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No. of 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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No. of Recommendations: 2
Well said, but as has also been said Follow the Money. They make money by bringing these suits; therefore Sweet Reason is irrelevent.

Only if all investors covered by the class refuse to join the class can they be stopped.

The system would be different if they were forced to cover damages if they lost such a case;
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No. of Recommendations: 39
I'm an attorney, and I am disappointed in Milberg Weiss and their lawsuits. They are also bringing one against VISX, and they contacted me to join the class. After looking at the charts in their case proposal, I see that insiders sold stock that roughly correlated to the stock price at the time. This would mean that on balance, they sold approximately the same number of shares each time. But our crusaders are determined to stop such misbehavior. Oh, joy. No insider should ever be allowed to sell shares in their company if the stock price later goes down. And we really shouldn't punish investors for making investments that later go south, should we? I believe their case to be a sham, so I'm not joining. And I have my own opinions about their ethics vis a vis ambulance-chasers and other bottom-feeders on the ethical food chain, but I'll let you make your own decision.

I encourage everyone to read up on class action lawsuits before they join. They tend to enrich only the attorneys who bring them. I don't endorse fraud by any means. Those that perpetrate it (including any attorneys that perpetrate fraud, if such individuals exist) should have to pay the piper for their actions. Have we reached the point where a stock that goes down needs to precipitate a lawsuit? I hope not. I hope for the sake of American capitalism that all such cases that are not based on actual fraud (a very tall order) fail miserably. I, too, would LOVE to see Milberg and Friends have to pay court costs for all such cases that they lose. May justice prevail.

Dean
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No. of Recommendations: 1
here's a thought. those of us who think the lawsuit is bogus could all sign (as best as possible on the 'net) a copy of this or a similar letter and send copies to Milberg-Weiss and Celera's legal department?

Dunno what impact it would have...
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No. of Recommendations: 2
1. Excellent post. It is clear that there are an increasing number of law firms who see a price drop as an opportunity to enter a class actions suit; and thereby depress share price.

2. Two issues may be worth addressing:

i) The shareholders who held shares (instead of selling them) are surely as much a part of the class of people adversly affected, as those who bought. Can we not have a formal requirement for the lawyers to establish who in the class of potential litigants have instructed them to start a law suit? If this turned out to be a small percentage, surely their suit could be dismissed as not having proper standing? (For current shareholders, the suit is obviously a negative sum game, since CRA would have to pay any damages, from which the lawyers fees would be deducted, before being paid to the litigant shareholders).

ii) Cannot those of us who currently own CRA shares sue Milberg-Weiss, as a class action suit, for depressing the price of CRA?

3. I do not have the energy to pursue this myself, but I hope someone does.

Will Candler/homesur@aol.com 19/4
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No. of Recommendations: 1
My modest prediction is that Milberg-Weiss will simply waste a lot of their own money on this without getting a dime from Celera.

Celera's stock price is likely to take off again as suddenly as it collapsed. In a few months, maybe longer, some substantive news will break and Celera's price is likely to again take off.

Of course, I could be wrong, ...and in that case Celera's price may be much closer to zero. Either way, we're likely to find out sooner rather than later. It seems to me that leaves very little time for any meaningful court action.


Still holding CRA. Even loaded up with more on Monday.
Bill
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<<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.>>


..Ken, nice letter..

..but face it..CRA traded at 270, and CRA was able to get a secondary off at what, 260??..

..stock is at 78??..

..that has an easy lawsuit written all over it....and many more to come..

..(I don't think it's correct, and I hate these vulture-like lawyers)..

..but, it's a reality of the public space, CRA will be sued, and will likely lose..

..good luck..

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No. of Recommendations: 0
I share your sentiments... I was wondering if Milberg-Weiss could be sued by the shareholders of CRA? It looks like they're trying to build a case before there's a case to be brought to court.

Why not look at what's been said recently! Misinterpretations claimed. But the market reacted to comments and understood what was being said.

Feeling bitter about these types of things. Ugggghhhh
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No. of Recommendations: 42

endfraud@mwbhlny.com

TO: Milberg Weiss Bershad Hynes & Lerach
ATTN: Steven G. Schulman or Samuel H. Rudman

As an investor in Celera Genomics who purchased stock during the time frame specified in your action, please be informed that your statement "on behalf of all persons who purchased the stock ..." is untrue. This action is not on my behalf.

My investigation of this company prior to purchasing stock clearly informed me of the discussions between Celera and HGP concerning possible collaboration. Also, it was very apparent that there were strong differences of opinion between the two parties which could prevent any such agreement ever being entered into. Anyone else doing the proper investigation prior to a stock purchase could have seen the same thing. At the bottom of this letter you will find excerpts from just a few of the numerous references I uncovered without any extraordinary effort.

