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Supply-chain management software vendor i2 Technologies Inc. blocked a group of people from attending an annual shareholders meeting Thursday in Dallas, where the company discussed its bleak financial results for 2001 and the first quarter of this year, as well as the replacement of CEO Greg Brady by former CEO Sanjiv Sidhu.
I2 says the group that was refused entry into the meeting may have included potential shareholders, stockbrokers, and the news media. Shareholders with voting cards were permitted into the meeting.
Following the meeting, the company issued a statement saying that i2's policy requires nonshareholders to make arrangements in advance if they want to attend the meeting. The company says such precautions ensure a secure and efficient meeting. A Wall Street Journal reporter who was denied entry said i2 didn't give any indication before the meeting that reporters or others would need to make prior arrangements to attend.
For 2001, i2 posted a loss of $7.95 billion on revenue of $985.6 million. The loss was largely because of a $7.6 billion amortization to write down intangible assets for the acquisition of Aspect Development Inc. in 2000. For the first quarter this year, ended March 31, i2 posted a loss of $57.76 million on revenue of $168.41.