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Phoenix Laser Systems

This article was originally published in The Gray Sheet

Executive Summary

Investor group led by Hong Kong businessman Sun Sun Chan files statement with the Securities and Exchange Commission opposing a proposed reorganization of Fremont, California-based Phoenix Laser Systems ("The Gray Sheet" April 12, p. 14). Phoenix subsequently filed a suit in the Superior Court of California in San Francisco on April 6 accusing Chan et al. of previous "misappropriation of funds" and of acting in accordance with a plan to "take over management and control" of the company. The charges include allegations of "engineered 'dumping' of Phoenix stock in an effort to depress stock prices and thereby pressure current management to accede to improper demands by Chan and his agents," according to an April 9 Phoenix release.

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