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At 10:02 AM -0500 on 1/29/98, Shawn Devlin wrote:
[...]
> Sounds to me like the underwriters who took Omega public ought to be the ones
> who get hammered here, unless Omega and the Cruz bros deliberately lied to the
> underwriters. I know that the officers at Omega are ultimately responsible to
> make sure that the represntations in the prospectus are true, but these guys at
> the underwriters take companies public every day and ought to know how to do it
> right. I'm not defending Omega, but I think we ought to look at the
> underwriters first.
> "It's hard to make predictions, especially about the future."-Yogi Berra
It is also useful to keep in mind that there is a thriving legal sub-culture (isn't that a tautology?) whose business consists of monitoring IPOs for certain price action patterns. The fact that a lawsuit is filed doesn't mean one can presume the action has merit. These lawyers file a large number of these sorts of suits in the hope that one of them turns into a lottery ticket. Many are dismissed summarily.
Cheers,
Gibbons
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