Your "Company Press Release" seemed to imply that you did not have any plaintiffs of the class at the time it was issued. Is it considered ethical in your profession to make public accusations about a company, supposedly on behalf of clients, and then solicit clients who may have an interest in pursuing the matter?

What if nobody accepts your solicitation? Does that indicate that your accusations were unfounded? Do you feel you have any financial obligation to the stockholders for issuing such an accusatory press release that may very well create a drop in the stock price? Could the stockholders bring a class action against you for filing a frivolous action?

The media has reported that you have been forced to pay dearly for irresponsible actions in the past. You may be opening the door again. I will be forwarding this letter to Celera and other Celera stockholders, and I will encourage other investors to do likewise.


Sincerely,

Rod Keenan
Newport, KY
rodk@pobox.com



"Preliminary discussions we have had recently -- we have had several with Craig Venter and his colleagues -- have shown great progress in terms of building a substantive collaboration between the private and public sectors." - Ari Patrinos - The Scientist, Volume 12, #19, September 28, 1998

Collins recently revealed that the Institute would collaborate with a private company, Celera Genomics Corp. of Bethesda, Md, to produce a "working draft" of the entire genome years earlier than originally planned. - UCSF's Electronic Daily, October 16, 1998

The leading private contender to identifying the entire human genetic makeup was on the verge of collaborating with a similarly motivated rival public consortium before talks broke down a year ago. But a spokesman for Celera, a company that has filed for 6,500 patents on gene discoveries, said Monday that talks could be rekindled in the future. - Wired News, Nov. 16, 1999 - "Foes May Swim in Genome Pool"

"There have been serious attempts at collaborating in the past. The Department of Energy and Celera had an agreement drafted and were prepared to sign full-fledged scientific collaboration back in December
[of last year]," Celera spokesman Paul Gilman said. "That was stopped -- there was significant pressure from the Department of Energy to shelve effort." - Human Genome Project VS Celera, November 17, 1999, cyberpunks.org

It is for this reason that Venter's company ross-checks with HGP information. Indeed somewhat surprising rumours have even begun to emerge in recent weeks of a more formal collaboration being forged between the two efforts. - Nature, December 2, 1999

Celera and the public Human Genome project talked about collaborating, but an agreement was never reached. - Wired News, Jan. 11, 2000 - "Celera a Cinch in Genome Race"



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No. of Recommendations: 1
The first element of "class" is never doing anything that makes someone else feel uncomfortable. Therefore your suit should be called a "classless action". It seems to me you have made a career out of classless actions.
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Can a class action lawsuit of Celea stockholders be brought against Milberg-Weiss? Perhaps such lawsuits
would hamper the bottom-feeders.
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HERE HERE!
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Amen! Right on target. Principle of personal responsibility cannot be stressed enough, particularly in view of recent stock market experiences.
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HERE!!! HERE!!!
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GO GET 'EM!!!!

THIS TYPE OF MONEY GRUBBING ACTION ON PART OF THE LAWYERS DISGUISED AS A SHAREHOLDER INTEREST CLASS ACTION IS A JOKE.

I GUESS THEY ARE NOW GOING TO TAKE ON THE ENTIRE
DOT.COM INDUSTRY AS A RESULT OF THE LATEST TECH WRECK.
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KALONGO STRONGLY SUGGESTS THAT A LAWYER NEEDS A SUBSTANTIAL BASIS FOR FILING A LAWSUIT. I SUGGEST THAT IN TODAY'S LEGAL SOCIETY A LAWSUIT CAN BE FILED BASED ON THIN AIR JOINED WITH FACTS DISTORTED OR STRETCHED TO THE LIMIT. I AM EXPECTING TO READ SOON THAT A CIGARETTE MANUFACTURER IS SUED BECAUSE THEIR CIGARETTES BURNED FASTER THEN EXPECTED AND THAT A NEWBORN CHILD IS SUED BECAUSE THE MOTHER DIED DURING CHILDBIRTH. I SHARE KALONG'S SENTIMENTS DECRYING THE LAWSUIT'S IMPACT ON THE INVESTMENT PROCESS BUT THEN IN A LEGAL SENSE AREN'T ALL FINANCIAL LOSSES CAUSED BY SOMEONE ELSE? EVERY CALAMITY SEEMS TO DRAW LAWYERS TO IT LIKE FLIES DRAWN TO HONEY AND A LAWSUIT MANUFACTJRED OUT OF THE DEBRIS FROM THE COLLISION. CELERA WILL PROBABLY SPEND HUNDREDS OF THOUSANDS OF DOLLARS DEFENDING THE LAWSUIT(S) LOSING EVEN IF THEY WIN.
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Dear Kenneth,

As a holder of Celera stock and as an instructor for the University of Michigan (Negotiation Training), I want to thank you for your response to the law firm initiating the class action against CRA. Our society has become too litigious; that is, for every problem the solution appears to be a law suit in some form. We are, as a country, in dire need of tort reform. Attorneys have become a plague on our society from the President on down and they are driving up the cost of doing business.

