While Ametek led Wall St. to believe Dunkermotoren would produce EUR 200m of revenues for 2012, the German filings indicate that it missed this revenue target by 12% and that Ametek may have known that its performance was already deteriorating after Q1'12. Nonetheless, Ametek described that it was 'very pleased' with Dunkermotoren's performance in response to questions from analysts. We have uncovered a disturbing and recurring pattern of Ametek misinforming investors about the revenue expectations of acquired targets. It may come as no surprise that Ametek's CFO retired shortly after the Dunkermotoren acquisition. The departure also coincided with changes to Ametek's equity clawback policy, which now encompasses a clawback due to financial restatement from fraud or intentional illegal misconduct 5. Concerns With the "Asia Growth" Story : With virtually no organic revenue growth across its operating businesses, Ametek has often deflected investor attention to its success and growth opportunities in Asia.