSLQHZKLFKVKHZLOOFRQVLGHU UHSRUWVDQGVWDWHPHQWVFOHDUO\LQGLFDWHWKDW6SDQJOHULVQRW GRLQJLQ)HEUXDU\LIVKHGRHVQRWUHVSRQGWRWKHEUDFH DEOHWRSHUIRUPDQ\ZRUN0RUHRYHU'U5LFHjV3K\VLFLDQ &DSDFLWLHV(YDOXDWLRQDOVRFRPSOHWHGLQ6HSWHPEHUUHYHDOV D PXFK GLIIHUHQW SLFWXUH RI 6SDQJOHUj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jV 6HSWHPEHU UHSRUW WR WKH YRFDWLRQDO FRQVXOWDQW DW YHUWHEUD EHORZ LW ,W FDQ FDXVH ORZHU EDFN SDLQ DQG SDLQ LQ WKH &UDZIRUG :H ILQG QR VXSSRUW LQ WKH UHFRUG IRU WKLV UHSUHVHQWDWLRQ WKLJKV EXWWRFNV VWLIIQHVV PXVFOH WLJKWQHVV DQG WHQGHUQHVV LQ 6SDQJOHU KDV FRQVLVWHQWO\ PDLQWDLQHG WKDW 0HW /LIH VHQW RQO\ WKLV RQH WKH VOLSSHG DUHD 1HXURORJLF GDPDJH PD\ DOVR UHVXOW IURP UHSRUW 0RUHRYHU WKH GLVWULFW FRXUW DFFHSWHG WKLV DV IDFW VWDWLQJ WKDW m0HW SUHVVXUH RQ QHUYH URRWV /LIH IRUZDUGHG RQO\ 'U 0DF.D\jV UHSRUW >WR WKH YRFDWLRQDO FRQVXOWDQW@l KWWS P\ZHEPGFRPHQF\FORSHGLDDUWLFOHVWV 6SDQJOHUY/RFNKHHG 1R 1R 6SDQJOHUY/RFNKHHG 0DUWLQ(QHUJ\HWDO 0DUWLQ(QHUJ\HWDO
$ )HEUXDU\ RIILFH QRWH VWDWHV WKDW 6SDQJOHU mKDV MXVW 2Q6HSWHPEHU ZHUHFHLYHGDSK\VLFDOFDSDFLW\ EHJXQZHDULQJKHUEUDFHIRUWKHODVWIHZGD\VDQGIHHOVEHWWHU VWDWHPHQW IURP \RXU DWWHQGLQJ SK\VLFLDQ 'U 0LFKDHO ZLWKLWRQEXWKDVH[WUHPHSDLQZKHQVKHUHPRYHVLW6KHLV 0DF.D\ LQGLFDWHG \RX KDG WKH DELOLW\ WR GR WKH QHXURORJLFDOO\LQWDFWl IROORZLQJ VLWIRUVL[KRXUV 6SDQJOHUDSSOLHGIRU/7'EHQHILWVLQ)HEUXDU\RI ,Q VWDQGWZRKRXUV 0DUFKDQG$SULORI 0HW/LIHZURWHWR'U0DF.D\DQG ZDONWZRKRXUV RWKHUVWKDW6SDQJOHULGHQWLILHGDVKHUWUHDWLQJSK\VLFLDQVDQG OLIWDQGFDUU\XSWRSRXQGVRFFDVLRQDOO\ UHTXHVWHGKHUPHGLFDOUHFRUGV2QsXQH 0HW/LIH XVH\RXUKDQGVDQGIHHWIRUUHSHWLWLYHDFWLRQV DZDUGHG6SDQJOHU/7'EHQHILWVILQGLQJ6SDQJOHUHOLJLEOHDV EHQG VTXDW FUDZO FOLPE DQG UHDFK DERYH RI$SULO ,QWKHDZDUGOHWWHU0HW/LIHH[SODLQHGWKDW