telvent

The US Securities and Exchange Commission has an inquiry into suspected insider trading on the NASDAQ-listed Telvent ahead of the announcement of the purchase agreement by Schneider Electric. Persons unknown made trading profits of up to 480%, $475,000 on 1200 call options in the days just before the announcement.

TOLLROADSnews 2011-06-10

The nation's second biggest toll authority seems to be backing out of a decision May 25 by their Board of Commissioners construction committee to award a $81.9m contract to ETC Corp for replacing their toll system.

Telvent known for several years now in the toll business in North America for its toll systems and services work is being bought by Schneider Electric. Both Telvent and Schneider are global companies in both business and ownership, Telvent headofficed in Madrid and Schneider, despite its very germanic name, in Paris. Schneider offered $40/share about a third above the level the shares were trading at on NASDAQ.

Telvent has formally requested that MTA Bridges and Tunnels (MTAB&T) bring forward an audit of their E-ZPass maintenance contract and associated accounts in response to sensational allegations of "fraud"  by Phil Leshinsky, former senior officer of Telvent and further back at MTAB&T itself. In a separate development we have the first reaction from MTAB&T whom we have hit with a number of questions.

Phillip S Leshinsky a toll industry veteran has sued his former employer Telvent in US District Court in Manhattan for $875k in lost wages and damages, claiming he had legal privilege as a whistleblower against Telvent on what his suit says was "unethical, dishonest and probably illegal" behavior at the expense of the big New York City toller MTA Bridges and Tunnels (MTAB&T).

TransCore have the contract to modernize the Bay Area Toll Authority (BATA) toll systems for their seven toll bridges.

New Hampshire DOT have selected Telvent Caseta to install open road toll systems at their biggest toll plaza - at Hampton on I-95. The $1.98m contract will cover toll systems work associated with the conversion, while civil works are being done under three separate contracts likely to total around $20m.