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Technology Stocks : LEGATO SYSTEMS LGTO -- Ignore unavailable to you. Want to Upgrade?

To: Richard McMorrow who wrote (619)	1/20/2000 2:39:00 PM
From: aliveinsf	Read Replies (1) \| Respond to of 1138

Richard: Here is my "opinion" on the situation. LGTO mgmt booked questionable revenue in the third quarter, hoping that the situation would clear up and resolve itself by the end of the year. Mgmt, in all likelyhood, knew exactly what they were doing, and the auditors probably "looked the other way" since they don't audit quarterly and would "watch" the situation. The situation didn't clear up ... and low and behold, a problem. Isn't it curious that the auditors "found" the problem even before the audit of the fiscal year began. This is not a case of an audit uncovering the problem, the audit hadn't even started...Management knew exactly what they were doing and they bet the future would make the past ok and it didn't....It never does, and the stock market is littered with companies borrowing from the future to make today look good. IFMX, is a perfect example. IFMX is still waiting for its Phoenix.