I want you to know that I fully support you in your efforts to stop the action against Celera.

Kind regards,

Anthony G. Nagle
Minneapolis, Minnesota
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No. of Recommendations: 8
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.

This lawsuit is not a band-aid for the investors that bought during SPO (the "class period"), it is a method by which Milberg Weiss, et. al. can cash a paycheck.

I know because I used to practice this type of law, and in a fair number of cases with the law firm of Milberg Weiss. The lawyers that work at Milberg are great lawyers, don't get me wrong, and they know the securities laws better than the vast majority of lawyers in this country. They are diligent and very hard working and they get paid well for what they do!

They are also terrible business people. They have no concept of what the effect of this litigation is on the company that is the target.

Further, the class members get almost nothing from these types of lawsuits, pennies on the dollar at best.
The only class members that might make out OK are the few class members that are also the named plaintiffs. In some cases these few individuals will get an additional payment above and beyond their share of the class recovery, ostensibly for "stepping forward to protect the entire class."

What a crock! Most of these law firms have a stable of brokers that refer clients to the law firm.

The broker does this because he can tell his clients "Hey, all the public information was positive and that is why I put you in the investment. But did you know that there is a law firm looking into the shenanigans and you might want to talk to them." This makes the broker look like the the guy in the white hat and avoid any responsibility.

I got so disgusted with the whole practice that I quit the big firm that I worked for and now spend my days taking care of my portfolios and doing some estate planning work pro bono.

The real winner in this lawsuit will be the lawyers and the loser will be the target company.

ZaksDad
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No. of Recommendations: 2
Can we not have a formal requirement for the lawyers to establish who in the class of potential litigants have instructed them to start a law suit? If this turned out to be a small percentage, surely their suit could be dismissed as not having proper standing? (For current shareholders, the suit is obviously a negative sum game, since CRA would have to pay any damages, from which the lawyers fees would be deducted, before being paid to the litigant shareholders).

Unfortunately the law says that 1 person can represent a class of similarly situated people in a lawsuit. Now CRA might be able to show that the suit does not, in fact, represent the class if enough class members elect to "opt out." This unlikely to happen unless a ground roots swell in forums like this get enough people to support the target company.

ii) Cannot those of us who currently own CRA shares sue Milberg-Weiss, as a class action suit, for depressing the price of CRA?

Unfortunately, there is no grounds for a lawsuit against Milberg Weiss unless it can be shown that they have knowingly misrepresented facts in their complaint. Then the lawsuit will be dismissed and the target company can seek sanctions for the initiation of a frivolous lawsuit. BTW, these sanctions are almost never awarded for fear of stifling the initiation of these lawsuits that are meritorious, to the extent that any ever are.

ZaksDad
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I got so disgusted with the whole practice that I quit the big firm that I worked for and now spend my days taking care of my portfolios and doing some estate planning work pro bono.


How about a little pro bono here. Can the investers of Celera have a Class Action Suit against the lawfirm? Boy, what a message that would send!

Next best thing is to lobby you elected officials! Flodd them with e-mail, snail mail, and phone calls to let them know how outraged you are.

JRJFool
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I whole-heartedly agree.

It's time to assume the responsibility of your decision as a shareholder. Such a lawsuit would only bring lawyer-pocket-lining.

perropicante
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How about a little pro bono here. Can the investers of Celera have a Class Action Suit against the lawfirm? Boy, what a message that would send!

See my post # 13629. The only entity with standing to bring a lawsuit against Milberg is the target company, in this case Celera. And Celera's only recourse is if Milberg has been frivoulous in their actions in bringing the lawsuit. I know it seems that the lawsuit is frivolous, but the legal standard is a little tougher hurdle. See, lawyers don't like to get sued and since most lawmakers are lawyers, guess who the law favors?

Also, I am not in the mood to tangle with Milberg and 300+ lawyers pro bono or, in fact, for $300/hour. They would absolutley paper me to death. Also, remember that I got out of the practice because I don't really like their tactics or ethics.
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Also, I am not a Celera shareholder. I got here and involved in this thread simply from the front page of the Fool site.

Sorry for the intrusion, but I really am disgusted with this whole concept.

ZaksDad
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Can a class action lawsuit of Celea stockholders be brought against Milberg-Weiss? Perhaps such lawsuits
would hamper the bottom-feeders.



If we file suit then we are no better than them. And..
who is it going to benefit?



rnik
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No. of Recommendations: 2
I agree. You should know by now that ONLY the liars, er, lawyers, are the ones who derive any relevant compensation from such suits.

