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Microcap & Penny Stocks : Liteglow (LTGL)
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To: Jim TenIron who wrote (2744)7/31/1998 11:46:00 PM
From: Philip Bosco  Read Replies (4) of 4715
 
There has been a lot of talk about legal action against LTGL and its officers. Many class action suits against companies and certain officers usually make allegations that the parties violated 10(b) and 20(a) of the Exchange Act promulgated under SEC Rule 10b-5. These allegations usually state that the company made false and misleading information about how well the company is doing when in fact the officers and/or directors of a company named in the suit knew otherwise. It is usually also alleged in these suits that this false and misleading information artificially inflated the stock price and then the officers and/or directors who knew it is artificially inflated sell at the high artificial price and then the stock price plummets when the truth is revealed leaving the officers and/or directors rich and all other shareholders loosing a great deal of money. Generally it would have to be proven that these misrepresentations and/or omissions had the aggregate effect of artificially inflating the share price and that the insiders then took advantage of this by selling at the artificial high prices when they knew in fact that the share price was artificially inflated.

Any class action suit seeks to recover damages for investors who purchased stock during a particular period of time usually referred to as the class period. I am not certain but I don't believe any officers of LTGL sold stock at artificially inflated prices. If there were artificially inflated prices it would have to be proven that it was caused by Misrepresentations and/or omissions by the company and its officers and/or directors. I will come back to this latter but I do want to look at the company's press releases. Food for thought right now.
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