For students with backgrounds in computer science, Internet startup companies--with their exotic stock options, sky-high signing bonuses and bright prospects--have long presented attractive career opportunities after graduation.

But some are discovering that the picture can sometimes be less rosy than it seems. Just ask the Harvard graduates who were hired at the end of the last academic year by MicroStrategy, a software company in Vienna, Va.--at least a dozen, one graduate estimates.

Like many other tech companies, MicroStrategy found its stock plunging this spring. Still, the recent graduates who had received job offers were told not to worry because their jobs would not be affected, according to The Washington Post.

But just weeks before they were to begin work, 236 college graduates who had accepted job offers were abruptly terminated--after having turned down other companies.

"People were upset when they had to completely change their plans," said one member of the Class of 2000. "They had housing and everything and were all set to start work."

Former MicroStrategy employees signed non-disclosure agreements with the company and declined to comment.

The MicroStrategy story is not unfamiliar to students venturing into the high-tech world. After years of seemingly limitless growth, many Internet companies have been forced to face the realities of business.

A report published by Webmergers.com in August revealed that of 238 startup companies profiled, 41 shut down this year, 83 withdrew plans for initial public offerings (IPOs) and nearly 30 had been sold in "fire sales" after running short of cash.