Class Action Law Suit Filed Against divine Executives
Information Industry--divine Class Action Law Suit Filed Against divine Executives
From the Stanford Securities Class Action Clearinghouse, According to a Press Release dated 5/26/03, the Complaint alleges that defendants Chief Executive Officer and Chairman of the Board of Directors, and Chief Financial Officer and Executive Vice President violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of material misrepresentations to the market between November 12, 2001, and February 18, 2003, thereby artificially inflating the price of Divine securities. The Stanford site has additional details. Note: The June, 2003 Issue of Chicago Magazine has an article about the divine bankruptcy. It's titled, "The Divine Tragedy". The article is not available on the magazine's web site but here is a blurb from the table of contents, "Four years ago, backed by well-heeled investors and pronouncing the death of companies like GE and Sears, �Flip� Filipowski looked like the dotcom savior Chicago had been waiting for. But now, having burned through $1 billion, his Divine Inc. is bankrupt�and Filipowski�s troubles may not be over."
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