A securities lawsuit was filed this week against Quarterdeck, alleging that the utilities software supplier made misleading statements about its financial results and certain products.
The move followed the troubled company?s announcement last month that it had made year end losses of $75 million compared with an $11.3 million profit in the previous year and a series of redundancies.
The suit was filed in the California Superior Court for Los Angeles County by plaintiffs Paul Nickerson, Albert Zucker and Mary Jane Crescente, on behalf of purchasers of Quarterdeck stock between 26 January 1996 and 13 June 1996.
They asserted that Quarterdeck?s financial statements for its first and second quarters of fiscal 1996 were materially false and misleading and artificially inflated the price of Quarterdeck stock.
As a result, the suit alleges, Quarterdeck was able to sell tens of thousands of shares and complete two acquisitions during the period before announcing it expected sharply lower sales and and a substantial operating loss for its third fiscal quarter.
Quarterdeck said it would vigorously defend the class action suit.
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