DNAprint Genomics (DNAG)

[Straw5]

The most interesting thing about that series of paragraphs is that it supports the legitimacy of spook’s point of view regarding paying for ratings (as something more than "DNAP bashing" as it was portrayed). If you read the text, it is clear that these independent research companies have evolved to fill a niche:

"Given that (Wall Street) can no longer pay for research through investment banking, we're probably going to see a significant reduction in the number of companies that have any analyst coverage. So then companies are left wondering, 'How am I going to get institutional investors to let me in the door without any coverage?'"

It is also clear that the SEC, et. al., have given a great deal of thought on the potential ramifications to buying independent research—to the point where they understand the need for small companies to have this resource, while at the same time attempting to regulating it to make it as independent as possible.

It appears to be an ongoing process:

While independent research by standards-based providers are growing in legitimacy, according to the Dow Jones (DJ) in a recent article, the article quoted Lou Thompson, president of the National Investor Relations Institute, which had issued new Guidelines on 2002 endorsing legitimate "paid-for" research, as warning of " various mutations of paid-for research."