Vari-L (VARL) Message Board

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Technology Stocks : Vari-L (VARL)

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To: Labrador who wrote (2501)	9/14/2000 10:59:19 PM
From: kkrramer	Read Replies (1) of 2702

"The problem now is that the class action suits likely have merit. This is going to cost the company $$$ to defend these actions. Further, the company's coffers will likely be tapped to pay any awards to damaged shareholders. Oh, and plaintiff attorneys typically don't work for free." From the August 11 letter from Mr. Kiser and Mr. Pappas: "As a result of our announcement that our previously filed financial statements contain accounting errors, the Nasdaq Stock Market has halted trading of Vari-L's shares and the Company is out of compliance with Securities and Exchange Commission reporting requirements pending a restatement and re-audit of those financial statements. As a result, an initial lawsuit and subsequent ``copycat'' lawsuits have been filed by lawyers representing certain shareholders. The Company has two insurance policies that it obtained to cover such legal actions, and Vari-L intends to vigorously defend itself." A couple of more grains of silver for your lining. Hope the policies are meaningful. Ken

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