Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Biotech / Medical : ICN Pharmaceuticals -- Ignore unavailable to you. Want to Upgrade?

To: serendipitymike who wrote (973)	8/11/1999 5:02:00 PM
From: Bob Rudd	Read Replies (1) \| Respond to of 1029

Fraud accusation by SEC today near the close. Panic and 2 other execs accused. Although the subject accusation: "The suit alleges that the company didn't publicly disclose until February 1995 that a drug application for ribavarin, which treats hepatitis C, had been rejected by the Food and Drug Administration. The FDA rejected the application in November 1994. During the ensuing two-and-a-half-month interval, the company issued several public statements that misled the public about the status of its drug application, the SEC contended." Isn't new stuff, FRAUD is a strong term that gets attention focused on the negatives and distracts management. May be a longer term positive, if Panic and cronies are forced out, but near term could be ugly. Aggravating the issue, fund managers are beginning to look at TAX-LOSS selling [Their deadline is 2.5 months away] and this could encourage even true beleivers in long term to scurry to the sidelines till the smoke clears.