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Technology Stocks : Emulex, What Prospects?
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To: HoyaBob who wrote (588)8/26/2000 8:41:46 PM
From: Street Hawk   of 788
 
"Rescind all orders which occurred during the fraud."

This would open up a huge can of worms for the future. Not only would this allow for future investors to try to get trades reversed by claiming that they were misinformed, it would seriously put to doubt the finality of trades that occur on the Nasdaq, and lessen the credibility of all Nasdaq trades. You don't punish those who were buying/covering the stock during the morning pre-halt period, or those who were clever enough to see that the PR seemed suspicious and traded accordingly. You punish the prankster for releasing a hoax and for possibly profiting from it either through EMLX options or common trading.

One last note on this, if one takes a close look at the Internet Wire PR, you can see signs of a hoax, poor wording of the announcement, unusual time stamp of 9:30 AM, lack of Business Wire/other news wire coverage, inability to contact EMLX IR to verify such big news, etc.
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