StockerYale CFO steps down
Richard P. Lindsey resigned last week as the Salem-based StockerYale’s chief financial officer, to be replaced by Marianne Molleur, the company’s cooperate controller.
Lindsey, a defendant in a class action lawsuit against the company, said he resigned to “to pursue other interests,” according to a company press release.
The lawsuit – consolidated in September in U.S. District Court in Concord — charge executives at the fiberoptics company manipulated or used insider information about a lucrative defense deal, allowing CEO Mark Blodgett and his father, board member Lawrence Blodgett, to sell off the stock at inflated prices. The lawsuits were filed shortly after the company’s $900,000 settlement with the Securities and Exchange Commission concerning similar allegations.
Lindsey was named in the suit primarily because of his position with the company. There are no specific allegations concerning Lindsey.
“As CFO of StockerYale, Rich has played important roles in enhancing and streamlining our world wide reporting processes, as well as helping the Company implement new internal controls related to Sarbanes-Oxley financial reporting requirements,” stated Blodgett. “We have been fortunate to work with Rich and thank him for his many contributions and wish him success in his future endeavors.”
Molleur served as the company’s controller from May to October. She previously worked as vice president of finance and information technology for Brickmill Marketing Services, a direct marketing service firm.
Molleur will be paid an annual salary of $150,000 and granted an additional 40,000 shares of restricted stock options, according to the company’s SEC notice, which was filed Oct. 31.
Meanwhile, StockerYale reported another quarterly net operating loss last week.
The company announced on Oct. 27 that it had a net loss of $1.1 million in the third quarter ending Sept. 30, compared to a $1.8 quarterly loss suffered during the same quarter the previous year and a $1.5 million loss it suffered last quarter.
Revenues increased 3 percent to $5 million from the same period last year and 6 percent sequentially, primarily based on strong growth in specialty fiberoptical components. Driving this growth were fibers for fiberoptic gyroscopes and other security applications for the defense industry, the company reported.
The gain was offset somewhat in a drop in regular fiberoptic and florescent illuminators, which represent the bulk of the company’s current business. – BY BOB SANDERS