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Biotech / Medical : Lidak Pharm. [LDAKA]
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To: Henry Volquardsen who wrote (597)9/10/1997 9:39:00 PM
From: Red Dragon   of 1115
 
Just discovered this thread and wanted to share my experience with a 'shady' broker that was the topic of discussion a few weeks ago. Like many others on this thread, I first purchased Lidak several years ago after learning about it in BI research.

In early 1994, I received a cold call from a broker in Ohio, exhorting me to buy more shares of Lidak. I have no idea how he got my number, maybe he had a list of shareholders. After his pitch, he transferred me to a "professional investor" who said he was "leveraged up to his eyeballs" with Lidak stock. The entire call is still very distinct in my memory, primarily because of the desparation that seemed to tinge their voices.

I was very concerned about such a heavy sell. Furthermore, Lidak's stock price was dropping quickly in the days prior to this call.

Within days after this call, Lidak announced very disappointing Phase II trial results that showed Lidakol was no better than placebo.

This left an extremely bad taste in my mouth. I fully believe there was insider knowledge about these disappointing results, as the stock dropped in the days prior to the announcement, and I think this cold call was a desparate attempt by the brokerage house (cannot remember the name) to unload stock prior the announcement.

Did anyone else have similar experiences?
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