Penguin parent company reassures stockholders about DoJ case in financial statement
April 29, 2012 | 8:15 pm
Pearson, the parent company of publisher Penguin, has released an interim management statement, as it is undoubtedly required to do every so often. Much of it isn’t of direct interest to e-book fans, but there is a paragraph on the book publishing industry and the DoJ lawsuit:
Following several years of particularly strong performance relative to the overall consumer books market, we expect Penguin to perform in line with its industry this year. It will benefit from its consistently strong publishing schedule, which is more concentrated in the second half this year, and its strong position in the fast-growing market for digital books. The industry continues to face significant structural change and, as one example, we intend to mount a robust defence of our actions in the civil proceedings recently announced by the US Department of Justice against Apple and several consumer book publishers including Penguin.
No surprise there. That’s pretty much what they’d have to say in explaining themselves to their stockholders. If I were one of those stockholders, I would have some very pointed questions about why Penguin behaved in such a way to make a defense necessary, and whether it really thinks it has a chance of prevailing or is just throwing investor money down the lawyer hole. But that’s probably why I’m not one of Pearson’s stockholders.
(Found via Galleycat.)