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Technology Stocks : Sapiens International Corporation (SPNSF): Turn around...?
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To: Sam Golden who wrote (107)8/2/1997 8:18:00 PM
From: Alex   of 1936
 
All,

Someone asked about the lawsuit today.. here is what I know. The lawsuit alleges that sales were artificially inflated at some point in the past. Sapiens has had to restate earnings for about 3 or 4 years ago, and when that happened the bottom fell out. Last year there was a settlement of the class action suit for 8.5 million dollars, but we have yet to see a penny of it.

Sapiens was delisted a while ago because it did not have enough assets to remain listed, and that may have made the private placement necessary (to get relisted). The class action suit was filed against two Sapiens honchos, and they are trying to do the same to a third.

As for IBM support, they have had it for a while. A few years ago, IBM had a contract with Sapiens to be their only USA distributor of their mainframe applications, and recently an ex-IBMer joined Sapiens directly. It has been said that IBM likes the product, and it has been rumored that IBM might buy them out.

I started buying the stock at $19 a share, and let me tell you, in practically no time it was down to $4. I only hope the ride back up is just as fast. This is a company with apparently good products and allegedly shifty accounting (at least in the past). I hope this sheds a little historical perspective.

Alex
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