A Not Guilty Verdict For Information Resources
Your article "Bad-news bearers who lucked out twice" (Up Front, June 13), which discussed the two class actions that have been filed against Information Resources Inc., could have been written about many other high-tech companies whose volatile stock prices lead to financial ambulance chasing by a small coterie of plaintiffs' lawyers.
However, if BUSINESS WEEK had waited just one week longer it would have been able to write about how one company refused to knuckle under, withstood five years of legal headaches, presented its case to a jury--and won a unanimous verdict. That company: Information Resources.
This verdict was not only a victory for IRI but also for other public companies who are frequently the subject of these often-baseless, so-called fraud-on the-market lawsuits. We hope our victory will encourage others to fight these actions until some legislative or other solution can be found.
Robert J. Bregenzer
Information Resources Inc.
Editor's note: The jury ruled in favor of IRI in a shareholder suit accusing executives of trading on insider information in 1989. A second suit involving trading in 1993 is pending.
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