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Technology Stocks : Presstek -- Stock of the Decade??
PRST 0.00010000.0%Sep 29 10:16 AM EST
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To: Thomas J Engelsma who wrote (568)6/29/1996 1:27:00 AM
From: E   of 11098
 
Tom,

I wasn’t able to make it to the Heidelberg/PRST print shop in Long Island this week. It was just too far away from where we were staying. I’m sorry.

Could you or anybody explain why anyone would believe they could win a lawsuit because an earnings figure had to be adjusted lower if that didn’t mean that the amount of money involved was, by the subtraction, "disappeared" from the company? Because, as I understand your explanation of it, the company gets to deduct 100% of that amount from what it would have had to pay the IRS in any case. (Not from taxable income; from taxes.) So it’s no worse off, really. I must be misunderstanding something. It couldn’t be this simple, or a lawfirm wouldn’t take the case. But it seems as though the plaintiffs are saying they looked glancingly at the quarterly report and based their decision not on the overall financial picture (income vs. outgo) but just on that one line. (And also that the whole reason PRST crashed was that adjustment.) (Also they’re asserting that this was a plot, or plan, not simply the accountant’s reported phone call with reconsidered advice.)

And what effect would a recovered or exceeded share price have on a suit, if that should occur before the suit was heard?

There must have been other cases like this out there. Anyone know the precedents?

Jason’s Mother
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