Those who should be sued, and so far have escaped any truly deserved criticism, are the happy duet of Socialists - Bill and Tony. Their inital remarks excoriated an already shaky biotech market and paved the way for the subsequent nasty NASDAQ downturn by scaring hell out of many savvy capitalistic minded investors. Any recantations of the initial remarks by spin doctors such as Joe Lockhart should be viewed only with the most jaundiced eye.

Do you think Bill and Hill's "blind trust" might have been short biotechs? Stranger things have happened in their investment portfolios - anybody for cattle futures? Follow the money trail when pronouncements like that come from high places.
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No. of Recommendations: 1
if milberg-weiss were a reputable law firm as the letter write states they wouldn't be filing lawsuits
like this for the sole purpose of larger legal fees. read the current issue of forbes on page 69 for an article on class action settlements. the lawyers get more tban their clients.
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No. of Recommendations: 2
I fully agree with Kenneth A. Longo, Ph.D.

I work for a large publicly-held technology company that has been sued at various times by lawfirms like Milberg-Weiss in the past. This was supposedly for the benefit of the stockholders who have been damaged by the company. Let me assure you that the employees of my company are MAJOR stockholders in our company. It makes no sense that any employees of our company would intentionally work against the stockholders (ourselves) as has been claimed by suits against us in the past.

I have been contacted to participate in these suits (which I declined) because quote "as a stockholder I have been damaged by (X)" They add a multitude of reasons why I should be upset and want to sue.

The worst thing that can happen to stockholders is to have a company they invest in be hit by one of these types of class action suits.

Large numbers of employees become frozen for months with depositions and paperwork There's paranoia that some lawyer is going to interpret somethng they did or said as being improper. You live life under a microscope. None of this activity in any way helps to increase revenue and earnings of the company. Potentially millions of dollars are spent in the legal defense of the company.

In the end the stockholders may get a few pennies (less than 3 cents per share in my experience) because the company settles rather than deal with an expensive court battle. The company usually takes a hit in stock value and their cash in the bank gets paid to lawyers. The law firm suing makes millions.

How is the stockholder benefiting from this extortion?

I'm certain there are occasions where improprieties or fraud occur. But the fact is the a company's stock will go up and down and will at times go down through no ones fault.

I know a lot of lawyers who own a lot of stock. I would think they would appreciate the damage this does to their own personal interests.


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No. of Recommendations: 1
kalongo ... your analysis is right on the money.

This lawsuit reminds me of the one by the woman who sued McDonalds because she was stupid enough to stick a cup of hot coffee between her legs and drive her car. Anyone who did any research on Celera around February when the second offering came out would have known about the negotiations between Celera and NIH. Also, since negotiations had broken off by that time, I'm not sure the kwonledge of these negotiations would be of material value to a potential investor.

At any rate, I think that in a reasonable legal environment, the plaintiffs would have to prove that the directors of Celera willfully mislead prospective investors by not discussing the (then defunct) negotiations with NIH so that they could profit by it. They would also have to prove that the investors loss was created solely by the omission of this information, and that the directors were the beneficiary of the investors loss. As far as I recall, the directors were not selling their shares in the secondary offering but rather selling new shares. I'm sure the director's portfolio values have followed the same course as everyone else invested in the company lately. But alas, the number of greedy lawyers out there is only eclipsed by the number of people in our society who are unwilling to take personal responsibility for the consequences of their actions ... so much for a reasonable legal environment
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No. of Recommendations: 2
I am a shareholder of Cerela, I bought it at high price. I could not agree more with Kenneth A. Longo, Ph.D.. A lot of class action Law suits typically is to benefit lawyers or law firms, very little money if anything at all will get to shaeholders . Cerela is a volatile stock which is the same as any other biotechnology stocks. It has a wide swing all the time, it carries big risks as well as big rewards. As a matter of fact most technology or internet stocks are that way. I do not want to repeat the message of Dr. Longo which is already clear.

Yours sincerely,

Chaavlit Svetvilas, M.D., F.A.C.C.
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No. of Recommendations: 1
At this point, it boils down to a race:

Will Milberg-Weiss successfully gain a class-action settlement from Celera???

OR

Before then, will Celera accurately isolate the defective gene that engenders greed in lawyers, develop a radioactive-iodine-tagged-antibody to destroy it, and market it at an exorbitantly delicious yet ubiquitously acceptable price??!?

Go Dr. Longo!
Still happily long on Celera
dcnelliott
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I have to agree with Ken about this lawsuit. Noone to blame for the short term loss on your investment,but yourself. If you expect to flip in one month or in one year and you can't afford to lose this money invest in a c.d. If one does not have the patience for a long term investment, yes you are going to get burnt. Especially if one had bought on margin on a stock that might still be considered speculative. I own PEB myself. I'll miss out on the gains of this(cra) stock, because I am too conservative. For those who can afford a little more risk than I, I think it is worth the risk. (I have a spouse who is still more conservative than I). I expect volatility in this stock, but it will be around for a while. I hope to get in later when we have a more established balance sheet to look at.
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Wondering if a countersuit can be brought against lawyers by celera for slander or libel or whatever u might call it. hehe. who knows. just thinkin that u might fight a lawyer with a lawyer.
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No. of Recommendations: 4
I am a Celera shareholder and I watched the stock rise, have a second public offering, and then fall back down. My thought was “oh great, I'm going to get yet another stupid class action lawsuit notification”. Today I read in an email from The Motley Fool that the notification is on its way.

