130. TenFold filed its 10-Q for the first quarter of 2000 on April 15, 2000. 202. TENFOLD BACKGROUND AND STOCK SALES BY DEFENDANTS. Plaintiff repeats and realleges paragraphs 1 through 222 above. As discussed in more detail below, Kennedy, Hughes, Hanks and Clayton knew at the time the fourth quarter and year-end 1999 results were released that completion dates that were no longer correct or feasible had been used to calculate revenue. TenFold had never returned a customer's money. Kennedy and Hughes believed that profitable financial results were important to the success of the IPO. § 77t] and Section 21 of the Exchange Act [15 U.S.C. Kennedy and Hughes were both aware of and approved the Utica transaction. In order to reach this estimate, TenFold assumed that a standard number of people worked on a development project and expended consistent effort over the course of a week. 123. This document showed the anticipated end date of a project, the percentage of the project that was complete, and the amount of revenue recognized on the project. Tenfold brings together the power of voice & intelligence of CRM for better customer conversations. 251. In his opening remarks, Kennedy also touted the success of TenFold's resale strategy as reflected in the fact that TenFold had increased its percentage of license revenue as opposed to software development service revenue. TenFold materially overstated revenues and income reported in its 1999 10-K and its 10-Q for the first quarter of 2000. In addition, Hughes put pressure on TenFold's staff to use and acquiesce in the use of inaccurate completion dates. Plaintiff demands a jury trial in this case. TenFold should have used July 14, 2000, or a later date, as the end date to calculate revenue on the Trumbull contract for the results reported in its 10-Q for the first quarter of 2000. 227. 2. tap the home screen. 117. 231. 224. 6329 Howie Drive TenFold split the components into two contracts -- one for the purchase of TenFold's development services, a Specific UA license, training, and support, and another for the purchase of a General UA license. Using March 25, 2000 and April 3, 2000 as the completion dates was improper. Throughout the relevant period, TenFold was an issuer of a security registered with the Commission pursuant to Section 12 of the Exchange Act, and has been subject to the periodic reporting requirements imposed on such issuers by the Exchange Act. TenFold should have used September 1, 2000, or a later date, as the end date to calculate revenue on the Unitrin contract for the results reported in its 10-Q for the first quarter of 2000. Learn more. 259. 68. 174. Kennedy knew that some of TenFold's customers were extremely dissatisfied and unhappy with TenFold's performance. Data owners can then decide themselves who is to gain access to their files/data as part of the workflow process and who is not. 30. ultimately, tenfold is an exciting place to simply come and be social. Trumbull returned the confirm without comment, and its officers may not have known at that time that TenFold would seek an extension of the completion date. Ensure high quality applications by automating tedious, repetitive and error-prone coding tasks. 199. By reason of the foregoing, Hughes violated Rule 13b2-2 under the Exchange Act [17 C.F.R. Phone: (303) 844-1000 Tenfold is back on the App Store, now with support for iPhone X! 169. For the financial results TenFold reported in its 10-Q for the first quarter of 2000, TenFold used completion dates of March 25, 2000 and April 3, 2000 to calculate revenue on the Trumbull project. 109. Others promise, but TenFold delivers. Accordingly, schedules and completion dates, as well as changes and adjustments, were discussed at the weekly forecast meetings. 45. TenFold should have used September 1, 2000, or a later date, as the end date to calculate revenue on the Unitrin contract for the results reported in its 10-K for 1999. 257. Fax: (303) 844-1068, "We have only a limited number of applications completed and currently in use and there can be no assurance that we will be able to complete any current or new projects. He said this decrease was "very important" to him "because it indicates how satisfied our customers are and how successful we are with them. 16. When TenFold resold these products, it sold these other companies a license to use the previously developed software application-a "product" license that was different from the General UA license or the Specific UA license described above. 29. The annual report contained numerous statements to the effect that adverse consequences would follow if TenFold experienced difficulties or delays in completing its projects. V. TENFOLD'S FAILURE TO DISCLOSE UNUSUAL TRANSACTIONS IN ITS REGISTRATION STATEMENT. The customer sold its entire allocation on the first day of the IPO, reaping a profit of over $1.6 million. 3. wait a few seconds on the queue screen. 144. 167. The 2020/2021 Universal College Application is now available. Hanks stated that, "[t]elling [the public] about some of [TenFold's] problem projects is material information which should be disclosed. If the system permits you to submit, your application will be considered, regardless of the time/date stamped on your application. Create your applications as efficient collections of standards-based services. For its fourth quarter and year-end 1999 results, TenFold used completion dates for purposes of calculating revenue recognition that, by January 31, 2000, were clearly incorrect. 210. 7814 South Pheasantwood Drive 209. We will likely experience similar situations in the future. The proposal and contract included a TenFold Guarantee that covered the entire $8.25 million contract price. 170. Plaintiff repeats and realleges paragraphs 1 through 248 above. Hanks stated that Kennedy should have been clearer about project problems. TenFold filed its 10-K for 1999 on March 9, 2000. 100 % automated 1999 financial statements, TenFold, kennedy, Hughes, Hanks and Clayton all sold stock. Active Directory ® groups $ 8 per share Clayton were all aware of the for! On jobs, salaries, top office locations, and CEO insights scenes of the workflow and! Confirm end dates was essential in TenFold 's software is its Universal application technology builds and large-scale... 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