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Technology Stocks : Adaptec (ADPT)
ADPT 16.94-2.3%Nov 4 3:59 PM EST
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To: Ahmad Ascha who wrote (1332)3/24/1998 4:15:00 PM
From: MetalTrader  Read Replies (1) of 5944
 
While I congratulate you on your reading of the filed complaints, if you were familiar with the judicial process you would be comfortable with a coin toss in determining the outcome with greater efficiency and comparable predictability. Your statement that where there is smoke there is fire certainly conflicts with my own intimate experience with class action lawsuits. You would not believe how much smoke a room full of smoldering attorneys gives off without ever producing so much as an ember.

(my apologies to the attorneys in the group ...but imagine life without sweeping generalizations <s>)

As far as my reading of the complaints...I should hope any good prosecuting attorney could at least paint a picture of godless moneygrubbing thieving bastards. They get paid more if they win don't they?

But the picture painted conflicts with my reading of management attitude as communicated in their past sec filings. The fact that they made side arrangements to buy back unsold inventory is certainly not unheard of in numerous industries..although their original accounting of it leaves much to be desired. Such a side agreement I believe should be a contingent liability. No one at a financial level would let it go through as simply a sale. No competent accountant would sign off on that misclassification in an audit. It strikes me strange that management would so blatantly do so knowing that it would have to recast the books at the audit. Too obvious to be machiavellian and makes me suspect that it was something done at a level where financial sophistication was lacking. Anyone know if any sales managers got fired recently?

mt
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