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Is there any way for stockholders in a company who don't want their stock
value dragged down by the negative publicity and unnecessary expense of
such a class action lawsuit to communicate their wishes to the courts and
get these stipid things quashed before they can generate any money for the
lawyers? Maybe we should be lobbying the SEC to weigh in against this
kind of crap. How about a law specifying some minimum percentage post IPO
decline before a class action suit can even be considered? -uf
At 01:17 PM 7/8/99 -0500, you wrote:
>-----Original Message-----
>From: Kent Rollins <kentr@xxxxxxxxxxxxxx>
>To: OmegaList <omega-list@xxxxxxxxxx>
>Date: Thursday, July 08, 1999 10:19 AM
>Subject: Re: Omega Class Action Lawsuit Dismissed
>
>
> >Anyone know what this case was over? Why were those brokers included?
>
>Kent:
>
>The reality today is that EVERY publicly-held company gets hit with
>one of these suits. Any stock that falls below its IPO price triggers
>an automatic class-action suit, accusing the company of bilking poor,
>innocent investors.
>
>Now sure, the sentiment on this list is sometimes negative toward
>Omega for .... well, for a lot of things (hey, I've been negative at times
>myself). But these suits against every company whose stock price
>falls are pretty bogus. Needless to say, the only party who benefits
>is the law firm that organizes the case.
>
>Jay Mackro
>
>
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