Re: 9/20/00 - [TTN] Botti Brown Asset Management Denies False Accusations by Titan Corporation
( BW)(CA-BOTTI-BROWN) Botti Brown Asset Management Denies False Accusations by Titan Corporation
Business Editors/Legal Writers
SAN FRANCISCO--(BUSINESS WIRE)--Sept. 20, 2000--San Francisco fund manager Botti Brown Asset Management, LLC today categorically denied allegations of defamation by Titan Corporation and questioned why Titan is contradicting Titan's subsidiary's recent filing with the Securities and Exchange Commission. In a complaint filed in Los Angeles Superior Court on August 30, 2000, in which Botti Brown was named as a defendant on September 19, 2000, Titan accused Botti Brown of making false statements about Titan and two of its subsidiaries, Cayenta and SureBeam, that are in registration for initial public offerings this year. One of the key alleged false statements is that Cayenta is "a money losing software company." However, the Form S-1/A registration statement for Cayenta's IPO filed with the SEC on August 8, 2000 explicitly states: "We have incurred and expect to continue to incur losses for the foreseeable future." Botti Brown stands behind the substance, good faith and proper purpose of its analysis of Titan and Titan's subsidiaries.
Botti Brown's opinions about Titan were contained in discussion notes for two dinner meetings with a small number of other San Francisco area portfolio managers. While Titan has asserted that these notes were widely distributed to Titan's institutional shareholders, Botti Brown has made clear to Titan that it has no knowledge of this and was not involved in any such distribution. The Titan complaint also alleges defamation by internet message board participants expressing their opinions on Titan stock. Again, Botti Brown has made clear to Titan that no one affiliated with Botti Brown has ever posted anything concerning Titan on an internet message board.
Botti Brown principal John Botti stated: "Titan's suit has no merit and will be defended vigorously. The suit appears to be an attempt by Titan to silence those who have raised questions concerning the value of Titan's stock. The securities markets require full and open discussion of information, including all viewpoints. A public company should not be using its power to sue those with opinions different from the company's, since that would chill the exercise of freedom of speech protected by the First Amendment and thwart the goals of the securities laws."
For further information, contact Kenneth G. Hausman or Barbara A. Winters at the law firm of Howard, Rice, Nemerovski, Canady, Falk & Rabkin, (415) 434-1600 (counsel for Botti Brown).
--30--dmo/cgo*
CONTACT: Howard, Rice, Nemerovski, Canady, Falk & Rabkin
(Counsel for Botti Brown)
Kenneth G. Hausman or Barbara A. Winters, 415/434-1600
KEYWORD: CALIFORNIA
INDUSTRY KEYWORD: LEGAL/LAW
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