omg... DUHHHHHHH... thats what we have been saying. this has never been about the fundamentals of ostk. glad you guys are finally coming around.
No media coverage on TRAD. The stock is a top 100 IBD pick, so I guess if it drops below 15 it's toast. Ask yourself, why doesn't the major press pick this up? I don't know. Maybe you do. That stock cracks 15 on the downside, they'll blow the snot out of it.
http://www.biovail.com/english/Inve...lt.asp?s=1&state=showrelease&releaseid=820663 Some big names here, as well as Gradiant/Camelback, and Vickery. I think people have had enough. Oh yeah, SAC too. .
Biovail Files Lawsuit Alleging Stock Market Manipulation Scheme TORONTO--(BUSINESS WIRE)--Feb. 22, 2006--Biovail Corporation (NYSE:BVF)(TSX:BVF) today filed a lawsuit seeking $4.6 billion in damages from 22 defendants who, the complaint alleges, participated in a stock market manipulation scheme. The complaint, filed in Superior Court, Essex County, New Jersey, alleges violations of various state laws, including the New Jersey Racketeer Influenced and Corrupt Organizations Act (RICO), pursuant to which treble damages may be available. Defendants include: S.A.C. Capital Management, LLC, S.A.C. Capital Advisors, LLC, S.A.C. Capital Associates, LLC, S.A.C. Healthco Funds, LLC, Sigma Capital Management, LLC, Steven A. Cohen, Arthur Cohen, Joseph Healey, Timothy McCarthy, David Maris, Gradient Analytics, Inc., Camelback Research Alliance, Inc., James Carr Bettis, Donn Vickrey, Pinnacle Investment Advisors, LLC, Helios Equity Fund, LLC, Hallmark Funds, Gerson Lehrman Group, Gerson Lehrman Group Brokerage Services, LLC, Thomas Lehrman, Patrick Duff, and James Lyle. ___________________________________________________________________________________________________ hmmmmmmmmmmmm.... looks sorta serious. is that $4.6 billion??? i thought some turd ball was saying there was no case? i think i hear Lucy calling RICOOOOOOOOO !!! :eek:
On the surface, the lawsuit doesn't appear to be about naked shorting. http://biz.yahoo.com/ap/060222/biovail_lawsuit.html Furthermore, a company that spends its time pursuing lawsuits over its stock price is a company I don't want to be invested in. Sounds like a good short to me.
http://www.nytimes.com/2006/02/23/business/23hedge.html?_r=1&oref=slogin http://thesanitycheck.com/BobsSanityCheckBlog/tabid/56/EntryID/98/Default.aspx Read this one first. http://www.nytimes.com/2006/02/23/business/23hedge.html Very serious allegations. But never sell Dr. Byrne short (sic). I promised you some good stuff, but this surprised me. Is this how you make the big dough? You steal it? CNBC has become a joke. Gasparino should be shoveling shit. They actually asked the BIOVAIL attny. why a declining stock price hurt their ability to bring out drugs. MSO is profitable by the way. I do seriously hope that all of you, as competitive as you are, realize the damage these people are doing to our markets/economy, and what real limpdicks they are. They beat you by cheating and stealing, and this shit is RICO stuff. It is the one thing that scares even the Mob, RICO. It's treble damages, and jail and disgourgement of all illgotten gains. It'ls only been my intention all this time to bring this to a wide audience. OSTK is only a tool. But I'll tell you, they picked on the wrong guy. This guy has had cancer several times, family called each time, and he's still here. As he told me once when I warned him who he was dealing with, he asked, what the fuck are these guys going to do to me? He's got some bark on him, that's for sure.
"Cohen uses his enormous financial leverage to support SAC's trading strategies by demanding access to material nonpublic information from the financial institutions with whom SAC does business, including nonpublic inside information concerning public companies and other clients to whom those institutions owe fiduciary and other duties of nondisclosure," the suit says Well duh. You can't make the kind of money SAC makes by trading "when the 20 DMA crosses the 50 DMA on increasing volume near support, blah, blah..." or "strong earnings growth and sector-leading value, etc....", you need info flow. And SAC gets it, or else! Still, kinda interesting to have the light shined on it. Good trading to all.
"material nonpublic information" is insider trading, and it is illegal. Duh. YOu make it sound like it's ok if you want performance. It's not, although the BD's will do anything it takes to get the business. That'll be the next thing you see out of this. The BD's role will become known.
"Well duh. You can't make the kind of money SAC makes by trading "when the 20 DMA crosses the 50 DMA on increasing volume near support, blah, blah..." or "strong earnings growth and sector-leading value, etc....", you need info flow. And SAC gets it, or else!" I almost split a gut when I read that. Not that I think you're wrong by any means. If I remember correctly, doesn't Cramer say something very similar in his book "confessions of a street addict". Didn't he used to get a 'heads up' when firms would be upgrading certain stocks and he would move ahead of the trade?