Lawyers representing System Software Associates? (SSA) shareholders filed a class action suit against the applications software supplier last Friday.
Legal representatives at Cohen, Milstein Hausfield & Toll PLLC said the suit, filed in the US District Court for the Northern District of Illinois, covered individuals who bought the company?s stock from 15 September 1994 to 7 January 1997.
The plaintiffs allege that SSA issued incorrect financial and business information and that its revenues were improperly reported. The officials cited in the suit are Roger Covey, chief executive, Terry Osbourne, former president and chief operating officer, but now chairman of SSA Europe, and Jo Skadra, chief financial officer.
The move follows the release of SSA?s year-end financials last week and a restatement of its 1994 and 1995 figures due to the reversal of several contracts that were booked during those periods.
SSA was unable to comment as we closed.
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