SAP is sued by FoxMeyer trustee
Article Abstract:
FoxMeyer Corp. bankruptcy trustee has filed a suit against SAP AG, alleging that the failure of SAP's system caused the Carrollton, TX-based FoxMeyer's collapse. FoxMeyer's Chapter 7 bankruptcy trustee Bart A. Brown Jr. filed the suit that seeks over $500 million in damages in the US Bankruptcy Court in Wilmington, DE. In the suit, Brown charges software company SAP and its US subsidiary with fraud, negligence and breach of contractual and common-law duties. SAP's software allegedly failed to handle drug distributor FoxMeyer's daily invoice volume, a key factor in FoxMeyer's bankruptcy. The trustee's suit also seeks unspecified amount in punitive damages and legal fees.
Comment:
Is sued by FoxMeyer bankruptcy trustee, alleging that the failure of SAP's system caused FoxMeyer's bankruptcy
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1998
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Shareholders file insider lawsuit against Baan
Article Abstract:
Baan NV, a software firm based in the Netherlands, was sued by its investors, allegedly over accounting irregularities and securities infringements. The lawsuit, which was filed on Oct. 16, 1998, in the US District Court for the District of Columbia, asserted that in order to increase the firm's share value, it issued a series of misleading and incorrect statements with regard to its business. In addition, Baan was said to manipulate its financial figures to artificially increase the earnings of the firm by up to 24% in 1997. According to a Baan spokesperson, the accusations indicated in the lawsuit are "groundless."
Comment:
Is sued by its investors, allegedly over accounting irregularities and securities infringements
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1998
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Computer 2000 is selling stake in AmeriQuest
Article Abstract:
Computer 2000 AG, a Munich, Germany-based computer distributor, is selling its 54% stake in AmeriQuest Technologies Inc. to a management team headed by AmeriQuest CEO Alex Kramer and CFO Jon Jensen. Basing on AmeriQuest's 13-cent over-the-counter trading price, the price of the 54% stake is $4.6 million. Computer 2000 bought its stake in AmeriQuest three years ago for $50 million. Computer 2000 said that after the sale, it will no longer need the entire $62.2 million charge it put aside at the end of fiscal 1997 for AmeriQuest's restructuring.
Comment:
Is selling its 54% stake in AmeriQuest Technologies Inc to mgmt team headed by AmeriQuest CEO Alex Kramer and CFO Jon Jensen
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1998
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Comment about this article or add new information about this topic:
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