Niggerochi,
We can all find countless examples of lawyers in it for themselves. In fact I'll be the first one to tell you that most lawyers litigate to make money for themselves first - and if there is anything left over for the aggrieved then great. Did you really think that the human nature of lawyers was any different than anyone else. Get serious. Of course they're making it worse. It always is worse is to be punished for one's wrongdoing - that's life. Despite that, the fact remains that material facts that should have been aware to management and disclosed to shareholders were not. This is a reality!! Whether one can deal with it emotionally or not, this is reality. The question now becomes. Was the non-disclosure merely negligence or was it intentional? That will be sorted out in the future. Of course I'm angry. So are a lot of others. I can accept and tolerate and be foregiving when someone tries but fails despite a good faith effort. However, I have little tolerance, if any ,for out right greed which blinds management to their fiduciary duties.I have seen far too many instances where a greedy management and greedy insiders and frankly lazy insiders and management get caught up in the riches of the moment and forget to do their homework. Many instances in my career I have counseled promoters and told them, "what if this particular event doesn't materialize? You need to disclose the consequences of this non-event." Response? Get lost. We'll get knew lawyers who will do our bidding and not upset the apple cart. This is not another Boeing or 3com lawsuit. Neither 3com nor Boeing's stock price dropped as severely as OXHP's. For obvious reasons. The facts are different!! Oxford has failed and continues to fail to disclose the fact that it doesn't know what its costs are!!! Come on - who wants to admit that they haven't the foggiest idea what their medical costs by market segment are when they are taking home a salary exceeding $1,000,000 plus stock options etc? They'll look like a flaming idiot. And guess what folks - Management in the eyes of the overwhelming majority of shareholders, look like - yea you guessed it - flaming idiots. Enough sermonizing. Here's are some relevant facts.
Oxford's local counsel in CT is a firm by the name of Robinson Cole. Oxford has yet to answer any class action litigation. There is d&o (directors and officers) insurance. No-one knows yet the limits of coverage. Case likely to be consolidated in CT (see my earlier post on factors taken into account in determining which case will be the case). Appears to be a lot of jostling for position among the numerous plaintiffs lawyers (to be expected given the huge amount of dollars involved). As you know the class period has been extended to at least December 9, 1997. Futher increases in class size likely in light of continued drop in stock price. Scuttlebutt amongst my network of folks is that liquidity at Oxford is drying up. Is it true? Hell, I don't know yet. Time will tell. Credibility of Oxford has been substantially compromised and salesmen are having difficulty signing up new accounts. For those of you who don't believe Oxford is on brink - fine. Believe what you want. As for me, I 'm taking my lumps and moving on. This Oxford is augering in and I don't need to watch the splat at the end. |
