Public Company, Private Fiefdom?

In issuing one of its quarterly reports last year, Ferrofluidics Corp. offered to send shareholders a 1992 brokerage report on the company. No wonder. The report forecast that Ferrofluidics, a small and struggling maker of high-tech industrial seals based in Nashua, N.H., would skyrocket: Sales would quintuple by 1996, to $150 million, and operating profits would go up tenfold. Ferrofluidics promised that the report was "based on independent research."

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