Pinnacle Systems loses suit: profit turns to loss....

[Dr Mordrid]

Oops....

http://www.detnews.com/2003/technology/0302/19/technology-88631.htm

Dr. Mordrid

[KRSESQ]

The shares fell $2.46 to $10.71 at 2:41 p.m. New York time on the Nasdaq Stock Market and dropped as low as $10.52.

BUY!

Kevin

[Elie]

Oops is right!!

Teaches ya not to buy companies that are in the midst of lawsuits

Cheers,
Elie

[Jerry Jones]

Ouch!

That has to smart.

Jerry Jones

http://www.jonesgroup.net

[Brian Ellis]

I had a suit pending against a company A, when all the assets and liabilities were bought by B. I know that two others also were in a similar position. A did not declare the pending suits to B and hid (destroyed?) all the documents relating to it. My lawyers wrote a suggestion to B that they may wish to settle out of court as the contract was very clear and the breach was evident. B replied that they knew nothing of the contract or the suit, would they please submit copies? This done, within four weeks, I had most of my lolly (a bad settlement, about 60%, is always better than a good court case). It shows that this kind of thing CAN happen, and its the poor buyer who suffers. Whether B sued the previous directors of A or not, for misrepresentation, fraud or whatever, I don't know, but the sum concerned was considerable (for me) and peanuts for B (6 figures in front of the decimal). I believe the others were of a similar order.