I have been an investor for about the last 10 years (stocks in general) and each year brings yet another crop of stupid class action lawsuits against the companies I invest in. I have yet to receive one that I thought was valid or was anything I wanted to join.

I used to work for a futures trading company that used a computer program to trade. If the past price performance of a given futures contract matched certain criteria, a buy or sell signal was generated. It is my sincere belief that class action lawyers follow the same idea. If the past price performance of a given stock matches a certain criteria, a class action lawsuit signal is generated. Like futures trading, the goal is simply to make money.
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I was involved as a stockholder years ago when Genentec was sued in a class action.The recovery for the shareholders was miniscule. The attorneys took all the cash. I ADVISE ALL WHO COULD PARTICIPATE TO NOT PARTICIPATE.The only ones who will get any proceeds will be the greedy attorneys who file this suit.
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Does anyone know what we have to do now, while this is in the beginning stages, to initiate lawsuit against this firm on behalf of injured stockholders and more importantly any people who are or will become sick or even die, who would otherwise had a chance to either be cured or treated, but will not be in time, because of damages done to Celera and the delay in doing its work? Is such a lawsuit possible, or are the laws stacked in favor and for the sole protection of the devious, cheating, bald faced lying arm of the legal profession?
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No. of Recommendations: 3
You should know by now that ONLY the liars, er, lawyers

I must take exception to the stereotypical characterization. Not all lawyers are liars, just as not all doctors are wealthy. It is the pronounced few that tend to label all the others.

I know many a hard working, honest lawyer, that would take extreme insult at your post. Just as any business person would who found he or she had been labeled as "someone out to screw the little guy"

Stereotypes get you in trouble, and but for my bias against stereotypes, I would probably put you in a catagory that would upset you greatly.

I am not even a shareholder of CRA and am here only as the result of the Fool's front page highlight of this thread and now you have the gall to call me a liar simply because I am a lawyer.

I hope you never have the need for a lawyer, because if you seek my counsel I will toss you out of my office so fast and hhard that you will get a rug burn on a part of your body that has probably never been exposed to the sun.

ZaksDad
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I must take exception to the stereotypical characterization. Not all lawyers are liars, just as not all doctors are wealthy. -- ZaksDad

You're absolutely right, there are plenty of lawyers who are good guys. My own lawyer is great. I've known plenty. And I'm sure you're a good guy.

The problem is that a measly 90% of the lawyers are making the other 10% look bad. :)

No, but seriously, there's a structural problem with our legal system (discussed in other posts) that provides incentives for lawyers to behave like scoundrels. The economics of class-action and personal injury litigation are good examples. The 'good guys' will indeed refrain from the temptation, but the temptation is huge, and where there's a financial reward there will always be enough dirtbags to exploit the situation.

The stereotype is of course unfair to those lawyers who walk the straight and narrow, but the sterotype and the jokes wouldn't resonate so well for all of us, if we hadn't all encountered plenty of shining examples of the 'bad lawyer' stereotype in our own lives.

Sorry it ruffled your feathers, but you must have run across this kind of attorney yourself, and frequently. If not, let us know where you live and we'll all move there. -- Trevor
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"You should know by now that ONLY the liars, er, lawyers..."
-----------------------------------------------------

"I must take exception to the stereotypical characterization. Not all lawyers are liars..." --ZaksDad
-----------------------------------------------------

Oh, Dr. Laura would be so proud of you!!!

Unfortunately, for your profession, the vast majority are beneath contempt. Blame it on what you will, but what we are seeing with this suit against Celera is par for the course, not the exception.

How dare you have the audacity to come on this board and excuse this litigation.

Take your mortification to your local bar, and express your concern about the lowly esteem rendered about attorneys. See the big yawn you get.

What you are hearing here is small potatos compared to the full extent of the contempt felt by the public toward the legal profession, and it is well deserved.

Instead of acting all indignant, why not admit the serious problems in your profession, and commit yourself to trying to reform a seriously flawed system. There is a very serious problem when a class action suit such as this one, will potentially compensate shareholders (the so-called injured) pennies, while the attorneys stand to make millions.

But no, ZaksDad, you choose to select out "liars" and "all" to try to shield your profession from the deserved criticism of profiting from a system that exacts a toll from honest businesses. You focus on some extreme words, instead of responding to the legitimate criticism that honest, innocent defendants often are forced to "settle," and pay off because defending costs more. And those in your profession very well know this, and use the high costs of litigation to bully defendants into settling. Set your house straight, and then you will get some respect when you act indignant.

