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Technology Stocks : ANTEC Corp. (ANTC)
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To: MikeM54321 who wrote (552)3/27/2000 4:21:00 PM
From: Sam Citron   of 847
 
This is but one way to show unhappiness. Unfortunately it is totally ineffective in sending a message or changing the detestable conduct.

I think it is shameful that CEOs think they can get away with such behavior, in spite of SEC Chairman Levitt's frequent public pronouncements against abuses concerning selective disclosure of material inside information and its corrosive effect on confidence in our securities markets.

Prosecutions in cases like may be a bit difficult because the tipper receives no direct material benefit -- only the intangible benefit of remaining in the good graces of the sell-side brokerage and analytical community (in spite of the bad news) by giving them preferential access to the information, so they can get themselves and their select clients out ahead of the market. Notice how not a single analyst dared break ranks with a downgrade or an investment report mentioning the sales downfall. Instead they were obviously too busy trading on the inside information they were given at the expense of us poor fools.

I wrote a note of complaint to the SEC today about the CEO's conduct and also referenced a seemingly lax SEC enforcement policy in these types of cases.

I sold all my shares in ANTC today except for a token position. I also intend to send a copy of my SEC complaint letter to Mr. Stanzione, to the board of directors, and to Antec's counsel.

Unless you hold the stink directly under their noses, they don't seem to smell it.
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