I find it intriguing that a few posters seem to content that there will be lawsuits coming from former employees. What would be the basis for these lawsuits ?
Although it is understanding that many will feel slighted, the fact remains that in Georgia companies can hire and fire at will. That is a basic free market society principle. Granted, SJ and his buddy SH got themselves an employment contract when others did not. Any employee that did not have an employment contract, which seems to be most everyone OTHER than SJ and his few merry men was in fact free to leave at any time. The continuous down ward slope of revenues throughout 2001 ought to have been a clear indication to these employees that things are not good on the home front.
Obviously, many employees thought it would be best to cash out of their employee stock purchase plan. For further details look at this SEC 11K filing that CLRS put out about a month ago on 03/28/2002.
Similarly, the last few days of trading and associated trading volumes seem to indicate that more employees are selling. I cannot realy say that I blame them. Get your money while the getting is good. Today's trading at the end is a classic example. Here is a link to businessweekonline.com for the last 10 trades of 04-29-2002. It took an hour and a half to carry out 10 trades, and look at the trade sizes, all in 3 digits with 500 being the largest.
Because of the size of the company and because of the locations of this business, it is also covered by FEDERAL laws not just STATE. The WARN issue applies. It could be thought that they did not comply with this.
My statement to employee's said nothing about a lawsuite.
However I believe that they could supply needed information to existing ones. and if they are aware of illegal behavior I believe that they should.