Shooting the messenger

5 October 2005 By Robert Cyran Follow @rob_cyran

The US medical implants firm Cyberonics says an analyst cheated by sending students to gather information at companysponsored seminars. Yet that’s what analysts should do, particularly for the classic faith stocks of biotech. Cyberonics doth protest too much.

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Cyberonics, a US medical implant group, has complained about the actions of a securities analyst. Alexander Arrow covers the group for Lazard. In late September, he sent a group of college students to a meeting set up by Cyberonics for psychiatrists. The purpose of the meeting was to promote the use of its implant to treat severe depression.

Arrow's goal was to quiz doctors at the session to find out if they were likely to use Cyberonics' device. The students were told to tell anyone who asked that they worked for Lazard.

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