Informix? crisis deepened last week as shareholders issued a class action suit against CEO Phil White and chief technology officer Michael Stonebraker alleging insider dealing.
The suit came as speculation mounted that the database supplier was planning to axe as many as 20 per cent of its 4,500 staff across the board, following a shock profit warning earlier this month. The percentage of UK jobs under threat is believed to be even higher.
The class action suit was filed yesterday in the US Court for the Northern District of California. It alleges that White and Stonebraker violated federal securities laws by issuing false statements regarding Informix? operations and future prospects.
The plaintiffs, Jason and Sean Weaver, claimed the two executives intentionally tried to keep the stock value high to make Stonebraker?s stock holdings more valuable. Stonebraker has allegedly sold 87,500 shares for more than $1.6 million.
The statement also followed recent rumours that White was evaulating his own share options, while deciding whether to quit the company or not. Analysts speculated that White may be forced to leave Informix.
The plaintiffs have filed the lawsuit on behalf of themselves and purchasers of Informix stock between 2 December 1996 and 1 April.
Informix refused to comment as PC Dealer was going to press.
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