VKRXOGHUOHYHORFFDVLRQDOO\ LQRUGHUWRPDLQWDLQKHUGLVDEOHGVWDWXVVKHZRXOGKDYHWR %DVHGRQWKLVLQIRUPDWLRQ\RXUFODLPZDVUHIHUUHGWR UHPDLQXQGHUDGRFWRUjVFDUHDQGNHHS0HW/LIHLQIRUPHGRI D YRFDWLRQDO FRQVXOWDQW WR FRPSOHWH D WUDQVIHUDEOH KHU FRQGLWLRQ 7R WKLV HQG D 0DUFK RIILFH QRWH LQ VNLOOVDQDO\VLV 76$ 7KH76$LGHQWLILHGVHYHUDO 6SDQJOHUjV ILOH UHSRUWV WKDW 6SDQJOHUjV EUDFH KHOSHG KHU VHGHQWDU\ RFFXSDWLRQV LQFOXGLQJ \RXU RZQ PRELOLW\ EXW WKDW LI 6SDQJOHU GLG QRW LPSURYH mVXUJLFDO RFFXSDWLRQFRQVLVWHQWZLWK\RXUYRFDWLRQDOKLVWRU\ WUHDWPHQWDQGIXVLRQWHFKQLTXHVlZRXOGEHmWKHQH[WFRXUVH DQGSK\VLFDODELOLWLHVDVRXWOLQHGE\'U0DF.D\ RIWUHDWPHQWl ,Q 2FWREHU 6SDQJOHU VXHG 0HW /LIH IRU ZURQJIXO 2QsXO\ 0HW/LIHZURWH6SDQJOHUDQGHQFRXUDJHG GHQLDORI/7'EHQHILWV KHUWRDSSO\IRUVRFLDOVHFXULW\EHQHILWV,QWKHOHWWHU0HW/LIH LQVWUXFWHG6SDQJOHUWRFRQWDFWDQDUHDODZILUPWRZKRP0HW ,,$QDO\VLV /LIHKDGDOUHDG\JLYHQ6SDQJOHUj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mUDWLRQDOLQOLJKWRIWKHSODQjVSURYLVLRQVl'DQLHO RI \RXU LOOQHVV RU LQMXU\ LI UHTXHVWHG E\ WKH &RPSDQ\ 6SDQJOHUY/RFNKHHG 1R 1R 6SDQJOHUY/RFNKHHG 0DUWLQ(QHUJ\HWDO 0DUWLQ(QHUJ\HWDO
WKDW D SHUVRQ LQ 6SDQJOHUjV JHRJUDSKLFDO ORFDWLRQ ZLWK KHU $SULO 7KH ODZ ILUP UHSUHVHQWLQJ 6SDQJOHU LQIRUPHG WUDLQLQJ DQG OLPLWDWLRQV VHW IRUWK LQ 'U 0DF.D\jV 0HW/LIHRIWKHRXWFRPHRI6SDQJOHUjVVRFLDOVHFXULW\FDVHLQ 6HSWHPEHU UHSRUW FRXOGEHHPSOR\HGLQ6SDQJOHUjV 2FWREHURI SULRUMREDVZHOODVVHYHUDORWKHUFRPSDUDEOHVHGHQWDU\MREV 0HDQZKLOH RQ 6HSWHPEHU 'U 0DF.D\ 2Q'HFHPEHU 0HW/LIHWHUPLQDWHG6SDQJOHUjV/7' SHUIRUPHGDmSRVWHURODWHUDOIXVLRQlLQVHUWHGDEUDFHDQGD EHQHILWVHIIHFWLYHsDQXDU\7KHGHQLDOOHWWHUVWDWHVLQ EDWWHU\SRZHUHGmVSLQDOIXVLRQVWLPXODWRUl2Q1RYHPEHU UHOHYDQWSDUW 'U0DF.D\UHSRUWHGWKDW6SDQJOHUFRXOGEHH[SHFWHG WR UHWXUQ WR ZRUN sDQXDU\ 7KDW GLG