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Non-Tech : E-Trade "Class Action Lawsuit"
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To: ANGELIQUE LEE who wrote (2)6/5/1996 10:30:00 PM
From: kblaine flaherty   of 128
 
To All:

On May 27, 1996 at approximately 9:30 pm central time I put an order in to buy 300 shares of CAWS at the market. This order was placed after the market close so I knew that I would get execution on Tuesday May 28 at the opening. Around 8:50 am central time on the 28th I tried to get onto E-Trades web site for over 1 hour with no luck, I tried to phone E-Trade and was put on hold for over 45 minutes and then gave up . My intentions were to sell CAWS at 17 which is where it traded for thousands of shares. Once i was able to get onto E-Trades web site i did not have confimation of a buy, therefore i could not put in a sell. Around 2:30pm i was able to get back on E-Trades web site and found that my ordr had been executed for 15 3/4. By this time CAWS had fallen to around $14. On the following day i placed a market order to sell the 500 CAWS and a few HOURS later i got confimation that i had sold out at $12. Since i had intended to sell my stock shortly after the open my loss ended up totaling $1,500 (17-12*300). thank god i did not go my usual 1000 shares on the trade.

By the way most every one i know that had buy orders in for CAWS before the market opened got theirs filled for 15 1/2 to 15 5/8, mine got executed at 15 3/4. Screwed again.

kf
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