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Technology Stocks : America On-Line: will it survive ...?
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To: craig who wrote (4895)9/22/1997 9:52:00 PM
From: Todd Daniels   of 13594
 
>>nobody has made that point to the SEC

The SEC is fairly limited in what it can do, especially when numbers
such as the average per sub per month numbers are not included in
AOL's SEC filings nor in fact in AOL's official press releases, but
instead are announced verbally during conference calls intended just
for analysts. (Though one might argue that posting transcripts on
AOL as AOL does, and allowing Motley Fool in to post it's own
report of the calls is de-facto puting the call in the public domain)

Further, unless there is egregiously obvious severe violation of
securities laws in terms of misleading investors, the SEC can't/won't
act. And usually a case has to be made that insiders or others
attempted to directly profit from a deception/scheme.

Beyond the SEC, class action suits can be filed, but new Federal law
in effect late last year makes them very tough to pursue. Have to
prove not only that an illegal action itself was committed, but that it was intentional and intended. VERY tough to do.

Spin/discrepancy of ad-commerce per sub $ isn't even close to being in that league. After all AOL did report the total revenues, which presumably are accurate.

For the most part, it is for Wall Street to demand more detailed
disclosure. But the more facets that are exposed, the harder it
is to keep a story going.
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