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Technology Stocks : Riscorp, Inc. (RISC)
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To: Lee Ring who wrote (9)2/28/1997 10:19:00 AM
From: jerry simons   of 20
 
c 1997, Tampa Bay Business Journal 6/24/97

SOMEBODY UP THERE LIKES THEM: Despite all the bad news it has endured over the past several months, Riscorp Inc. has found a willing buyer for some of its stock. Massachusetts Financial Services Co. reported recently that it has bought nearly 1 million shares, or just over 8 percent of the Sarasota-based managed-care workers' compensation provider. Massachusetts Financial, which runs the MFS Funds family of mutual funds, said it acquired the shares for investment purposes.

Since its initial public offering a year ago, Riscorp has seen its stock price plunge from $21.50 to less than $4. The company's officers are being investigated by the federal government for possible violations of federal campaign contribution laws. The company also has been sued by former shareholders of a Miami company acquired a couple of years ago by Riscorp. In addition, the firm has posted weak earnings since it went public, partly as a result of a sharp cut in workers' comp rates mandated by state Insurance Commissioner Bill Nelson.

In November, Riscorp announced that it had formed a committee of
outside directors to look into ways of "enhancing shareholder value,"
possibly including a sale of the company.

_____________________________________________________________________

IMO - This article would not be the cause of its decline. See next post
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