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  • get_lucky_now get_lucky_now Feb 6, 1999 10:24 AM Flag

    class action - what do I do?????

    With all these law firms filing class action law
    suits, do I need to contact one of them, all of them,
    none of them???? Am I part of the class action because
    I purchased shares of PSFT??

    I got to
    assume that eventually all these law suits will be
    rolled into one, so what do I do?

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    • You need to do nothing.
      Once a "lead"
      prosecutor for the shareholders has been established (with a
      lead plaintiff designated and qualified) the other
      firms may either drop their case, or join up with the
      lead firm.

      Regardless, you don't need to do
      anything. The plaintiff attorney will research all the
      stocks purchased and sold during the class period, and
      that will turn up your name & mine, along with our
      addresses. They will notify us by mail, and usually you
      don't have to do anything to be part of the class
      action suit and settlement.

      If you want to give
      up your rights, and not participate in the suit or
      the settlement, you can sign a waiver, send it in,
      and it won't change anything except the rest of us
      will get your share of the settlement.

      Truth be
      known, the settlement will likely be small (if anything)
      after the attorneys fees, but depending on how many
      shares you owned, it can add up. It will all be a
      function of how much the settlement is, then subtract
      attorney fees, and divide the rest by the number of shares
      to determine the "per share" amount -- then multiply
      that by how many shares you have (the attorney will
      actually do this for you).

      I'd give my share to the
      lawyers if they could have Duffield removed.

    • You'll get pennies per share and the stock will drop further. The lawyers will be happy though

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