I'm convinced that the majority of shareholder class action suits are a result of greedy lawyers. Other class action suits are filed by investors who blindly take the advice of their brokerage firms.
[Thursday, 24 June 2004] CIBC World Markets downgraded CORV from 'sector perform' to 'section under perform'.
[Monday, 21 June 2004] CRAY closed Monday at $6.40, down almost 7.5%. Trading volume double the normal average.BOUGHT CRAY 6.88 06/21/2004
[Monday, 21 June 2004] FSTW was up 9% with only 100 shares trading. {ITManagersJournal.com:: All About Thinly Traded Stocks}[Wednesday, 23 June 2004] Salesforce.com had a "successful" IPO. The company was going to go public at $7.50-$8.50, but ended up selling shares at $11. CRM spiked to $17.20, up 56.4%, on its first day of trading. Salesforce.com -- as evidenced by their a CRM symbol -- is in the Customer Relations Management software business; the same business as Firstwave Technologies. FSTW shares are trading at $2.42, 20% above their 52-week low of $2.00, but well below a 52-week high of $9.73. The successful Salesforce.com IPO indicates that Wall Street is somewhat bullish on the CRM industry.
[Monday, 21 June 2004] HGR fell 21% closing at $9.34. The stock made a new 52-week low of $9.25. Hanger's stock has crashed because of allegations it faked prescriptions to improperly increase sales. For the second time in two weeks, HGR was the leading loser on the NYSE. { press release}[Tuesday, 22 June 2004] HGR was up almost 14% on heavy volume closing at $10.61. HGR was the second leading gainer on the NYSE.
[Wednesday, 23 June 2004] Last week we expressed concern about an increase in shareholder class action suits. Bad news hits Hanger Orthopedic and bam Milberg Weiss Bershad & Schulman announces the filing of a class action suit against Hanger Orthopedic. The press release says "If you bought the securities of Hanger between July 29, 2003 and June 14, 2004 and sustained damages... " What about the existing shareholders who were holding onto the shares expecting the company to have an exciting future? I cannot believe that most shareholder class action suits are because of greedy lawyers. Later in the day... yet another shareholder class action suit filed against Hanger by Lerach Coughlin Stoia & Robbins.
[Thursday, 24 June 2004] Three more shareholder class action suits filed against Hanger by the law offices of Charles J. Piven and the law offices of Brodsky & Smith and the law offices of Geller Rudman.[Friday, 25 June 2004] HGR closed the week at $11.33 after hitting a new 52-week low of $9.25 on Monday.
[Wednesday, 23 June 2004] On a good day for the markets, IOM shares closed at $5.24, up 13.7%. Volume was 160% higher than average. IOM was the 4th leading gainer on the NYSE.[Friday, 25 June 2004] IOM shares were up more than 25% for the week closing at $5.75.
[Tuesday, 22 June 2004] JMAR Technologies has been added to the GDT::Portfolio::WatchList at $2.00. JMAR Technologies, Inc. is into "laser, automated alignment and positioning, and sensor systems for applications in the semiconductor, biotech, homeland security and nanotechnology markets."PSR: 3.72 52-week low-high: 1.10 - 4.72 only 4% insider ownership low institutional ownership $0.34 cash per share, minimal debt
[Tuesday, 22 June 2004] Kopin Corp. has been added to the GDT::Portfolio::WatchList at $4.70.
[Monday, 21 June 2004] LYNX shares remain volatile moving up 29% to close at $2.88. Volume was more than two times the daily average.
[Friday, 25 June 2004] NGEN shares close Thursday at $6.28; they opened Friday at $6.89, up 10%, on news of the company being awarded a patent. The shares spiked to $7.19 and trading volume after one hour of trading was double the daily average. NGEN ended Friday at $6.80, up 8.3%. Trading volume was 7.94 million versus an average of 1.75 million.
[Wednesday, 23 June 2004] On a good day for the markets, SGI stocked closed at its high for the day at $2.25 up 14.8%. Trading volume was double average.
[Thursday, 24 June 2004] SPIR shares opened at $5.55 and jumped 25% to an intra-day high of $6.92. They closed the day up 9% at $6.05 on a 10-fold increase in trading volume.
[Monday, 21 June 2004] Viisage filed to sell 7.5 million shares of common stock. The is selling 7.2 million shares, and stockholders are selling an additional 300,000 shares. The announcement was made after the market closed. In after market trading VISG shares were down 3.5%.[Tuesday, 22 June 2004] Investors did not like that Viisage was selling stock to raise cash. The stock was down 11.3% closing at $8.61 on average trading volume. VISG was the 4th leading loser on the NASDAQ.
[Wednesday, 23 June 2004] YHOO shares made a new 52-week high of $34.19. For the day YHOO shares were up 4.4% on average trading volume.[Thursday, 24 June 2004] YHOO made another 52-week high of $34.38.
[Friday, 25 June 2004] YHOO made another 52-week high of $35.36.
Author: Gerald D. Thurman
[gdt@deru.com]
Created: 25 June 2004