"Chalk One Up for Sepracor's Shorts" - more shoddy journalism, this time from the 6/21/99 Fortune, and featuring BS's David Maris: pathfinder.com
"'Up until J&J, the majority of people believed that most deals were pretty solid,' says Bear Stearns' David Maris, the only analyst until recently with anything less than a "buy" rating on Sepracor (and now the only one with an outright "sell"). One day after the J&J news, analysts shaved earnings estimates for 2000 by 24 cents, according to First Call. Three Sepracor board members have sold their holdings, and hedge fund manager Mike DiCarlo has completely wiped out his position for now."
Careless, to put it gently, to say the "board members have sold their holdings." In fact, three outside directors have each sold a portion of their holdings, on the order of 30-35% each, and retained more than 20,000 shares each.
--RCM |
