SEMI to Host Prop 211 Briefing in Bay Area
On the morning of Wednesday, October 9, SEMI -- the Semiconductor Equipment and Materials International trade association -- will host a briefing on the implications of Proposition 211, the securities litigation initiative on California's November ballot. The briefing features Tom Proulx, co-founder of Intuit Inc. and co-chair of Taxpayers Against Frivolous Lawsuits (TAFL).
Prop. 211 would ease the standard of proof for shareholders bringing suit against companies for misstatements made in regard to the sale of stock, prohibit indemnification of directors and officers, and allow plaintiffs to seek punitive damages. A recent report by Prop 211 opponents estimated that although significant industry losses would be felt throughout the state, the two hardest hit areas would be Silicon Valley, with its high-tech concentration, and coastal Los Angeles, where motion picture production is concentrated.
The American Electronics Association (AEA) on Thursday released the results of an August survey of its California members which claimed that 47% of its high-tech public member companies surveyed (representing 61,000 jobs) would consider leaving California if Prop. 211 passes.
For reservations for the briefing, contact Kay Mascoli at SEMI at 415-940-6913 or by fax to 415-940-7995. For further information about efforts to oppose Prop. 211, refer to the TAFL home page at www.tafl.com.

Volume 3, Bulletin 35 -- October 3, 1996