Just to fair to the bashers and residual short sellers that still cannot get over getting their arse reamed out back in the 1990's while shorting Presstek, I am including this link to the complete text of the class action lawsuit:
CLASS ACTION
PRESSTEK, INC., ROBERT HOWARD, : COMPLAINT FOR
LAWRENCE HOWARD, RICHARD A. : VIOLATIONS OF
WILLIAMS, ROBERT E. VERRANDO, : FEDERAL SECURITIES
GLENN J. DiBENEDETTO, FRANK G. : LAW
securities.stanford.edu
Also just for good measure, (and I believe this is the second time posting this link), I am including this bonus link, where Howard gets a fine for making an editing error.
He either forgot or failed to correct a "reviewed the draft of a research analyst's report on the company that substantially overstated Presstek's sales and earnings expectations."
In the end, just like Bill Gates of Microsoft, he only paid a FINE!
His debt to society is PAID! The END! Period!
UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
SECURITIES EXCHANGE ACT OF 1934
Release No. 39472 / December 22, 1997
ACCOUNTING AND AUDITING ENFORCEMENT
Release No. 997 / December 22, 1997
ADMINISTRATIVE PROCEEDING
File No. 3-9515
In the Matter of
PRESSTEK, INC.
Respondent.
ORDER INSTITUTING PROCEEDINGS
PURSUANT TO SECTION 21C OF THE
SECURITIES EXCHANGE ACT OF
1934, MAKING FINDINGS AND
IMPOSING CEASE-AND-
DESIST ORDER
sec.gov
Just to give a full measure of and some extra salt rubbed in old wounds, I want to include this excerpt from the above link, which explains some of the recent choir from hell, (on Raging Bull and Yahoo boards), again raising their voices and again singing their praises from the past:
"Presstek's Volatile Stock Price
Presstek's stock price has been highly volatile, and has attracted significant short interest. Indeed, Presstek has been the subject of a public tug-of-war between investors with long and short positions in Presstek stock. A financial newsletter known as the Cabot Market Letter has aggressively touted Presstek since early 1994, calling it the "Stock of the Decade," the "Son of Xerox, a stock that increased 100-fold in an eight-year period," and the "best stock we have ever uncovered in our lifetime of searching for super-growth stocks." 5
In contrast, in an apparent effort to depress the price of Presstek, persons have spread negative and sometimes false rumors about Presstek in the financial press and over the Internet. 6"
The old shorts from Presstek are born again IONT shorts.
To me these jaded shorts and bashers look as silly as a group of homosexuals going on a Jerry Springer show only to learn that they have just been jilted!
I can only hope and dream that the IOTN stock price becomes that volatile and pricy along with a working weapon and government contracts. |
