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Biotech / Medical : PLSIA (Premier Laser Systems) -- Ignore unavailable to you. Want to Upgrade?

To: Glenn Perry who wrote (1537)	4/15/1998 2:46:00 PM
From: Pluvia	Read Replies (1) \| Respond to of 1773

Glen, I think you raise some very important points here. <<<Surely a paper trail exists when a company purchases $4.5 million dollars worth of equipment from another. Why would Premier manufacture equipment if an order wasn't written in stone? Was this equipment actually delivered?>>> GAAP requires BOTH a purchase order AND product to be shipped off-site before it can be recognized as a sale. PLSIA's K indicates I believe an order must be shipped before it is considered a sale. Soooooo,,,,, How did PLSIA book 2.5 million in sales to Schein in the Dec Q -- OVER FOUR MONTHS AGO -- and only report the problem now? If they did not ship the 2.5 million to Schein in the Dec Q -- that laser inventory PLSIA claimed was sold has been around for over 4 months!!!! This smells real bad. <<<Cozean wasn't blindsided by this...she new well in advance what the problem was and why Schein pulled out.>>> I agree with you 100%. Cozzene has a history a false, misleading statements in press releases. Look back to the false HYPE she released regarding laser sales last summer. I think this time she has gone too far. I would guess there will be severe consequences. PLSIA could lose every dollar they have in a class action suit from shareholders who purchased and held stock based upon her false, misleading statements, and ended up losing their asses. This is beginning to smell a lot like CHTL, which you may recall was crushed after they made false sales claims. False HYPE claims on Wall Street are the kiss of death, as well they should be. The writing was on the wall on this company long ago. When a company hires every paid tout in the business to promote their stock <like Westergaard> look out. Apparently some of the analysts following PLSIA have now changed from BUY rec's to SELL. One last thing. I would guess the SEC will pull the orders for the last few days and look at trading on this news. Volume was very high recently before the news, you gotta figure this news was know to some who made a kill'n on it. Cheers Steve