You said, "I hope you never have the need for a lawyer, because if you seek my counsel I will toss you out of my office so fast and hhard that you will get a rug burn on a part of your body that has probably never been exposed to the sun."

I think this speaks volumes about your profession, and is a good example of why the general public holds the legal profession in such contempt. As a physician, I can assure you, no physician would ever make this statement. But someone in your professsion feels this is justified. Thanks for making the issues clear.

Darold

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The Celera situation pains me. I am recent graduate of a PhD program in micro and molecular biology.
I find the entire situation with NIH and Celera to be a sad commentary on the scientific community. It seems to me we need to ask several questions as a community.

1.When does the line between public and private blur?

2.At what point does research and technology funded off the taxpayer's dime become private? Furthermore how can we justify it.

3.Was there not a concerted funding effort by the US science community to develop the technology that now is being claimed by Dr. Venter and associates as private property?

4.Doesn't science by it's very nature have very little that can be called "private property"? Ideas are built on top of the work of the ideas of others. We are all products of a long line of other scientist. We donot work on an island.

5.If number 4 is not true isn't that going to have a chilling effect on basic research? Who will share ideas in an environment like that?

6. I was under the impression that we in biological and medical research were doing all of this (what ever this maybe) for some greater purpose for man.

Data gathered from the human genome belongs to no single group, city, state or country. If the science community would have known that technology, ideas and resources that were developed using NSF, NIH and DOE funds would not be public the project would never have been funded. To now start a private company and pretend as if the work of the previous 10 years has no impact on the things that a company can do is intellectually dishonest. In particular when several members of that company were employed by the NIH adn DOE (government labs)to develop the technology they are now using to turn a profit.

Thank you.

Good luck Milberg-Weiss.
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Continued Response. I apologize my response is in two parts operator error. but I guess I could sue someone for putting that key in the wrong spot on my computer.

If you want to sue someone maybe it should be Bill Clinton or Tony Blair. I would suspect they had something to gain. Thieves usually run in packs. Or maybe Mrs. Cohen since she also contributed to the downfall of the market. I wonder how many assests she moved before making her announcement. Or the rest of the disgruntled people who exasberated this downturn. Maybe us investors should sue your law firm for driving the stock price to zero, because this could be an outcome. I say you need to take a long hard look at this and the impact of your decision.

I will be no part of this.
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YES!!!!You are right on the money....JG
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Dear Kenneth,

Thanks for your wonderful post. I, like many others, have lost paper value on Celera, but I did it with my eyes and ears wide open. In fact, both PEB and Celera had been paragons of tight-mouthed management during the spectacular rise in CRA. This class action is a whiner's refusal to take responsibility for one's actions. Scott
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Hooray!

Finally a vaoice of reason in a society that seems determined not to take responsibility for their own actions. If we don't like the results of our actions we look for someone to sue. Let's all grow up and take responsibility for our own actions. If we make a bad investment TOUGH!
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Thank you Ken:
"Litigious", shameless and baseless!
The two tracking stocks oe PE,(CRA & PEB) are being punished and I do not care at this point to read anything relating to PE being ultimately liable.
What I would love to hear is a remedy that us poor fools may have in recouping the precipitous drop in value that we have witnessed and felt in our portfolio.
Here we have two equities that show enormous promise in research(CRA)and the other(PEB)in a "biotech infrastructure" with or without CRA.
Should I thank these righteous souls at Milberg-Weiss and buy more on the dip!!!!
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I must take exception to the stereotypical characterization. Not all lawyers are liars, just as not all doctors are wealthy. It is the pronounced few that tend to label all the others

Yeah, it's just that rotten 90% that are giving the rest of you a bad name...(G)

All kidding aside, I for one certainly realize that there are indeed lawyers out there who are decent and ethical people. My ex-wife's lawyer, who handled our divorce, is one of them. I don't doubt that you're another. The problem (from the perspective of lawyers' image) is that only the rotten ones making life difficult for corporations (and their shareholders) get publicity and make the news.

Our current president certainly hasn't helped matters. Perhaps if and when he gets disbarred (he certainly ought to be), some of the damage done to lawyers' reputation will be repaired. If he isn't, things will probably only get worse (though it's hard to see how...)

Never go on an adventure without a hat!
Indy
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Darold - my response

How dare you have the audacity to come on this board and excuse this litigation.

You have obviously jumped into the middle of a thread and decided to discuss a subject about which you only know a very little. If you had read the entire thread and paid attention to who was posting, you would see that I do not condone this litigation and have spoken out in this thread about how much I dislike it. I left the big firm practice becaue of the contempt I feel for the class action system.

Take your mortification to your local bar, and express your concern about the lowly esteem rendered about attorneys. See the big yawn you get.

