Berman DeValerio & Pease Accuses TenFold Corporation Of Fraud In Pending Shareholder Class Action.Business Editors & Legal Writers BOSTON--(BUSINESS WIRE)--Sept. 12, 2000 Shareholders of TenFold tenfold Adjective 1. having ten times as many or as much 2. composed of ten parts Adverb by ten times as many or as much Adj. 1. Corporation (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 : TENF) are seeking damages in a pending class action lawsuit class action lawsuit A lawsuit in which one party or a limited number of parties sue on behalf of a larger group to which the parties belong. For example, investors may bring a class action lawsuit against a brokerage firm that has actively promoted a tax that charges the company with securities fraud, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Berman, DeValerio & Pease pease n. pl. pease or peas·en Archaic A pea. [Middle English; see pea. LLP LLP - Lower Layer Protocol (www.bermanesq.com). Berman, DeValerio & Pease, a law firm with two decades of experience representing wronged investors, filed the complaint in the United States District Court for the District of Utah The United States District Court for the District of Utah is the Federal district court whose jurisdiction is the state of Utah. The court is based in Salt Lake City. The United States Attorney's Office for the District of Utah on behalf of anyone who purchased TenFold common stock from January 31, 2000 to August 14, 2000 (the "Class Period"). The complaint charges that the company violated vi·o·late tr.v. vi·o·lat·ed, vi·o·lat·ing, vi·o·lates 1. To break or disregard (a law or promise, for example). 2. To assault (a person) sexually. 3. federal securities laws by issuing false and misleading statements about its business during the Class Period. In particular, the lawsuit says TenFold continued to report revenues from large customer projects, even though the company knew that many of these customers were so upset that they were likely to cancel their orders. In some cases, TenFold recorded revenue from these projects prematurely, according to the complaint. In others, the company failed to increase its allowance for doubtful accounts Allowance for Doubtful Accounts An estimation made by a company and documented on its balance sheet for receivables that might go uncollected. Notes: It is standard practice for a company to have funds set aside for money that cannot be collected. when it knew it should have. On July 10, 2000, the company announced that its earnings for the second quarter of 2000 would fall well short of expectations because of project delays; TenFold's stock promptly collapsed, falling as much as 40% during the Class Period. More revelations followed on August 14, 2000, when the company released second-quarter earning below the July 10, 2000 numbers. The reason: a review of significant projects had required TenFold to reduce recorded revenue and increase its allowance for doubtful accounts. During the Class Period, but before the disclosures, top TenFold executives sold stock worth more than $26 million. The lawsuit seeks to recover damages on behalf of all those who purchased or otherwise acquired TenFold common stock during the Class Period. If you purchased TenFold common stock during the period of January 31, 2000 through August 14, 2000 and suffered a loss on your investment, you may wish to contact the following lawyers at Berman, DeValerio & Pease to discuss your rights and interests: Jennifer L. Finger, Esq. Michael G. Lange, Esq. Jeffrey C. Block, Esq. Berman, DeValerio & Pease LLP One Liberty Square, Boston, MA 02109 E-Mail: bdplaw@bermanesq.com. (800) 516-9926 You can also visit the firm's website at www.bermanesq.com. If you wish to apply to be lead plaintiff in this action, a motion must be filed on your behalf with the court no later than October 16, 2000. To be a member of the class you need not take any action at this time and you may retain counsel of your own choice. To serve as lead plaintiff, however, you must meet certain legal requirements. You may contact the attorneys at Berman, DeValerio & Pease to discuss your rights regarding the appointment of lead plaintiff and your interest in the class action. With offices in Boston and San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden , Berman, DeValerio & Pease LLP has prosecuted shareholder class actions since 1982, recovering more than $1 billion for defrauded investors during that time. The firm has acted as lead counsel in numerous lawsuits in which its clients accused companies of violating federal securities laws. It has successfully litigated these actions and has been singled out for its excellence by many courts. |
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