Another Bubble Echo...Echo
Back during “small kid time” I was an active trader in technology stocks. One of the great legacies of that bygone era is that I new get to partake of the spoils of class action lawsuits against my formerly owned companies. It isn’t all that easy to get “free money”.
I was ineligible for a piece of the the Nortel settlement pie as I didn’t have any losing trades in it.
YOUR CLAIM WILL NOT BE VALID IF YOU DID NOT SUFFER A LOSS
I missed the boat on the Lantronix spoils as I didn’t file the paperwork in time.
CLAIMANTS MUST SUBMIT PROOFS OF CLAIM, ON THE FORM ACCOMPANYING THIS NOTICE POSTMARKED NO LATER THAN JANUARY 6, 2007
I even had an Enron trade a few months before the peak but alas it was also profitable. My tech-laden portfolio took a nasty hit when the technology bubble deflated like the roof of BC Place. Hot air can do much to keep markets buoyant but at some point the bubble bursts and then people look for scapegoats. In general, I believe it is more profitable to look for new bull markets than it is to point fingers.
I don’t think fraudulent stock pumpers should act with impunity but class action suits don’t scathe them. I’d be very curious as to how many Lantronix shareholders poured over the prospectus and financial data before making their plunge. I know I didn’t, the chart looked good that day.
I see a tremendous amount of resources devoted to a process that:
(a) does not punish anyone who may have intentionally lied about Lantronix’s fortunes and
(b) will reward investors for making bad choices or having flawed investment strategies.
It doesn’t make sense to me but I’m not a class action lawyer either.