Re: 7/14/00 - [SHPH] Shaman Files Complaint Against `cyber bashers'
Friday July 14, 8:33 am Eastern Time
Company Press Release
Shaman Files Complaint Against `cyber bashers'
SOUTH SAN FRANCISCO, Calif.--(BW HealthWire)--July 14, 2000--Shaman Pharmaceuticals, Inc. (OTCBB:SHPH.OB - news) announced today that it has recently filed a complaint in federal court, alleging stock fraud and libel, against several ``cyber bashers'' posting on a popular message board assigned to Shaman's stock. Shaman is in the process of serving subpoenas on various parties to uncover the names of the bashers. The company is also investigating the possibility of multiple aliases by one poster.
Since February, 2000, when the message board initiated under the Shaman's then newly assigned trading symbol, SHPH.OB, hundreds of malacious remarks have appeared in postings on the Company's message board. ``These remarks range from the blatantly ridiculous to outright false statements portrayed as true regarding the Company and its products,'' stated Richard Ito, Shaman's internal counsel. For example, false and allegedly illegal statements have been made refuting the effectiveness of Shaman NSF product for managing diarrhea. Clinical data documenting the efficacy of this important product as well as of its principle ingredient, SP-303, have been published in numerous peer-reviewed journals. As recently as this week, the product's safety and efficacy were the subject of a scientific poster at a major international scientific conference and a recommendation in the Dr. David Williams Alternatives Newsletter.
Numerous members and their postings have been removed from the message board due to violation of the terms of service. In addition to attacking the Company and its employees, the bashers have disclosed personal information about other posters and investors and used allegedly abusive and defamatory language.
The suit was filed by Jeff Riffer of Jeffer, Mangels, Butler & Marmaro law firm. In response to the view that the internet is an open highway for freedom of speech, Riffer commented, ``The First Amendment is alive and well. However, it is not a `get out of jail free' card that allows a person to commit wrongful acts. It does not allow a person to yell `fire' in a crowded theatre. It does not allow a person to commit stock fraud, even if the fraud was perpetrated with words. And it does not allow a person to commit libel or slander.'' Riffer has had recent successful experience with such lawsuits against cyber bashers of other high profile stocks.
According to Lisa Conte, Shaman's President and CEO, ``Shaman has always publicly disclosed the potential business and financial risks to our shareholders and potential shareholders. We would be remiss and irresponsible to our current shareholders in not attempting to remove clearly false and misleading information about the Company from these public forums.''
Added Dr. Steven King, Shaman's recently appointed Chief Operating Officer and Sr. Vice President of Ethnobotany and Conservation, ``Shaman is a remarkable turnaround business story, a triumphant tale of employee commitment, and an all too unusual situation of dedicated responsibility to all stakeholders in the face of extreme challenges. We will do what's necessary to be sure a balanced yet truthful presentation of the Shaman investment and business opportunity is available to those seeking comments and information from the financial message boards.''
Shaman Pharmaceuticals, Inc., through its main operating division Shaman.com, is a leader in medicinal plant research and commercialization of proprietary dietary supplements. Shaman.com works collaboratively with indigenous communities to discover, harvest and reforest medicinal plants.
This press release contains, among other things, certain statements of a forward-looking nature relating to Shaman's ability to advance its development and research programs. Such statements involve a number of risks and uncertainties including the Risk Factors listed in the Shaman Pharmaceuticals, Inc.'s Annual Report on Form 10K and 10K/A for the year ended December 31, 1999. These filings are available upon request at 650/952-7070. Also visit Shaman at shaman.com.
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Contact:
Shaman Pharmaceuticals, Inc.
Corporate Communications, 650/952-7070
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