Fleetmatics: William Blair’s Rejoinder To The Short Camp

On September 19, FleetMatics Group PLC (NYSE:FLTX) fell nearly 16% after the publication of a highly adverse report that alleged, among other things, “accounting shenanigans that inflate profitability, the material weaknesses in its internal controls, the inexplicable discrepancies between related accounts in its financials, and Fleetmatics’ founding backer’s ties to a previous accounting fraud.” The report suggested the stock had an intrinsic value of just about $11 a share. Analysts Bhavan Suri and Matthew Pfau at William Blair issued their report in response the next day, saying the sell-off in FleetMatics Group PLC (NYSE:FLTX) was exaggerated and instead provided a…