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Biotech / Medical : Eye Laser Industry - VISX and Summit BEAM Info
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To: John Liu who wrote (110)11/12/1996 6:24:00 PM
From: Bill McCullen   of 178
 
John,

Thanks for the response, I will check out the Motley Fool on AOL.

In general, I agree with you that most shareholder lawsuits are
frivilous and I would never have considered one in the past. However,
I find the behavior of Summit's leaders to be particularly
reprehensible. One example that I can't get out of my head (I still
have the copy of the Boston Globe in which I read it) is a
press release the company put out on June 17, 1996 stating that "it
is unaware of the reason" for the stock price tumble (the price was
$ 16/shr at the time). I think it is reasonable to deduce from that
press release that the company was operating well when compared to
its plan (it is highly unusual for a company to issue a PR regarding
its stock performance). However, as we all know now, Summit was
winding up a disasterous quarter in June that, in retrospect, makes
anyone holding the stock wish they got out at 16. I think the
company intentionally misled investors.

If I lived in CA I would have voted NO on 211 also, however, that
doesn't mean that there aren't company leaders out there who should
escape scrutiny when they act in an unethical fashion. So, I will
still ask if anyone knows how to become part of the class action
vs. Summit?

Regards,

Bill
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