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7/23/08

Sci-Tech Lies About Viacom's Loss From Lawsuit Against Google

In their report on Viacom's copyright-infingement lawsuit against Google, Sci-Tech Today and Top Tech News quickly brushed over the outrageous court ruling that Viacom can see the IP addresses and personal info of EVERY person that visits Youtube. To further cover up the frivilous $1 billion lawsuit which attacks every person that uses the internet, Sci-Tech presented how this effects Google financially but omitted the much greater finacial impact on Viacom.

Viacom Steps Up Pressure on Google in Lawsuit

(Sci-Tech Today)- "The lawsuit is causing a bleeding of cash -- Google's stock price dropped 12 percent on July 17, in part due to the costs of defending itself in the Viacom suit. Analysts estimate the lawsuit has cost Google tens of millions of dollars and it threatens the viability of YouTube, which is predicting it will fall short of its ad-revenue estimates."

This is false. As you can see on Google's stock charts, July 17 ended with a 52 point drop. That's less than 10%, not 12%, and their stock has since rebounded. What Sci-Tech refuses to report is that their frivilous attack on internet users is having an even greater negative impact on themselves. After the ridiculously Nazi court ruling that Viacom can see all IPs of every youtube user, Google stocks fell 1% but Viacom stocks fell 4%, that's twice as much decline.

(Finacial Post)- "Google fell US$4.90 to US$516.72 at 1:30 p.m. New York time in Nasdaq Stock Market trading. Viacom's Class B shares fell 10 cents to US$28.06 in New York Stock Exchange composite trading."

And it's much worse than that for Viacom. This is an unusual drop for Google, but Viacom's stock has been plummeting for some time now because of this and many other frivilous lawsuits and bullying behavior. Take a look at their chart since March, when they announced the lawsuit. Their stock plummeted TWENTY-FIVE DOLLARS. That's 30%, just a tiny bit more than Google's 7% drop during the same amount of time.
Let's all say it together: C-O-V-E-R-U-P...

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