To ALL IOM Lawsuit Posted with authors permission
Part 1
Subject: On Class Actions, Generally
Date: Tue, Feb 10, 1998 07:52 EST
From: IdidMrsA
Message-id: <19980210125200.HAA12725@ladder02.news.aol.com>
In case it's helpful, I post this little item that I wrote for another board about two months ago, as it may help people with any thoughts about class action suits. The references to this specific law firm are immaterial, although since they're one of the big players, you should expect to see them scurrying
around IOM pretty soon. You can also go here- Securities Class Action Clearinghouse - Designa, to learn everything you wanted about class actions but were afraid to ask.
----------------------------------------------
<<PHILADELPHIA, Dec. 17 /PRNewswire/ -- The following was released today
by Barrack, Rodos & Bacine. Notice to purchasers of the following
securities for the following class periods:
CORPORATION CLASS PERIOD
Oxford Health Plans (Nasdaq: OXHP - news) 11/6/96-10/27/97
Anchor Gaming Corp. (Nasdaq: SLOT - news) 7/31/97-12/4/97
Electronics For Imaging (Nasdaq: EFII - news) 4/10/97-12/11/97
TriTeal Corp. (Nasdaq: TEAL - news) 9/3/96-10/2/97
3COM Corporation (Nasdaq: COMS - news) 5/19/97-11/6/97
Green Tree Financial Corp. (NYSE: GNT - news) 1/27/97-11/13/97
Silicon Graphics, Inc. (NYSE: SGI - news) 7/24/97-10/6/97
PacifiCare Health Systems, Inc. (Nasdaq: PHSYA - news and PHSYB - news
)2/14/97-11/24/97>>
Yesterday, the FoolPort wrap-up referred to the careers of securities class-action lawyers as "debilitating". You know, this being the Christmas season and all, I think that it is our responsibility to help out those less fortunate individuals who have found themselves in that Scrooge-like profession. And so I offer the following on how you can invigorate the lives of the fine, fine attorneys at Barrack, Rodos and Bacine who are currently seeking
to represent the interests of some of you.
At this point in time, any large sudden drop in a stock price is likely to engender a lawsuit. Actually, at the begining, a number of lawsuits, because the securities class action bar is dominated by a relatively limited number of big players, each of whom files virtually the same lawsuit within a few days of any major price drop. There are 60 days from the day of the first of these filings for each firm to corral as many plaintiffs as it can,
and, more to the point, to gather as many total shares as it can. After sixty days, the court determines who lead counsel will be, generally based on who has gathered the clients with the most money at stake, and that firm is thereafter the one which will get the biggest cut of any ultimate settlement fee. (Very, very few of these cases go to trial, though that is always a possibility.)
|
