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Technology Stocks : Oak Technology (OAKT)
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To: Woody who wrote (4274)6/23/1999 2:19:00 PM
From: Daniel Shaffer   of 4335
 
Class Action Suit

I haven't seen my copy yet, but I'm happy to hear that something is happening with the suit which was filed several years ago. What prompted the suit was the insiders selling large stakes when the price was above $20 while at the same time forecasting a rosy scenario. A few months later, it emerged that OAKT sales were slumping, unsold inventory was piling up, and the stock price slumped to below $10 where it has stayed since then. You can find details by going back a few years on this thread.

My experience with Sierra Semiconductor was that the stock began to soar after a similar class action suit was settled. Coincidence? I don't know. I think outstanding lawsuits create a cloud of uncertainty (FUD) that tends to depress demand for a stock.
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