Let me share my experience with you regarding Piper Jaffray. Please don't follow my advice blindly either but do you own research, check out what I'm telling you so you can verify that it's the truth.
September 7, 2010 9:00 AM EDT Piper Jaffray Tells Clients to Buy Arena Pharmaceuticals (ARNA) Ahead of 9/16 FDA FDA Meeting The firm has an Overweight rating and $10 price target on ARNA. Arena Pharmaceuticals Share Price Closed @ $7.34
September 14, 2010 10:40 AM EDT Piper Jaffray just issued some comments on Arena Pharmaceuticals (Nasdaq: ARNA), which is finding its shares under extreme pressure today after the FDA posted briefing documents which highlighted safety concerns.
September 14, 2010 10:40 AM EDT Piper Jaffray then released an article stating the safety concerns were expected and while the documents do place a higher emphasis on a broader set of concerns than anticipated, they believe the sell-off is an overreaction. and advised their clients that the selling was over done and reiterated an Overweight rating and $10 price target on ARNA. Shares of ARNA are down 39% to $4.16.
On the following day the stock was halted the entire day during the panel review of Arena Pharmaceuticals weight loss drug. When the panel concluded that the drug should not be approved, trading of Arena Pharmaceuticals stock resumed in after hours at a price of $2.00
Friday, September 17, 2010 9:47 AM Arena Pharmaceuticals, Inc. (NASDAQ: ARNA): Piper Jaffray this morning lowered its rating on the company to Neutral from Overweight and cut its price target to $1.50 from $10. Shares of the company tumbled more than 40% in morning trading.
Naturally as a share holder I was extremely upset over what had occurred so I called Piper Jaffrays offices and asked if I could speak with the analysts who was covering Arena Pharmaceuticals stock. The person I spoke with wanted to know what firm I was with, when I explained that I was a shareholder and not associated with any firm, his reply to me was that it was not their policy to allow me to speak with the analyst, the conversation then ended at that point.
I lost a substantial amount of money as a result of trusting Piper Jaffray following their advice and they refused to allow me to speak with their analyst, so I ask why would anyone put their trust in them after what occurred to me? Obviously they failed in their fiduciary responsibility in this situation, why should they be trusted ever again regarding their advice?
I know that my investment is gone and there is nothing I can do about that. But what Piper Jaffray did in my opinion is criminal and other people need to know about it so hopefully it doesn't happen to them. Below I have copied from their web site the following information. Information I had read prior to making my investment decision, information I believed, until now. From my experience nothing could be farther from the truth.
Our Values Guiding Principles
We create and implement superior financial solutions for our clients. Serving clients is our fundamental purpose.
We earn our clients' trust by delivering the best guidance and service.
Great people working together as a team are our competitive advantage.
As we serve, we are committed to these core values:
* Always place our clients' interests first * Conduct ourselves with integrity and treat others with respect * Work in partnership with our clients and each other * Maintain a high-quality environment that attracts, retains and develops the best people.