QRW KDSSHQ %DVHG XSRQ D WKRURXJK DQG H[WHQVLYH UHYLHZ DQG KRZHYHUDQG6SDQJOHUFRQWLQXHGWRSURYLGH0HW/LIHZLWK HYDOXDWLRQ RI DOO WKH PHGLFDO LQIRUPDWLRQ FRQWDLQHG LQ GRFXPHQWVRIKHUSURJUHVV \RXUFODLPILOHZHKDYHGHWHUPLQHGWKDW\RXQRORQJHU TXDOLI\IRU/RQJ7HUP'LVDELOLW\ m/7'l EHQHILWVXQGHU 2Q)HEUXDU\ 'U%UXFH+XQWRQHRI6SDQJOHUj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jV GHFLVLRQ VXEPLWWLQJ KRXUVVWDQGIRURQHKRXUZDON IRU RQH KRXUOLIWXSWR DGGLWLRQDOLQIRUPDWLRQLQVXSSRUWRIKHUFODLP6SHFLILFDOO\ SRXQGV RFFDVLRQDOO\ EXW VKH FRXOG QRW ZRUN DQG ZDV QRW RQsDQXDU\'U0DF.D\VXEPLWWHGDQRWKHU$WWHQGLQJ H[SHFWHGWRLPSURYH$0DUFK RIILFHYLVLWQRWHIURP 3K\VLFLDQ6WDWHPHQWVWDWLQJWKDW6SDQJOHUFRXOGVLWIRURQH 'U0DF.D\DOVRUHSRUWVWKDW6SDQJOHUmLVQRWLPSURYHGDQG KRXUFRXOGQRWVWDQGRUZDONDQGFRXOGQRWUHWXUQWRZRUN LVQRWGRLQJZHOO6KHLVVWLOOGHSHQGHQWRQDFDQH+HUSDLQ 'U 5LFH VXEPLWWHG DQ $WWHQGLQJ 3K\VLFLDQ 6WDWHPHQW RQ LVSXUHO\OXPEDUDWWKLVSRLQWZLWKPLQLPDOOHJSDLQV7KHUH sDQXDU\VWDWLQJWKDW6SDQJOHUFRXOGQRWZRUN LVVWLOOVRPHWLQJOLQJDQG VKHLVVWLOOKDYLQJSUREOHPVZLWK IDOOLQJl 2QsDQXDU\0HW/LIHZURWHWR6SDQJOHUGHQ\LQJ KHUDSSHDOVWDWLQJLQUHOHYDQWSDUW 2Q$SULO 'U0DF.D\ZURWHWR0HW/LIHVWDWLQJ WKDW6SDQJOHUjVSDLQFRQWLQXHGDQGmVKHLVTXLWHGLVDEOHGE\ <RXDWWHQGHGDIXQFWLRQDOFDSDFLW\HYDOXDWLRQRQsXO\ LW , GR QRW WKLQN WKDW WKHUH LV DQ\ ZD\ WKDW VKH FDQ WKDWLQGLFDWHG\RXPHWWKHVHGHQWDU\ZRUNFDSDFLW\ UHDVRQDEO\JREDFNWRZRUNDQGVKHZLOOEHFRQVLGHUHGIRU OHYHOKRZHYHU\RXUSHUIRUPDQFHGLGQRWPHHWWKHMRE SHUPDQHQWGLVDELOLW\l2Q$SULO 'U0DF.D\DJDLQ GHPDQGV IRU \RXU SUHYLRXV RFFXSDWLRQ <RX VFRUHG ZURWHWR0HW/LIHVWDWLQJ SRVLWLYHRQPRVWSV\FKRPHWULFLQGLFDWRUVIRUV\PSWRP PDJQLILFDWLRQDQGDIRFXVRQSDLQ 0VsDQLFH6SDQJOHULVXQDEOHWRUHWXUQWRZRUNDWWKH DQWLFLSDWHG GDWH RI sDQXDU\ GXH WR FRQWLQXHG VHYHUHORZHUEDFNSDLQ6KHLVGHSHQGHQWRQDZDONHU 6SDQJOHUY/RFNKHHG 1R 1R 6SDQJOHUY/RFNKHHG 0DUWLQ(QHUJ\HWDO 0DUWLQ(QHUJ\HWDO
