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Tech Industry

Short Take: More high-tech firms speak against Prop. 211

Leaders from Microsoft, IBM, Compaq, and Dell spoke out against Proposition 211, saying it would decrease the protections and information available to investors. Officials said they will be forced to limit any forward-looking financial statements in order to minimize the threat of frivolous lawsuits. Currently, it is standard practice for companies to brief financial analysts and reporters on future financial prospects when they release their company earnings each quarter. A study by the American Electronics Association found that passage of the initiative could result in the loss of 61,000 high-tech jobs in California.

Leaders from Microsoft, IBM, Compaq, and Dell spoke out against Proposition 211, saying it would decrease the protections and information available to investors. Officials said they will be forced to limit any forward-looking financial statements in order to minimize the threat of frivolous lawsuits. Currently, it is standard practice for companies to brief financial analysts and reporters on future financial prospects when they release their company earnings each quarter. A study by the American Electronics Association found that passage of the initiative could result in the loss of 61,000 high-tech jobs in California.