Filenet is on the receiving end of a class action by shareholders who purchased common stock between 19 October 1995 and 2 July 1996. The suit alleges that the image processing company and some of its officers and directors artificially inflated the share price to as high as $67 a share, based on information that its core business, plus its Watermark and Saros subsidiaries, were rapidly expanding. It adds that Filenet officials sold more than 200,000 shares for up to $54.50 a share, for a profit of $10.5 million, before releasing news that sent the price crashing to $23.75 on 3 July 1996.
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