A Tobacco Lawsuit Hits Wall Street
FIVE TOP WALL STREET TObacco analysts became the latest targets of lawyers pursuing a massive class action against cigarette makers. In a highly unusual maneuver, plaintiff attorneys on Aug. 1 served analysts with subpoenas demanding that they turn over all records, memoranda, and other material used since April, 1994, to advise investors about such companies as Philip Morris and R.J. Reynolds Tobacco. Plaintiff lawyer John Coale says the move is intended to find out "what the tobacco industry was feeding" Wall Street about its nicotine-related research and whether analysts concealed important information. Roy Burry, an Oppenheimer analyst who was subpoenaed, says the plaintiffs are "barking up the wrong tree. Everything in my files is totally public information."
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