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Technology Stocks : AremisSoft Corporation (AREM) -- Ignore unavailable to you. Want to Upgrade?

To: Richard James who wrote (582)	7/23/2001 5:47:33 PM
From: Sir Auric Goldfinger	Read Replies (1) \| Respond to of 683

another example of why halts are NEVER a good thing (takeouts asside): "Guess PLMD won't be ringing the NYSE opening bell as planned, LOL: "PolyMedica Shares Plunge After Reversal on Listing (Update1) (Adds NYSE response in sixth paragraph; background on investigation in seventh; analyst comment beginning in 11th.) Woburn, Massachusetts, July 23 (Bloomberg) -- Shares of PolyMedica Corp. fell as much as 33 percent after the biggest maker of diabetes test kits said its shares won't be listed on the New York Stock Exchange as it had announced. Shares of the Woburn, Massachusetts-based company fell $10.42 to $37.11 in early afternoon trading, after dropping as low as $32. The New York Stock Exchange told PolyMedica Friday morning that it wouldn't list the shares, and didn't give the company a reason, PolyMedica said in a statement released after the close of U.S. markets Friday. The company had announced July 9 that it expected to switch to the NYSE from the Nasdaq National Market beginning today. PolyMedica is trying to find out why the exchange changed its position, said spokeswoman Sylvia Dresner. Ray Pellecchia, a NYSE spokesman, said he couldn't comment on the decision. PolyMedica in April said at least one employee and one former employee were questioned by the FBI about operations at its Liberty Medical Supply unit. The company's shares lost half their value March 23 after an analyst asked the company about the 1999 U.S. government investigator's report on consumer fraud allegations. PolyMedica has said there's been no assertion of fraud by any agency. The NYSE was ``apprised of everything about the company,'' said Dresner. Ring the Bell Company officials had planned to be in New York today to ring the opening bell on the floor of the exchange. ``Nobody knows why the New York Stock Exchange did not list the company and why they waited until Friday morning not to list the company,'' [If nobody knows including ADAM, perhaps he should get a job in some other business] said Adams Harkness & Hill analyst Ryan Rauch. ``We maintain our belief that the company has been above board on its Medicare practices.'' Rauch, who rates the stock a ``strong buy,'' speculated the exchange's decision not to list PolyMedica could stem from a high short position in the stock. Short-sellers borrow stock from a broker, betting they can profit by selling the shares and repurchasing them after the price has fallen. ``We believe that this is just another chapter in the ongoing manipulation of PolyMedica's stock by those who stand to lose significant amounts of money as the stock trades higher,'' Rauch wrote in a research note. Before today, PolyMedica shares had risen 48 percent this year. The NYSE said it would consider a new application, PolyMedica said.