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Recommendations: 488
endfraud@mwbhlny.com
To: Milberg Weiss Bershad Hynes & Lerach (``Milberg Weiss'), Steven G. Schulman or Samuel H. Rudman,
As a long-term investor in Celera and someone who believes in the potential for this company to grow and prosper, I wanted to make a few comments about your lawsuit.
First, I think your suit is frivolous. Any negotiations that Celera pursued with the NIH's Human Genome Project were done so with the distinct position that any outcome would not affect Celera's business model and profitability. The talks ended because Celera felt that the government's demands were not consistent with their business model. The result is that the outcome was favorable to the investor.
Second, Celera's share price dropped precipitously (along with many other biotechnology stocks) due to recent ambiguous remarks made by the President of the United States and the Prime Minister of Great Britain concerning patent law as it applies to human genes. Recent clarifications by these two world leaders have alleviated concerns about patenting DNA sequences for profitability.
Third, your lawsuit is not going to help consumers and Celera stockholders. It will only have a negative effect on Celera. Your suit thinly pretends to be a reasonable response to recent market activity and business practice, when it is in fact a band-aid for investors who purchased stock during the second public offering, and are now disgruntled with the recent price drop.
Your lawsuit is encouraging poor judgement among investors. It is encouraging investors to not take responsibility for their stock purchases. It is encouraging investors not to accept the potential down-side risk of investing in the stock market. It encourages investors to believe the market will only rise, and that any market decrement must be litigated against. Your lawsuit is promoting an already letigious society, and will no doubt line the pockets of several lawyers from your reputable firm, as it has certainly not escaped your notice that Celera sits on a rather large cash position.
I would encourage you to re-think your role in this suit, and to consider the fact that you are not representing this Celera shareholder. I will be forwarding this letter to other Celera stockholders, and I will encourage other investors send their opinions to you.
Sincerely,
Kenneth A. Longo, Ph.D.
Research Fellow 7620 Medical Science Building II Department of Physiology University of Michigan Medical School 1301 E. Catherine Rd. Ann Arbor, MI 48109-0622 (734) 647-7721 (Lab) (734) 936-8813 (Fax) http://www-personal.umich.edu/~macdouga/MacDougaldLab.html
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