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Biotech / Medical : Paracelsian Inc (PRLN)
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To: sol dude who wrote (3321)9/26/1997 5:34:00 PM
From: John H. Farro   of 4342
 
Sol Dude,

You said:

I said their press releases are to ambiguous.
She said they feel they have said to much in their releases.

I wish you had asked Karen the following: Does she think the stockholders, i.e. the owners of the company, have a fundamental right to know what the company is doing with their money. The company has been playing with our money as if it belonged to them, and they just wanted us to go away. Is this really the company philosophy?

I can understand why they would be afraid of issuing press releases. There's a chance they might say something that they would regret having the SEC see. The problem with this approach is that they can be just as liable for fraud if they don't issue press releases when materially relevant information is available as they would be if they did issue releases with false claims. They did not issue a release when Colin Campbell left the company, nor when a number of other directors left late last year and earlier this year. That in itself was misleading. There is reason to suspect the company may have lost its access to the remaining 2200 - 5200 Chinese herbal extracts that they have yet to test. This would be one explanation for why the company is now suddenly so interested in South American herbs. I don't know if this theory has any merit or not, but if they have indeed lost their supply of Chinese herbal extracts then they will be in very serious trouble with the SEC for failing to inform the stockholders of that fact. Theoretically, they could get in as much trouble by not saying enough as they can by saying too much.

Again, I have no proof that they lost their China connection. If they still maintain good relations with China, then they have nothing to worry about on this front. But if they have lost their China connection a lot of people could end up going to jail for not informing the stockholders of this relevant information.

I hope that Karen isn't one of them. Whether she likes it or not, she is no longer just a secretary following orders. She is an officer of the company. She may be an innocent party who has been mislead in the past. But I pray that she keeps her eyes and ears open and watches what is happening. And if she sees any evidence of wrongdoing, I hope she has the courage to step forward and do the right thing. It would be tragic for her to get cought up in a bad situation that was not her own making.

Robin
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