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Biotech / Medical : PLSIA (Premier Laser Systems)
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To: leisuresports who wrote (1573)5/8/1998 10:52:00 PM
From: John S. Baker  Read Replies (1) of 1773
 
The big winners in such cases usually are the attorneys.


Bill Lerach is a well-known San Diego lawyer who frequently sues management in cases where stock values have gone down, often for apparently natural reasons.


Generally speaking, I would have no use for him or his ilk, as I consider that they make a practice (pun intended) of predatory lawsuits when the alleged management errors are far less egregious-seeming than PLSIA's apparently is. The activities of firms who do this sort of thing have added significantly to the cost of doing business for legitimate businesses, make it hard for growing businesses to find angel or venture capital money, and dissuade experienced businessmen from taking on the risk ... risking *all* their *private* (personal) wealth by agreeing to become a Director of small companies, aka "targets". If a reporter were to describe such activities as those of a "scumbag", I would be hard-pressed to correct the reporter.


Having said that, I am examining my conscience about joining this suit. I must determine how this intended lawsuit might be different from all the previous ones I have scoffed at ... other than the obvious difference that I had my own money tied up in this one.


(Actually, my understanding is that once a "class" has been defined, all members of that class are automatically included in the lawsuit unless the take the initiative to opt out of the suit.) What they attorneys are doing now is trolling for enough people to form a "class" under the law governing class action lawsuits.

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