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Microcap & Penny Stocks : TGL WHAAAAAAAT! Alerts, thoughts, discussion.
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To: SSP who wrote (4768)7/22/1999 3:36:00 PM
From: CIMA  Read Replies (2) of 150070
 
NEWARK, N.J..--(BUSINESS WIRE)--July 2, 1999- Recent reports
of bashers operating on the Raging Bull and Silicon Investor
boards have led to multiple lawsuits. In most of these lawsuits, the
bashers of the stocks in question have simply been working to
make money when they successfully lower the price of the stocks,
called shorting the stock. Short sellers are investors who sell
borrowed stock hoping to buy it back later at a lower price and
pocket the difference. Such people could profit from "bashing," or
criticizing, a stock in an online message board if their comments
pushed the stock's price lower.

However, in this new development, a basher identified in one
document as "boxer101" has been found to be in the employ of
competitors of the companies he is bashing. Working with
evidence of posts taken from the Raging Bull and Deja.Com
boards, it appears boxer101, unnamed at this time, will bash
stocks who belong to the competition on these boards in
exchange for free stock or actual cash reimbursement for every
day that the competitor's stock is held at or lower than the price of
the previous day.

The Attorney General for the state of New Jersey is currently
gathering evidence in this case. It was hinted by someone in the
Attorney General's office that this case may be presented to a
Grand Jury in the next two weeks with indictments expected one
week after that. Our source also confirmed that as many as five
defendants as expected to emerge from the Grand Jury. "We are
expecting this to open up a very large ring," said the source on the
condition of anonimity, "and do not expect it to end with the state of
New Jersey."


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