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Technology Stocks : Allaire
ALLR 1.275+4.1%Nov 12 3:59 PM EST
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To: Czechsinthemail who wrote (214)9/16/2000 1:41:53 AM
From: greggcap  Read Replies (1) of 612
 
It is clear to me that ALLR management has been actively disclosing negative news to a handful of their favorite fund managers and analysts during the past couple of weeks. Perhaps this misguided move was a naive attempt to keep their "chums" onside when they do eventually publicly disclose the bad news. Unfortunately for Allaire, this move has backfired in the worst way imaginable. One of the "chosen few" obviously broke ranks and began liquidating. The others, knowing bad news was on the way, quite understandably backed away from the market. A trickle became a flood when it became known today that Allaire cancelled their meeting with Needham.

Don't call in the class action attorneys just yet. The practice of "Selective Disclosure", whilst morally repugnant, is still legal.

Here is an excerpt from the SEC site:

Selective Disclosure and Insider Trading

AGENCY: Securities and Exchange Commission.

ACTION: Final rule.

SUMMARY: The Securities and Exchange Commission is adopting new rules to address three issues: the selective disclosure
by issuers of material nonpublic information; when insider trading liability arises in connection with a trader's "use" or "knowing possession" of material nonpublic information; and when the breach of a family or other non-business relationship may give rise to liability under the misappropriation theory of insider trading. The rules are designed to promote the full and fair disclosure of
information by issuers, and to clarify and enhance existing prohibitions against insider trading.

EFFECTIVE DATE: The new rules and amendments will take effect October 23, 2000.

Allaire's silence today while the market melted is truly baffling. I only hope for the future of this company that their products aren't as flawed as their public relations.

gregg
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