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Hello, new poster here... I normally just enjoy reading, but felt I ought to reply this time.
Expansys are a genuine and reputable company - I am also a long term customer of theirs (similar to an earlier poster). They are certainly not fly-by-nighters or shady in any way. However, I am also disappointed that I too missed out on the sony reader, despite ordering when there was supposed to be stock.
Having spoken to their customer service team, it was explained to me that (like many companies, including my own) they take sales through multiple channels - web, phone, fax, even in person...
The stock level shown on the site is updated periodically, but in between updates it reflects last known stock minus web sales. Ordinarily this is pretty accurate, but when a rush happens (as was generated by this site!) and some large orders come in by phone / fax, the website stock level gets out of sync and orders can be placed for which there is no stock.
It's a shame - and unfortunately, the girl on customer service couldn't guarantee that they would have stock - but it's understandable and does happen from time to time when exceptional circumstances arise.
I don't have any ties to Expansys - I just hate it when threads denigrate decent companies who do their best to fulfill customer expectations (btw. I determine level of decency of a company by how easy they make it for me to return an item - I usually think it's on the way back in that the true worth of a company is shown!).
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