Naked Shorting-Hedge Fund & Market Maker manipulation? Message Board

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Microcap & Penny Stocks : Naked Shorting-Hedge Fund & Market Maker manipulation?

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From: SGJ	10/5/2005 1:47:15 PM
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Fighting back against one of the tools of the naked shorters: biz.yahoo.com Eagle Broadband Files Defamation Suit Wednesday October 5, 12:33 pm ET Eagle Broadband Files Defamation Suit Against Internet Message Board Posters HOUSTON (AP) -- Broadband and Internet protocol provider Eagle Broadband Inc. said Wednesday it has filed a lawsuit against 25 anonymous defendants, saying they distributed false information on the Internet to drive down Eagle's shares. ADVERTISEMENT The suit, filed in the Superior Court of California, alleges that the defendants -- identified only as "John Doe" and by message board IDs such as "bubba2o" and "advanced--headlines" -- posted fraudulent and misleading information to reap profits by driving down the company's share value. Eagle said the posts were distributed on popular Internet message boards such as Yahoo! Finance, and included fraudulent statements about the financial condition and business activities of the company, its products, partners and customers, and personal attacks against the company's personnel. The defendants, Eagle said, sought illegal gains from short sales as the company's stock dropped. The company said it is seeking monetary and punitive damages from the defendants for defamation and unlawful business practices. Eagle said it may add more defendants as new evidence emerges. "While we support the use of the Internet to discuss the company and its progress, we believe it is now appropriate to aggressively pursue all available regulatory and legal remedies against those engaging in these illegal schemes," said Chief Executive and President David Micek in a statement. Shares of Eagle were unchanged at 17 cents on the American Stock Exchange.

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