Matthew Goldstein
CSFB Is Under Fire Over New Power Research
05/02/03 - 11:11 AM EDT
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Launer was one of four Enron analysts called before a Congressional panel last year to explain why he was so bullish on the energy trader and appeared caught off guard by Enron's collapse in one of the biggest corporate scandals in U.S. history. Launer had maintained a strong buy recommendation on Enron shares up until Nov. 28, 2001, just days before the Houston company filed for bankruptcy on Dec. 2. A CSFB spokeswoman declined to comment. Launer couldn't be reached for comment. Two weeks ago, a federal judge in New York refused to dismiss a shareholder class-action suit brought by New Power investors against CSFB and the other underwriters on the IPO, Citigroup(C - Cramer's Take - Stockpickr) and CIBC World Markets, a division of Canadian Imperial Bank of Commerce(BCM - Cramer's Take - Stockpickr). U.S. District Judge Charles Brieant, in a 14-page decision, said the underwriters may have misled investors when they described New Power in the IPO prospectus as "uniquely positioned to succeed."
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