11.   But according to Thomas Shapiro, a principal in the firm, proving that Blodget knowingly misled investors looked like it would be a significant challenge.

12.   But Merrill is insistent that it cannot afford to acknowledge that it misled investors.

13.   But they also say that there is little incentive for analysts to mislead investors, because they would be quick to complain.

14.   Company executives said on Tuesday that investors would be misled if they compared year-over-year sales under standard accounting rules.

15.   Critics argue that investors were misled.

16.   Denver officials have repeatedly rejected claims they misled investors.

17.   David J. Askin, whose investment fund collapsed after bond prices plummeted last year, Tuesday settled Securities and Exchange Commission charges that he had misled investors.

18.   Denver officials say they did not mislead investors.

19.   Easdaq in mid-January halted trading in Turbodyne shares after opening an investigation into whether the company intentionally misled investors about its earnings prospects.

20.   Either way, investors were misled.