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SEC Drops Case Against TenFold Execs
The commission had alleged that the software developer and four individuals had failed to disclose two "unusual and uniquely structured transactions" in the company's prospectus for its 1999 initial public offering.
The Securities and Exchange Commission has dropped all charges against the former CEO of software development company TenFold Corp. as well as three former finance executives, according to a press release fired off by Morrison & Foerster, the law firm representing the former chief executive.
In November 2002, the SEC alleged that the Draper, Utah-based company and four individuals -- former president and chief executive officer Gary D. Kennedy, former chief financial officer Robert P. Hughes, former controller Stanley G. Hanks, and former vice president of finance Wynn K. Clayton -- failed to disclose two "unusual...