Ann: Half Year Webcast December 2018, page-23

The loss of a major telco client impacting the EBITDA by $4 mill was disappointing to say the least, but it was clearly a shock to investors, so I’m not sure how Karl might have been able to have his finger better placed on the pulse without having prior knowledge. So to answer your question, if there had been rumblings prior to the result, I’m sure ARQ’s SP would have been sold down by then. So it is unlikely that anyone knew.
However, the black swan event I’m referring to was the subsequent media reports regarding Chinese nationals hacking into them to gain access to US aerospace companies, which has continued to pile bad news on the back end of a poor and unexpected result coupled with a general repricing of midcaps between sept and Dec. “Them’s the breaks” as they say.