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Promising GenomicsIceland and deCODE Genetics in a World of Speculation$
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Michael Fortun and Roberto Reis

Print publication date: 2008

Print ISBN-13: 9780520247505

Published to California Scholarship Online: March 2012

DOI: 10.1525/california/9780520247505.001.0001

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PRINTED FROM CALIFORNIA SCHOLARSHIP ONLINE (www.california.universitypressscholarship.com). (c) Copyright University of California Press, 2022. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in CALSO for personal use.date: 27 June 2022

Yahoo!XFinance

Yahoo!XFinance

Chapter:
(p.210) Ch 17 Yahoo!XFinance
Source:
Promising Genomics
Author(s):

Mike Fortun

Publisher:
University of California Press
DOI:10.1525/california/9780520247505.003.0018

After deCODE Genetics placed its initial public offering (IPO), announced in March 2000, on hold as NASDAQ tumbled through the spring, its underwriters, Morgan Stanley, decided to go ahead. The deCODE stock was first offered on July 17, 2000, grossing $198,720,000 out of some 11 million shares sold. The IPO was clearly a financial success, for both deCODE and Morgan Stanley. U.S. Securities and Exchange Commission regulations often refer to a “sophisticated investor” as their ideal subject: the person who makes rational decisions about his or her money, about other people's money, and about the corporations in which these monies might be invested. This population of sophisticated investors swelled in the 1990s, and online securities trading sites multiplied, all in the expanded “safe harbor” for forward-looking statements dredged out by the Private Securities Litigation Reform Act of 1995. This chapter looks at how deCODE was discussed in the period immediately before and after its IPO in July 2000 on the online investing sites Raging Bull and Yahoo!Finance.

Keywords:   Morgan Stanley, deCODE Genetics, initial public offering, Securities and Exchange, investors, safe harbor, forward-looking statements, Private Securities Litigation, Raging Bull, Yahoo!Finance

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