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SiliconValley.com: Red Hat IPO perk turns into snafu

Jul 30, 1999, 13:13 (2 Talkback[s])
(Other stories by Ilan Greenberg)

"Volunteers, E*Trade caught up in fine print"

"Being savvy about the Web doesn't necessarily mean you understand the ins and outs of Wall Street. That's the moral of the story of Red Hat Inc.'s small army of volunteer software programmers, who thought they had the instant riches of an IPO deal coming their way, only to find the online brokerage E*Trade was unwilling to help them stake their claim."

"The misunderstanding left Red Hat's irate developers feeling cheated and fuming in online missives. E*Trade attributed the problem to ignorance about the rules of the National Association of Securities Dealers, which will regulate the public offering expected to be announced soon by Durham, N.C.-based Red Hat, an Internet purveyor of free Linux software. Red Hat officials declined comment, citing confidentiality rules pending the IPO."

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