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Politics : Ask Michael Burke
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To: yard_man who wrote (50746)3/8/1999 8:08:00 PM
From: IceShark  Read Replies (1) of 132070
 
7. "Last week, Compaq's chief financial officer told a select group
of institutional investors that demand for its PCs had slowed substantially. The stock, not surprisingly, was crushed the next
day, although I think it's safe to assume the institutional investors got out first. Incredibly, a Compaq spokesman defended what the CFO did by saying that the disclosure didn't constitute 'material information.' Oh, sure. All those investors went running for the door yelling 'Sell!' because the news was 'immaterial information.'"

When is the limp wristed SEC ever going to start kicking ass and lopping heads off? I've always thought plaintiff securities lawyers were a bit lower than snake slime, but maybe that is what it takes.
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