I heard about it here, first, from Anthony.
While it will be up to the court to ultimately judge the validity of these claims, having reviewed the documentation that Anthony made available, independently verified the material that is public, and reviewed the allegations that are made in the complaint, it seems to me that he has raised some very troubling and sustentative issues. He has done so publicly, and presented in detail the evidence that has caused him to express the opinions he has. To characterize his actions as "bashing" is to engage in nothing less than "bashing" at its worst.
I am new to this forum, and cannot say that I have reviewed everything that he has posted; after reviewing many of the opinions that are available on SI it is difficult not to conclude that his ability to sense a "problem", investigate the situation, and then present and document his conclusions is truly exceptional. If after having done so, he then goes on to reiterate his conclusion in a more concise manner (i.e. SHIT <<< is Shit) that is his choice.
I don't, and I would speculate that Anthony doesn't, recommend that anyone should blindly believe what anyone says, even him. But personally I appreciate the warnings, as well as the strength of character that is required to continue to raise issues that many people would rather not have raised.
The full complaint can be found at: milberg.com
Somehow I don't think Anthony is eligible to join the class.
Milberg Weiss Files Class Action Suit Against Terayon Communications Systems, Inc. and Its Officers and Directors Alleging Misrepresentations
BUSINESS WIRE - April 13, 2000 18:03
SAN DIEGO, Apr 13, 2000 (BUSINESS WIRE) -- Milberg Weiss (http://www.milberg.com/terayon/) today announced that a class action has been commenced in the United States District Court for the Central District of California on behalf of purchasers of Terayon Communications Systems, Inc. ("Terayon") (Nasdaq:TERN) publicly traded securities during the period between February 2, 2000 and April 11, 2000 (the "Class Period").
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, William Lerach, Darren Robbins or Michael Swick of Milberg Weiss at 800/449-4900 or via e-mail at wsl@mwbhl.com. You can join this class action online at milberg.com.
The complaint charges Terayon and certain of its officers, directors and company insiders with violations of the Securities Exchange Act of 1934. This action involves defendants' dissemination of materially false and misleading statements concerning, among other things, the certification of the Company's proprietary S-CDMA cable modem technology by CableLabs (the industry regulating organization), the Company's financial condition and their effects on the Company's operations. The complaint alleges that defendants' scheme: (i) deceived the investing public regarding Terayon's business, new product capabilities and acceptability as an industry standard technology, foreseeable product demand, growth, operations and the intrinsic value of Terayon common stock; (ii) allowed defendants to register and/or sell over $439 million worth of Terayon shares at artificially inflated prices via share-for-share acquisitions of other companies, which acquisitions also allowed defendants to appropriate valuable proprietary technologies previously owned by other companies; (iii) allowed Company insiders, several of whom are named as defendants herein, to sell over 71,000 shares of their privately held Terayon common stock, during the Class Period, while in possession of materially adverse, undisclosed information, allowing them to reap proceeds of at least $15.9 million; and (iv) caused plaintiff and other members of the Class to purchase Terayon common stock at artificially inflated prices.
Plaintiff seeks to recover damages on behalf of all purchasers of Terayon publicly traded securities during the Class Period (the "Class"). The plaintiff is represented by Milberg Weiss Bershad Hynes & Lerach LLP, who has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.
Milberg Weiss has been actively engaged in commercial litigation, emphasizing securities and antitrust class actions, for more than 30 years. The firm has offices in New York, San Diego, San Francisco, Los Angeles and Boca Raton and is active in major litigation pending in federal and state courts throughout the United States. The firm's reputation for excellence has been recognized on repeated occasions by courts which have appointed the firm to major positions in complex multi-district or consolidated litigations. Milberg Weiss has taken a lead role in numerous important actions on behalf of defrauded investors, and has been responsible for a number of outstanding recoveries which, in the aggregate, total approximately $2 billion.
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