In fact, my local bar is very active in removing offending attorneys from the practice in our county and state. There will be no big yawn here.

What you are hearing here is small potatos compared to the full extent of the contempt felt by the public toward the legal profession, and it is well deserved.

Not to mention that felt toward the medical profession, proprietary drug manufacturers, health insurance and in general those that are in charge of our medical care. But of course you can blame that on the politicians, who are generally lawyers. I assume that gives you a level of comfort.

Instead of acting all indignant, why not admit the serious problems in your profession, and commit yourself to trying to reform a seriously flawed system. There is a very serious problem when a class action suit such as this one, will potentially compensate shareholders (the so-called injured) pennies, while the attorneys stand to make millions.

Read my prior posts in this thread and see where I stand, maybe you could even admit I deserve an apology from you!

But no, ZaksDad, you choose to select out "liars" and "all" to try to shield your profession from the deserved criticism of profiting from a system that exacts a toll from honest businesses. You focus on some extreme words, instead of responding to the legitimate criticism that honest, innocent defendants often are forced to "settle," and pay off because defending costs more. And those in your profession very well know this, and use the high costs of litigation to bully defendants into settling. Set your house straight, and then you will get some respect when you act indignant.

Read my prior posts in this thread! It is obvious that you have not yet done so or you would not react so harshly.

You said, "I hope you never have the need for a lawyer, because if you seek my counsel I will toss you out of my office so fast and hhard that you will get a rug burn on a part of your body that has probably never been exposed to the sun."

I think this speaks volumes about your profession, and is a good example of why the general public holds the legal profession in such contempt. As a physician, I can assure you, no physician would ever make this statement. But someone in your professsion feels this is justified. Thanks for making the issues clear.


But is seems that as a physician you can make a diagnosis (of me) without a full history. Again, read my posts in this thread. You will see that I oppose this litigation as much as anyone. I have tried to help CRA shareholders with some of my insight. But instead of reading or, if you did read, acknowledging what I have said, you simply lump me in with your stereotypical view of lawyers. As a physician you are trained to learn the facts before rendering a diagnosis, but you diagnosed without learning the facts on this one. You blew it doc!

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ZaksDad:

I thought I had read the thread. If I missed what you said, then I do sincerely apologize. But your last statement I still think speaks volumes.

Darold
-----------------------------------------------------

You said, "I hope you never have the need for a lawyer, because if you seek my counsel I will toss you out of my office so fast and hhard that you will get a rug burn on a part of your body that has probably never been exposed to the sun."

I think this speaks volumes about your profession, and is a good example of why the general public holds the legal profession in such contempt. As a physician, I can assure you, no physician would ever make this statement. But someone in your professsion feels this is justified. Thanks for making the issues clear.

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Darold,

I am not usually sophisticated enough to post on the Motley Fool yet. However, I must comment.

You apologized and then you blew it.

When you apologize, you don't get to get the last line. You take responsibility for making the mistake that you made.

Zaksdad responded fairly to your deep insult. I even got emotional when I read your post because I had just read Zaksdad very very good post. I was insulted that you insulted him.

Thank you for apologizing to Zacksdad.

Sincerely, batigerlily

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Thank you so much for your insightful post. I purchased Celera at $115 and am proud to hold it. I plan to purchase more as I can. Should I get propositioned to participate, I can assure you I will not.

I will email mwbhlny to follow your lead. If I can do anything else to help, notify me.

Sincerely, batigerlily
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There seems to be a ground swell of frustration for Law firms doing this sort of thing.
What can we, as stockholders do. The law seems to be one sided.
Is there any way for this energy to be directed positively, to help eliminate this type of frivoules lawsuits.
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Is there a common petition going around or is everyone forwarding their complaints directly to Milberg-Weiss?

Also, I know the story broke around noon on Friday. CRA was only down around $3 on a day that was generally miserable for biotechs. Does that mean most investors are largely ignoring the lawsuit or that most don't know about the lawsuit yet? I have yet to see the story addressed on either the Raging Bull or Yahoo message boards yet.

folgore
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Excellent! Enjoyed reading your letter.

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Bravo for your post of your e-mail. I feel strongly about class action suits. The "injured" get almost worthless discount coupons and the attorneys all split an obscene amount of real cash.

Remember the airline price fixing settlement? I do as I received all these little coupons that gave me a discount but still placed a lot of restrictions on their use while the lawyers were paid millions of dollars.

Remember the Iomega case for the slow pace of rebates on Zip Drive purchases? Again, the lawyers laughed all the way to the bank while the purchasers received a coupon for five dollars off the purchase of a diskette that could only be redeemed directly from the company (at full retail less the coupon).

So, following is my e-mail to the law firm:

I am not a Celera shareholder, but have been studying the company and have been contemplating purchase at the right buy point according to my research.

