By Felicity Ussher, 20 July 1998 16:10
NEWS Despite positive earnings last week, Sybase is being sued by stockholders for manipulating its share price. Nasser Mostoufi and Samuel Peck have filed a suit at Delaware Chancery Court accusing officials of selling $6.2m worth of shares at deliberately inflated prices last year. In January 1998, Sybase restated its earnings for the previous three quarters - and disclosed that the apparent $4.4m profit for Q2 1997, was in fact a $17.8m loss. The share price instantly slumped, but officials had already sold their shares. Sybase was forced to restate its earnings in January after irregularities at one of its Japanese subsidiaries.
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