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Technology Stocks : Adaptec (ADPT) -- Ignore unavailable to you. Want to Upgrade?

To: Bargain Hunter who wrote (938)	1/23/1998 3:41:00 PM
From: Jim Switz	Respond to of 5944

A search of the Business Wire site ( businesswire.com ) on the keyword "Adaptec" at the moment reveals four such lawsuit press releases. Looks like the vultures are really piling on, seeking quick bux in settlements. Typical reaction to a sharp stock-price falloff, especially for that vulture Lerach, who's a notorious adversary of high-tech companies. Adaptec was subject to and settled just such a lawsuit back in '92, as I recall. Presumably, they learned from that experience (I'm sure their extrememly conservative nature when talking to analysts is a direct result) and that they'll cope with this. I'd like to see a statement in response to all this from the company sometime soon, and let's hope they have their accounting policy ducks in a row. Jim

To: Bargain Hunter who wrote (938)	1/23/1998 3:49:00 PM
From: David Lawrence	Read Replies (1) \| Respond to of 5944

Bargain Hunter, my experiences are quite similar to yours, and I could not agree more with your comments. Everybody loses except the lawyers purportedly representing the plaintiffs. The further damage done to the company and shareholders is far more severe than the pittance they might receive in a settlement after the vultures, er, lawyers take their cut. In my opinion, if there is indeed an infraction of law, only the profiting insiders, if any, should bear legal and monetary risk. A non-insider shareholder that owned prior to the infraction is equally damaged as a shareholder purchasing during a class period, and should not be further penalized to the benefit of newcomers.

To: Bargain Hunter who wrote (938)	1/23/1998 5:29:00 PM
From: The Philosopher	Respond to of 5944

<<What we need is to make it harder for the lawyers to get a suit designated as a class action suit. If we could organize early in the process and impress upon the court that the supposed victims do not wish to be further victimized by attorneys seeking to help them, perhaps fewer of these suits would ever become class actions.>> Perhaps with so much Adaptec stock being held by institutional shareholders, who are presumably able to bring their own suits if they want to, they could be persuaded to opt out of the suit, and if a few regular shareholders also opt out, the class wouldn't be large enough to certify? Do you know in what court the action was filed? I'm not eligible to be in the class, since I was selling, not buying, during the pertinent period, but I would like to see the suit go away. (Though readers of this board will notice that I predicted it early on. Not a hard prediction!)

To: Bargain Hunter who wrote (938)	1/23/1998 9:41:00 PM
From: Arthur	Read Replies (1) \| Respond to of 5944

On the subject of these class action lawsuits, I thought there was a law passed in Congress (over Clinton's veto) a year or two ago that was supposed to make it much more difficult to have these frivolous harrassing lawsuits. In particular most press releases now contain "safe harbor" statements regarding forward looking comments. However it seems these lawsuits keep coming and coming. I also recall that the lawyers in California led by Lerach tried to pass a referandum in the last election to end run this national law but were defeated. So does anyone know why we are still subjected to seeing all lawsuits. My own preference is the CEOs and other top management should be spending their time navigating the ship and not having to spend time in the water fighting sharks. Art