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Barrack Rodos Files Suit Against Unify Corporation and its Officers Alleging Misrepresentations.


Business Editors/Legal Writers

PHILADELPHIA--(BUSINESS WIRE)--Sept. 7, 2000

Counsel for Class Plaintiff, Barrack BARRACK. By this term, as used in Pennsylvania, is understood an erection of upright posts supporting a sliding roof, usually of thatch. 5 Whart. R. 429. , Rodos & Bacine, today issued the following: A class action has been commenced in the Northern District of California on behalf of purchasers of Unify Corporation (company) Unify Corporation - Developers of the Unify relational database. At one time, before Sybase, they were a competitor of Oracle, et al.

http://unify.com/.

ftp://ftp.unify.com/.
 ("Unify 1. (database, product) Unify - A relational database produced by Unify Corporation.
2. (algorithm) unify - To perform unification.
") (NASDAQ NASDAQ
 in full National Association of Securities Dealers Automated Quotations

U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on
: UNFY or UNFYE ) publicly traded securities during the period between May 19, 1999 and July 28, 2000 (the "Class Period").

To sign up online: http://www.barrack.com/NewCases/NewCases.htm.

The complaint charges Unify and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Unify develops, markets and supports Internet application server solutions that enable information technology organizations to deliver e-commerce applications by integrating enterprise, custom-built, and packaged applications with the Internet. Unify went public in 6/96 at $6 per share (adjusted for 2-for-1 stock split in 12/99). The complaint alleges that after the Initial Public Offering, Unify's stock was a poor performer and traded below the offering price for much of 1997 and 1998. Unify reported little in the way of revenue and earnings growth. In early 1999, the insiders sought to increase Unify's stock price to take advantage of the boom in Internet stock Internet stock

The equity security of a company engaged primarily in a business associated with the Internet. Also called dot-com.
 prices so they could sell their personal Unify stock for large gains. Thus, to portray por·tray  
tr.v. por·trayed, por·tray·ing, por·trays
1. To depict or represent pictorially; make a picture of.

2. To depict or describe in words.

3. To represent dramatically, as on the stage.
 the Company as a financially viable Internet play, the individual defendants caused Unify to issue false financial results during the Class Period and make false statements about its results and demand for its new products, including Unify e-Wave, causing its stock to trade at artificially inflated levels. Defendants took advantage of this inflation by selling 700,288 of their personal Unify shares for proceeds exceeding $7.8 million.

Then on 7/31/00, Unify issued a press release disclosing that the Company had engaged in improper
In mathematics
  • Improper rotation
  • Improper integral
  • Improper fraction
  • Improper prior
  • Improper distribution
  • Improper point
  • Improper limits
Other
  • Improper English
  • Improper motion
  • Improper noun
 accounting practices and admitted that its reported fiscal 1999 (ended 4/30/99) and fiscal 2000 results had been false, that portions of its previously reported revenues had been "improperly recognized" and that its top two officers had been placed on "leave." On these shocking disclosures, trading in Unify's stock was halted, after last trading at $3-15/16. As a result of the defendants' false statements, Unify's stock price traded at inflated levels during the Class Period, increasing to as high as $37-1/2 in 12/99 (split-adjusted).

The plaintiff seeks to recover damages on behalf of all purchasers of Unify publicly traded securities during the Class Period. He is represented by the law firm of Barrack, Rodos & Bacine, which has extensive experience in prosecuting investor class actions. Barrack, Rodos & Bacine has prosecuted securities, antitrust Antitrust

The antitrust laws apply to virtually all industries and to every level of business, including manufacturing, transportation, distribution, and marketing. They prohibit a variety of practices that restrain trade.
 and consumer class actions for over 20 years. The firm has offices in Philadelphia, San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. , New York New York, state, United States
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of
, Boston and New Jersey and has been designated lead counsel by federal and state courts across the country in large, complex cases. For more information about Barrack, Rodos & Bacine, please visit their website at www.barrack.com.

If you purchased securities of Unify during the class period you may, no later than September 29, 2000, move the Court to serve as lead plaintiff of the Class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss these actions or have any questions concerning these cases or your rights or interests, please contact Maxine S. Goldman, Shareholder Relations Manager, at Barrack, Rodos & Bacine, 3300 Two Commerce Square, 2001 Market Street, Philadelphia, PA 19103, at 800/417-7305 or 215/963-0600, fax number 888/417-7306 or 215/963-0838 or by e-mail at msgoldman@barrack.com.
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No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2000, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Business Wire
Date:Sep 7, 2000
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