Terayon - S CDMA player (TERN) Message Board

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Technology Stocks : Terayon - S CDMA player (TERN)

TERN 18.25

+0.4%

Nov 6 3:59 PM EST

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To: Dan B. who wrote (511)	4/12/2000 9:39:00 AM
From: Pluvia	Read Replies (6) of 1658

SALT LAKE CITY -- APRIL 11, Pluvia Securities Research initiates coverage of Terayon Communication Systems, (NASDAQ: TERN), at the closing price of $162 with a STRONG SELL Recommendation and a 12 month target price of under $30 Our Sell Recommendation is based on: 1. $56 million or 58% percent of 1999 Terayon revenue came from three customers who were awarded significant amounts of discounted stock or discounted stock options. Profit margins on sales to these customers were approximately double that of margins on sales to normal customers; 2. A series of false, misleading press releases, SEC filings and public statements made by Terayon suggesting their modem technology will become the next "DOCSIS" standard, even after CableLabs - the author of the DOCSIS standard - stated Terayon's technology would NOT be included in the next standard; 3. A "Cease and Desist" letter from CableLabs to Terayon demanding Terayon stop making false misleading statements that suggest Terayon's technology will be incorporated in DOXSIS as the next industry modem standard. The Cease and Desist letter can be seen here: 206.229.94.15 4. Significant insider sales of Terayon stock while Terayon insiders failed to disclose the CableLab Cease and Desists letter and CableLab's decision NOT to incorporate Terayon's modem technology in the next DOCSIS standard. 5. Failure to disclose significant events to shareholders including a restatement of earnings while registering stock with the SEC to sell to public shareholders. We believe Terayon's history of misrepresentations to the public combined with a very high valuation represent a potential for investors to lose as much as 120 points off of the current stock price. A complete report by Pluvia Securities Research will follow shortly. Pluvia Securities Research, their agents, associates, and or employees have investment positions consistent with the above-stated investment opinion. All comments are the EXPRESS opinion of the authors, ALL RIGHTS RESERVED CONTACT: Pluvia Securities Research Steve Pluvia e-mail pluvia2@aol.com

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