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Technology Stocks : Sapiens International Corporation (SPNSF): Turn around...?
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To: shlomi cohen who wrote (1180)2/16/1998 4:00:00 PM
From: uu   of 1936
 
Ok, someone from the offices of Heffler, Radetich and Saitta L.L.P (the firm that is handling Sapiens litigation settlements) returned my call, and here is the scoop:

The company has settled the case and there are no law suits pending against the company. This is great news and I wished Sapiens would officially make this a public announcement!

Now as far as the distribution of the settlement goes:

There were two law suits (I was only aware of one of them, the first one which I was included). The second settlement (also known as Porter settlement) does include all the plaintiffs in the first settlement automatically (so this is great news for me)! There are a total of combined 3000 plaintiffs involved in both settlements that will be getting "something" from the court. This "something" will not be recieved by the end of April (and at the absolute latest first week of May) as the judge is reviewing exactly how much each plaintiff should receive (based on each plaintiffs loss and number of shares bought/purchased etc. between 1993 and 1995). The lady I talked to said it will most likely be all in the form of cash but she was not sure. Whatever this "something" is going to be, it is coming from the pool of $8.5 million plus $1.3 million for the porter case that Sapiens has given the court to be distributed to the plaintiffs in the case.

She said there is absolutely no more requirments for the company to pay anything more (either in the form of cash, or stocks), and the court has cleared of the company from any future law suits that goes back to prior years when Sapiens had to restate its earnings. In otherwords the company is clear, and has been freed! It is now simply a matter of the distribution that the judge is deciding.

Therefore I see no reason what so ever for this stock to remain at these ridiculous low levels (based on the great fundamentals both financially and product offerings and market acceptance). Ultimately the fundamentals and earnings will drive up any stock and SPNSf is no exception. I only wished the company would improve its communication skills and make such things as the law suit settlement more public so everyone in the investment community would get a clear picture that the company has all been cleared of any past wrong doings.

Regards,

Addi Jamshidi
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