Your suit is another fine example of why the majority of working class Americans abhors the legal profession and jokes about personal injury and civil litigants abound. The end result of 99.9 percent of all civil action lawsuits ends up with some type of settlement where the injured parties get something like discount coupons and the lawyers get a big, stinking pile of cash.

Do all of us working Joes and working Fools (as in Motley Fool) a favor. Just pull your bottom lip up over the top of your head and swallow.

ThanxaBunch
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right on
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i am a fairly new investor in celera and got hurt in this last downturn of the market. after carefully evaluating the company before purchase i intend to stay with them. this is a great company with a leader that is a genius.
the law suit is frivolous and should be thrown out of court.
i do not appreciate you taking up celeras time and resources to answer this suit.
rikiand@aol.com
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Subj: Celera
Date: 4/21/00
To: support@milberg.com

As a stock holder in Celera I would like for you to know that in my opinion you have done more damage to this stock that anyone other than the Clinton-Blair team. Why don't you and your ilk take a long walk off a short pier?
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To: Milberg Weiss Bershad Hynes & Lerach,

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,


Philip Russell, Ph.D.


Secretary-Treasurer
401Kicker, Inc.
2520 - 208th Avenue East
Sumner, WA 98390
(253) 863-6027

phil@401kicker.com
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I looked at their website tonight and 1/2 the companies I own shares in seem to be getting sued by them. Among CRA, are LU, SBC, PG, etc... The list goes on and on. I'm waiting for them to next add PEB and MSFT. Of course while they're at it, they might as well as add most of the NASDAQ, since a majority of stocks are well off their highs.

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As a recent buyer of Celera stock I would like to know what is going on. You are involved with some litagation with Celera? Is this the reason the stock has stayed down since Clinton's comments?
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RE:

As a recent buyer of Celera stock I would like to know what is going on. You are involved with some litagation with Celera? Is this the reason the stock has stayed down since Clinton's comments?

Oh my God!! Do you have a few hundred hours to read the past 14,000 posts?? Or at least the posts since March 1st. A complete answer would take a couple gigabytes of bandwidth.

IMHO, the lawsuit has had little affect on the stock price of Celera. Look at the price over the past couple weeks before the suit, and after. I think the price is actually up a little.

The price tank was mostly attributable to idiot Clinton and Blair, yapping what their handlers told them to yap concerning their opinion about what should be done with raw genomic data.

Idiot Clinton tried to negate his initial statements which resulted in a very brief bounce in the biotechs, but they are all (including Celera) still very much down from their highs.

Celera and the other biotechs remain down because investers have been burned, and will be waiting to see profits before they are willing to bid the prices up again. The speculative fever has been squeezed out, and investers will be more cautious before deciding which companies to jump on.

Further stock advancement will be restrained, and based much more on fundamentals. JMO

Darold
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As a graduate from your fine university I thought I would let you know -- Milberg Weiss cares nothing about your, or anyone else's opinion. THEY ARE IN THIS FOR THE ATTORNEY'S FEES, PERIOD. END OF STORY. THey do not care a whit about the shareholders of CRA. They don't care about the company. They look at this as an opportunity to sue (because anyone can sue for anything), position the case to get past a motion to dismiss (which is easy to do given that the Federal Rules of Civil Procedure require the allegations of the complaint to be assumed true), and force the company to either waste the time and resources litigating this bogus lawsuit or settle -- at which point Milberg gets 33% plus expenses (subject to court approval, which often is simply a rubber stamp). Your eloquent post will fall upon deaf ears, I fear.
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I have to say I'm a little amused by this outpouring over one teeny weenie shareholder suit! You should try visiting the TYC board (currently my favorite stock!). Accusations of accounting irregularities by a well-known bear back in December caused the stock to drop precipitously, whereupon somewhere between 40 and 80 suits were filed against the company (its one of the most widely held blue chips). Of course this turned out to be a spectacular buying opportunity, since it now appears likely that the SEC will not find any significant problems with their accounting. I doubt these lawyers will even get a "please leave us alone" settlement from TYC. But it was pretty depressing watching one new suit being announced after another for two or three weeks.
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Just a note to say I fully agree. This lawsuit is for speculators only.
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I agree with Longo. In my opinion the Millsaps etal law firm is abusing the class action privilege with the suit against celera .
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a secondary response. the defense attorneys should be encouraged to explore dismissal on the ground that this is a frivolus lawsuit. legislators should be encouraged to legislate additional restrictions on the filing of similar lawsuits. i am exploring the filing of lawsuits based on the losses recently incurred because of the failure of the corporations to avoid a reduction in the market value of several stocks i own.
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Perhaps the time has come for investors in the various companies who are under attack by such firms as the supposed "prestigious" firm noted in the Celera article to institute a class action of their own against the law firms involved. After all, does not this attack diminish my stock value in Celera, or at the very least have the potential to decrease the value of my stock?
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