DQGFDQHIRUDPEXODWLRQ6KHKDVQRWLPSURYHGZLWKD ,Q 6HSWHPEHU 0HW /LIH DVNHG 'U 0DF.D\ DQG VSLQDOIXVLRQ+HUVSRQG\OROLVWKHVLVKDVQRWSURJUHVVHG 6SDQJOHUjVSULPDU\FDUHSK\VLFLDQ'U0DUN5LFHWRSURYLGH DVIDUDV,FDQWHOORQKHU[UD\V/RQJWHUPPDQDJHPHQW XSGDWHG RIILFH QRWHV DQG WHVWV DQG WR FRPSOHWH D 3K\VLFDO DVWKHSDLQFRQWLQXHVPD\LQFOXGHDUHSHDWLPDJLQJVXFK &DSDFLWLHV(YDOXDWLRQDQRWKHUIRUPSURYLGHGE\0HW/LIH DVDP\HORJUDP&7DVZHOODVSRVVLEOHUHSHDWVXUJHU\ 2Q6HSWHPEHU 'U0DF.D\ILOOHGRXWWKH3K\VLFDO &DSDFLWLHV(YDOXDWLRQIRUPZKLFKLVOHVVGHWDLOHGWKDQWKH $0D\ HQWU\LQ0HW/LIHjV'LDU\5HYLHZ5HSRUW $WWHQGLQJ 3K\VLFLDQ 6WDWHPHQWV WKDW 'U 0DF.D\ KDG VWDWHVWKDWmERWK$3>$WWHQGLQJ3K\VLFLDQ'U5LFH@DQG'U SUHYLRXVO\VXEPLWWHGWR0HW/LIH2QWKHIRUP'U0DF.D\ 0DF.D\LQGLFDWHWKDW>6SDQJOHU@KDVVLJQLILFDQWUHVWULFWLRQV UHSRUWHGWKDW6SDQJOHUFRXOGVLWIRUVL[KRXUVZDONIRUWZR DQGZLOOQHYHU>UHWXUQWRZRUN@l7KHGLDU\UHYLHZQRWHVWKDW KRXUVDQGOLIWDQGFDUU\XSWRWHQSRXQGVRFFDVLRQDOO\7KH 6SDQJOHUZDVDZDUGHGVRFLDOVHFXULW\GLVDELOLW\EHQHILWV7KH UHSRUWWR0HW/LIHDOVRLQFOXGHG'U0DF.D\jVRIILFHQRWHV GLDU\UHYLHZDOVRLQGLFDWHVWKDW0HW/LIHZLOOVHQG6SDQJOHU 7KH 3K\VLFDO &DSDFLWLHV (YDOXDWLRQ XQOLNH WKH $WWHQGLQJ IRU D )XQFWLRQDO &DSDFLW\ ([DPLQDWLRQ WR mLGHQWLI\ ZKDW 3K\VLFLDQ6WDWHPHQWGRHVQRWDVNZKHWKHUWKHSDWLHQWZDV OLPLWV ZRXOG SUHYHQW >6SDQJOHU@ IURP SHUIRUPLQJ KHU RZQ FDSDEOH RI ZRUNLQJ EXW UDWKHU DVNV RQO\ IRU KRZ ORQJ WKH >RFFXSDWLRQ@l SDWLHQWFRXOGVLWVWDQGZDONOLIWFDUU\HWF$VQRWHGDERYH DOOSUHYLRXVDQGVXEVHTXHQWUHSRUWV'U0DF.D\SURYLGHGWR 2QsXO\ 0HW/LIHVFKHGXOHG6SDQJOHUIRUDZKROH 0HW/LIHLQGLFDWHGWKDW6SDQJOHUZDVWRWDOO\GLVDEOHGDQGZDV ERG\ IXQFWLRQDO FDSDFLW\ H[DPLQDWLRQ 7KH )XQFWLRQDO QRWFDSDEOHRIZRUNLQJ &DSDFLW\ (YDOXDWLRQ 