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Technology Stocks : Ciena (CIEN)

CIEN 289.68

+6.8%

Feb 9 4:00 PM EST

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To: Red Dragon who wrote (978)	9/30/1997 6:52:00 AM
From: Tom Stone	of 12623

I don't believe you understand the lock-up. I think I do, but am not 100% positive. It is my understanding nearly all of these shares that are coming out of lock-up are shares owned by selling shareholders in the July 2 underwriting, which included over 8 mil shares of those shareholders. I.E. They can't sell anymore shares for 90 days if they sold shares in the underwriting. This includes affiliated shareholders of those selling. You should get a copy of that prospectus from the company so you can see details. I do agree that it will probably not create a big problem at this time since there seem to be buyers around to absorb most of what is coming on the market.

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