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Technology Stocks : Intel Corporation (INTC)

INTC 50.59

+4.9%

Feb 6 9:30 AM EST

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To: James Howell who wrote (4701)	10/30/1996 7:27:00 PM
From: Paul Engel	of 186894

James - Re:"Prop 211" Our dearly beloved "Sue every company under the sun" Billy Lerach is at it again! He's busy suing CREE while spending some of his millions to pass Prop 211 in California, so he can turn his millions into BILLION$. If anybody thinks these class action law suits are a joke or a myth, please read below. Paul {====================================================================} LAWSUIT AGAINST CREE ALLEGES BELATED DISCLOSURE OF DESIGN DEFECTS IN BLUE LEDS -- A class action lawsuit was filed in the U.S. District Court for the Middle District of North Carolina on behalf of all persons who purchased or otherwise acquired the common stock of Cree Research Inc. between Feb. 1, 1996 and July 2, 1996 inclusive. The complaint charges Cree and certain of its directors and officers with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and related state law. On Feb. 1, 1996, Cree stated that it would produce 1.5M blue light-emitting diode (LED) chips in 3Q96 ended March 31, 1996, and 6M in 4Q96 ended June 30, 1996. The complaint alleges that Cree was experiencing operational problems relating to design defects of the blue LEDs that caused them to burn out after 500 to 1000 hours of use. The complaint further alleges that the company reported record results for its second and third quarters of FY96 and continued to represent that it was successfully meeting its production goals for its blue LEDs. The price of Cree common stock rose from $14.125 per share to a high of $20.625 per share in the first two quarters, but declined to $10 per share following the alleged belated disclosure of Cree's operational and design difficulties. Milberg Weiss Bershad Hynes & Lerach LLP: 800 390-7969.

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