6XPPDU\ 5HSRUW VLJQHG E\ 6XVDQ (ZLQJDUHJLVWHUHGSK\VLFDOWKHUDSLVWIRU0HW/LIHDQG%ULDQ 'U 5LFHjV 3K\VLFDO &DSDFLWLHV (YDOXDWLRQ LV GDWHG 0RRUHDQ,QGXVWULDO0HGLFLQH&RRUGLQDWRUFRQFOXGHG 6HSWHPEHU 'U5LFHVDLGWKDW6SDQJOHUFRXOGVLWIRU IRXUKRXUVGXULQJDQHLJKWKRXUZRUNGD\EXWWKDWVKHFRXOG 7KLV SDWLHQW GHPRQVWUDWHV D IXQFWLRQDO FDSDFLW\ DW WKH QRWVWDQGZDONRUGULYH1RWDEO\'U5LFHDOVRZURWH m, 6HGHQWDU\SK\VLFDOGHPDQGOHYHOZKLFKGRHVQRWPHHW FRQVLGHUWKLV>SDWLHQWjV@ORZEDFNSDLQLQWUDFWUDFWDEOH6KH WKHVWDWHGMREGHPDQGVIRUKHUSUHYLRXVO\KHOGSRVLWLRQ DOVR KDV RVWHRDUWKULWLV RI KDQGV , GRQjW IRUHVHH UHWXUQ WR 6KHVFRUHGSRVLWLYHO\RQPRVWSV\FKRPHWULFLQGLFDWRUV ZRUNl IRUV\PSWRPPDJQLILFDWLRQDQGDIRFXVRQSDLQ%RWK WKH H[DPLQHU DQG SK\VLFDO WKHUDSLVW ZHUH OLPLWHG LQ 0HW /LIH WKHQ GHFLGHG WR REWDLQ D WUDQVIHUDEOH VNLOOV SHUIRUPLQJDFRPSOHWHHYDOXDWLRQRUWHVWLQJVHFRQGDU\WR DQDO\VLV WR GHWHUPLQH ZKHWKHU 6SDQJOHU ZDV FDSDEOH RI FRPSODLQWV RI SDLQ DQG LQDELOLW\ WR DVVXPH UHTXHVWHG VHGHQWDU\ZRUN,QGRLQJVR0HW/LIHIRUZDUGHGRQO\'U SRVLWLRQVIRUWHVWLQJ 0DF.D\jV 6HSWHPEHU 3K\VLFDO &DSDFLWLHV (YDOXDWLRQWR&UDZIRUG &RPSDQ\+HDOWKFDUH0DQDJHPHQW 7KHWHVWLQJVKRZHGWKDW6SDQJOHUFRXOGVLWIRUmPLQXWHVl 6HUYLFHV &UDZIRUG DFRQVXOWLQJFRPSDQ\DQGDVNHGLWWR VWDQG IRU m VHFRQGVl ZDON m [ VHFRQGV ZLWK TXDG GHWHUPLQH LI 6SDQJOHU ZDV FDSDEOH RI ZRUNLQJ 2QH RI FDQHl DQG FOLPE mILYH VWHSV ZLWK DVVLVWl 7KH UHSRUW &UDZIRUGjVYRFDWLRQDOFRQVXOWDQWV*UHWD.QDXVGHWHUPLQHG XOWLPDWHO\ IRXQG 6SDQJOHU GLVDEOHG DQG VWDWHG m'DWD LV DYDLODEOH RQ ILOH ZKLFK VXEVWDQWLDWHV WKH ILQGLQJV LQ WKLV UHSRUWl 7KH GLVWULFW FRXUW LQFRUUHFWO\ LGHQWLILHG .LPEHUO\ 6ZLW]HU DV WKH YRFDWLRQDO FRQVXOWDQW 0V 6ZLW]HU LV WKH m&DVH 0DQDJHPHQW 6SHFLDOLVWl IURP 0HW /LIH DVVLJQHG WR 6SDQJOHUjV ILOH
Reference
- Status
- Published