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.

Strategies & Market Trends : Anthony @ Equity Investigations, Dear Anthony, -- Ignore unavailable to you. Want to Upgrade?

To: Anthony@Pacific who wrote (63193)	11/21/2000 5:24:45 PM
From: StockDung	Respond to of 122087

I can't figure out who is worse. Quintus or the analyst that cut his rating to only "neutral" instead of "sell at all costs, man the life boats before it gets halted". "``From our clients' perspective, this company is pretty much going to be out of commission for a while,'' said analyst Cameron Steele of Dain Rauscher Wessels." "Steele cut his rating on Quintus on the day of the company's announcement from buy to neutral." Quintus Corp Guilty of Fraud, Shareholders Allege in Lawsuits New York, N.Y., Nov. 21 (Bloomberg) -- Quintus Corp., the software maker which last week put its chief executive on administrative leave and hired an outside auditor, was named in four shareholder suits announced Tuesday. The complaints, filed in federal court in California, bring to at least 18 the number of shareholder lawsuits against Quintus since it announced on Nov. 15 that it was delaying a filing with the U.S. Securities and Exchange Commission because the company's revenue and accounts receivable are under review. The suits, filed by law firms in New York, Philadelphia, San Francisco, and Washington, D.C., among other places, are similar in that they accuse Quintus of making false and misleading statements to investors about the company's prospects. ``Quintus shocked the investment community when it announced that it would delay filing its Form 10-Q for the quarter ended September 30, 2000 pending completion of an investigation of revenue and accounts receivable for that period,'' Kaplan, Kilsheimer & Fox LLP, a law firm with offices in New York and San Francisco, said in a statement today. Quintus placed Chairman and Chief Executive Alan Anderson on administrative leave while PricewaterhouseCoopers LLP audits its financial statements. Following that announcement, trading in Quintus shares was halted until the company could satisfy Nasdaq's request for more information. Trading has not resumed. Quintus shares, which sold for $56.50 on Dec. 7, 1999, were priced at $2.97 when trading was stopped on Nov. 15. ``From our clients' perspective, this company is pretty much going to be out of commission for a while,'' said analyst Cameron Steele of Dain Rauscher Wessels. Steele cut his rating on Quintus on the day of the company's announcement from buy to neutral. Quintus provides e-mail and Internet systems to customers including Anheuser-Busch Cos., Citigroup Inc., Lucent Technologies Inc. and Procter & Gamble Co. The software manages company orders and services. At least one law firm, Barrack, Rodos and Bacine of Philadelphia, accused the company of artificially inflating the price of the stock through its financial statements. Quintus representatives did not immediately return a call seeking comment Tuesday. Nov/21/2000 16:39 ET For more stories from Bloomberg News, click here. (C) Copyright 2000 Bloomberg L.P.