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Technology Stocks : IFMX - Investment Discussion -- Ignore unavailable to you. Want to Upgrade?

To: John Solder who wrote (13335)	5/26/1999 2:01:00 PM
From: paul feldman	Read Replies (2) \| Respond to of 14631

Report says Informix settles shareholder suit May 26, 1999 01:42 PM SAN FRANCISCO, May 26 (Reuters) - Informix Corp. IFMX .has agreed to a $143 million settlement of shareholder lawsuits over alleged accounting irregulatories in what could be one of the largest securities fraud awards on record, the San Francisco Chronicle reported Wednesday. The Chronicle said the company denied the case had been settled. But the newspaper quoted legal sources as saying the maker of database software last week "reached a handshake deal to compensate investors" for losses. The case was brought after the company's stock dropped in 1997 on reports it had padded the amount of revenue it had taken in. The newspaper said that Informix's accounting firm Ernst & Young, and former chief executive Philip White will pay an undisclosed portion of the settlement. The Menlo Park, Calif.-based company could not be reached for comment. Informix's stock was unchanged at $7 on the Nasdaq market. Informix three weeks ago said Chairman Bob Finocchio will give up his roles as president and chief executive officer and named chief financial officer Jean-Yves Dexmier to succeed him. Finocchio, who has been president and chief executive since July 1997, after the accounting problems surfaced, will remain chairman. Dexmier, who joined Informix in October 1997, will also join the board. REUTERS