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Technology Stocks : Network Associates (NET)

NET 248.11

-2.0%

9:30 AM EST

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To: Tim Robbins who started this subject	12/27/2000 11:25:50 PM
From: Conan	Read Replies (1) of 6021

I have followed this company and industry for years and can now pronounce a final verdict: NETA is guilty of gross deception of investors and employees. This is a company and management that will burn in hell forever. NETA is truly an immoral, unscrupulous, evil organization. How could this company possibly get caught stuffing the channel AGAIN? They are truly terrible. What a pathetic story there is here. Larson and his band of cronies are the worst managers. The Network General acquisition was a good one. But then they decided they were smart instead of lucky. The overpriced acquisitions of Helix and Cybermedia were stupid. Getting stronger in the retail/consumer space was way off strategy and they paid big premiums for these companies. The purchase of PGP was also stupid. Same goes for TIS and especially Dr Solomon. Magic Solutions? What the hell were they thinking? Maybe they should have kept developing the helpdesk they had. This company drives away development talent like the plague. I have to believe now that that these later acquisitions were really driven by the desire to get large IPR&D write offs and to confuse auditors. Year over year comparisons were also obscured by these obscenely overpriced acquisitions. But the SEC clamped down and caught them with their pants down. But by 1999 the deception was so monstrous that admitting to the full extent of it would have assured them of being a cornerstone business case study in every first year finance course at every business school in the country. Even so they had to report a "no license revenue" quarter in 1999. Now we know the full extent of the failures of these people The inevitable consequences are too large to hide any longer. Corporate IT departments want to buy best of breed. The strategy of becoming a one stop show for network security was fools gold. The final deception was the McAfee.com IPO. This company is a joke and another Ponzi scheme. By deferring upfront subscription revenue they were able to create the deception of a steadily ramping business. The reality is that they already penetrated the market fully with McAfee.com when they started charging for subscriptions. Most PC users don't care about and will not pay for the features that McAfee Clinic provides. If you want to see how this played out previously in the box world check out the sorry history of Cybermedia and Unni Warrior/Jeffrey Beaumont. Larson will never manage another software company again. He is through. Analysts who believed his bullsXXX will never trust him again. They were fools for believing him without performing real due diligence. Just wait until the vulture lawyers like Lerach and company finish with these bozo's. Stull, Brody, Brown, etc... Here they come! Larson has ruined the lives of many investors and employees. People gave their years of sweat and blood to build this monstrous failure. What a sorry story. ATTENTION TRIAL LAWYERS: I know this company's history better then few people on the planet. I have never worked for them. When you need someone to proofread and critique the narrative of all the crimes of this company you can contact me here on this board and I will gladly help you put together the best informed document. There is a ton of stuff you might overlook so don't forget to contact me! Never owned it and never will! Conan

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