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October 27, 1988

LOTUS FACES SUIT BY SHAREHOLDER

By CBR Staff Writer

Lotus Development Corp might have expected that it would get a lawsuit seeking class action over the optimistic statements from its officers about shipment dates for 1-2-3 release 3.0, which is now put right back to the first half of next year, and it has arrived in the shape of a suit by one Matthew Berliner, who bought 500 Lotus at $24.75 on March 23 and sold them at $18 on August 25, leaving him nursing a $3,669 loss after paying commission: with the managers now having to devote attention to his suit as well as to getting 1-2-3 3.0 out the door, it is likely that the new product will be even further delayed than it would otherwise have been, and it appears that Lotus holders who have hung on in there have grounds for bringing a class action suit against Mr Berliner for wasting management time – or is the divine right to make money on all one’s stock market investments now enshrined in an amendment to the US Constitution?

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