Irate Voxx Shareholder Identified as Equity Fund Portfolio Manager
Voxx International identified the irate shareholder on the company’s Q3 earnings call (see 1601120045) as Vad Yazvinski, portfolio manager at Jordan Capital, an equity fund. On the call, Yazvinski spared few punches when he accused Voxx CEO Patrick Lavelle and…
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Chief Financial Officer Michael Stoehr of steering the company toward investments like EyeLock biometric technology where Voxx doesn’t belong. Said Yazvinski: “A lot of your lines of business at this point would be better off in hands of somebody else.” As a result of the company’s forays into businesses that have shown no meaningful returns, he said, Voxx shares are “basically hitting close to all-time lows.” Other shareholders share his “frustration,” he said: “You guys get paid for doing your job. We as shareholders don't.” On the call, Lavelle responded that while he fully understands the frustration, “we do see the light at the end of the tunnel.”