The Passive Voice Press Release
The 10b-5 Daily has a great catch of this unusual press release from the law firm Murray, Frank & Sailer LLP "Cautioning Investors that Only Certain Law Firms Have Initiated a Class Action Lawsuit on Behalf Of Shareholders Against PEMSTAR, Inc."
According to the Murray, Frank law firm, only one complaint has been filed against PEMSTAR, and that is their complaint. However, that has not stopped many other plaintiffs' law firms from issuing their own press releases announcing, in the passive voice, that a class action "was filed" against PEMSTAR, and asking interested class members to contact the law firms issuing the press releases for more information (many of the press releases are available here).
The Murray, Frank press release cautions--and there would appear to be some merit to this argument--that since it has actually done an investigation of PEMSTAR and filed a complaint against the company, it is in a "superior position to answer questions about the claims alleged in the Complaint" as compared to the non-filing-but-still-announcing law firms.
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» \"Passive Voice Press Releases\" and the \"Vigorous Defense\" from Lies, Damn Lies,
You\'ve seen them discussed separately, but now we have them together. A complaint about a so-called \"passive voice press release\" and a vigorous defense proclamation by a defendant. [Read More]
Tracked on June 19, 2006 2:34 PM