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July 4, 1990

MICROSOFT SETTLE OUT-OF-COURT

By CBR Staff Writer

And while admitting no wrongdoing, Microsoft has agreed to pay $1.5m to settle out-of-court a year-old suit brought by a group of investors that claimed that it misled them: the suit, filed in March 1989 by Stanley Grossman of Shaker Heights, Ohio, alleged Microsoft and top officials misled investors through public statements made the previous month about sales and earnings prospects and failing to mention that shipments of the new release of Word would be delayed; Microsoft shares rose rapidly to about $62 a share in early March, then fell 14% on March 7 when the delay was announced; the aptly-named Grossman said he paid $80,000 for 1,300 shares, and sold at a loss of about $20,000 in March – should have simply been patient and held on, shouldn’t he – the things are now trading at about $76 or so.

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