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Hard times " yield SoftBrands; unwittingly enmeshed in a stock scandal, ERP vendor emerges financially stronger. (News at the front).

Publication: MSI
Publication Date: 01-NOV-02 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
At first, the acquisition of Fourth Shift by AremisSoft seemed a routine diversification move--a larger company gobbling up tasty enterprise resources planning (ERP) solutions for the manufacturing industry. In late February 2001, Fourth Shift never imagined that two newly appointed top executives at AremisSoft--Roys Poyiadjis and Lycourgos Kyprianou--were about to take them, and AremisSoft stockholders, for the ride of their lives.

Just six months later, on July 31, 2001, the Securities and Exchange Commission filed a complaint alleging that Poyiadjis and Kyprianou were involved in a fraudulent pump-and-dump scheme. The "pump" was creating fictional revenues and financial statements to inflate the company's value, reporting sales that never existed, and falsifying the value and operating history of acquired companies. Chief among...

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