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Initial Public Offerings (IPOs)

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May 24, 2012 Beware small investors: Facebook was just a warning

QUOTE: a bipartisan bill, innocuously named the JOBS Act, rolled back these and other investor protections for companies with less than $1 billion in revenue, deemed emerging growth companies. Once again, research analysts can communicate directly with management and if desired share favorable (or unfavorable) reports....Prior to Sarbanes-Oxley, researchers at Cornell and Dartmouth universities found that analysts affiliated with the underwriting bank issued buy ratings to prop up dropping stocks...

CNN (Cable News Network)
Jun 15, 2007 Go Public, and Face Higher Taxes

QUOTE: If the proposed legislation… is adopted, publicly traded private equity firms and hedge funds would face an additional corporate tax… “It’s unfair to allow a publicly traded company to act like a corporation but not pay corporate tax, contrary to the intent of the tax code,” [Senator Charles E. Grassley of Iowa] said.

New York Times
Jun 03, 2006 Vonage in Predicament After Public Offering: Solicitation May Have Been Faulty

QUOTE: ...Vonage may have violated securities laws by offering its customers the shares on an Internet site that failed to provide a link to a prospectus, a legal document detailing to prospective investors all aspects of the stock offering, including any risks. Many customers who made a commitment to buy shares began to complain that they shouldn't have to honor that contract.

Washington Post
Jun 01, 2006 Vonage May Seek Payment From Balking Share Buyers

QUOTE: Vonage...customers were given the chance to buy as much as 15 percent of the shares. Some 9,000 customers took the company up on the offer but after the share price plummeted, a portion of the investors have now balked at paying for shares they committed to buy.

New York Times
Jan 26, 2005 SEC Reaches Settlement In IPO Inquiry

QUOTE: Morgan Stanley and Goldman Sachs Group Inc. have agreed to pay $40 million each to settle federal charges that they awarded coveted initial public offering shares in a manner that may have artificially pumped up stock prices during the late 1990s.

Washington Post
Aug 31, 2004 Lessons from Google's IPO

QUOTE: After more than more than three months of filings with the Securities and Exchange Commission, public miscues, pricing changes and enough legalese to make a lawyer dizzy, Google's initial public offering is one for the record books.

Oct 01, 2002 The Secret Life of the CEO: Is the economy just built to flip?

QUOTE: Just like the dotcom excesses, Enron used the capital markets to increase the price of a share -- independent of the underlying value of that share -- so that a few people could cash out at that inflated price before the markets pounded the price back down to the true value of the share.

Fast Company
Aug 27, 2002 Salomon Gave a Big Helping of New Stocks to WorldCom

QUOTE: '[Salomon Smith Barney recognizes] that the simple fact of an allocation to a C.E.O. or other decision maker of a company that is also an investment banking client can raise the appearance of a conflict.'

New York Times
Jan 28, 2002 The Real Cost of Getting in On Hot IPOs

QUOTE: Credit Suisse First Boston, which managed the IPOs of nine local companies, has admitted it systematically extracted payoffs from investors who were given a chance to buy shares in the most desirable deals.

Washington Post
Jan 08, 2002 The Rise and Fall of Michael Saylor: Once Defiant, Microstrategy Chief Contritely Faces SEC (Part 3)

QUOTE: He told friends that his company had been the victim of "bean-counter sophistry" from its auditors, PricewaterhouseCoopers, and from the "jackals" in the press. But there was something Saylor feared – the Securities and Exchange Commission.

Washington Post
Oct 21, 2001 Time to Look At Stock Options' Real Cost

QUOTE: After a bruising battle in 1993, [International Accounting Standards Board] caved in to corporate lobbyists' demands that stock options, undeniably an employee cost, should not be deducted from revenue as other costs are.

New York Times
Nov 19, 1999 BEYOND THE LAW: As the SEC attempts to crack down on improper accounting, a recent federal court ruling threatens future investor lawsuits

QUOTE: The chairman's ``Numbers Game'' speech in September 1998 was the opening volley in the SEC's vaunted campaign against improper and sometimes fraudulent financial reporting in corporate America. And dozens of the most prominent companies in Silicon Valley were among the agency's targets. But Levitt and the SEC would soon discover just how difficult it is to crack down on the financial abuses thriving in Silicon Valley -- and just how powerful high-tech executives have become.

San Francisco Chronicle
Nov 17, 1999 DOUBLE-CROSSED: Silicon Valley entrepreneurs say they have been betrayed by venture capitalists and lawyers, the very people they asked for help

QUOTE: The power of Silicon Valley's top venture capitalists is rivaled only by the elite attorneys who represent them, the partners at megafirms that also represent virtually all of high-tech's largest corporations. Inexperienced entrepreneurs hire these firms at their peril, often discovering that the attorneys have sold them out for more profitable clients.

San Francisco Chronicle
Nov 16, 1999 Hollow Words: Federal prosecutors say white-collar crime is a priority, but they have filed only a few charges against Silicon Valley executives

QUOTE: ...the rising number of class-action suits shows that fraud is rampant in the high-tech industry....the U.S. attorney's office has done little to deter securities fraud in Silicon Valley, filing criminal charges against only a handful of high-tech executives the entire decade.

San Francisco Chronicle
Nov 15, 1999 PHANTOM RICHES: Beneath the glitter of booming Silicon Valley, executives have been accused of lying about their products and doctoring their books, leaving devastated investors in their wake

QUOTE: ...tens of thousands of investors like him have filed lawsuits accusing Dawson and other Silicon Valley executives of securities fraud, insider trading and legal and ethical misconduct.

San Francisco Chronicle