PeopleSoft clashes with analyst "missing the best story in tech"

NEWS An analyst at a prominent US investment bank has accused PeopleSoft of not properly disclosing 'material details' about its performance. However, the B2B software company has countered that in the disputed case it is in within its rights to pick to whom it wishes. Richard Peterson, at W Hambrecht and Co in San Francisco, has complained that he has not been privy to details about PeopleSoft's first quarter which have been made available to other analysts. However, an email from the head of PeopleSoft's investor relations team, quoted by the FT, reads: "As you should know, your firm has a negative rating [on PeopleSoft], clearly missing the best story in tech over the past 12 months. "This being the only exposure to your firm's research, we don't see any value in broadening our exposure to your firm." PeopleSoft has been one of the tech success stories of the past 18 months. In a difficult climate, it has stood out by out-performing most similar businesses. However, its latest figures are expected to reveal a first quarter in which revenue from licences slows. The Securities and Exchange Commission in the US is now likely to be called upon to decide whether PeopleSoft is within its rights or whether it has held back material information.