Lernout & Hauspie fired CEO Duerden after rift with disgruntled old guard

Article Abstract:

Old guard board member's of software company Lernout and Hauspie Speech Products NV successfully ousted CEO John Duerden after heated a Jan 16, 2001 board meeting. Tensions had been mounting in the company over Duerden's efforts to investigate the alleged accounting fraud plaguing the software company. The board has installed Philippe Bodson as the new CEO and Chief Technology Officer and co-founder Jo Lernout has resigned his board seat. Share- and bondholders in the company, who have lost billions in the fraud, may be angered by the board's decisions.

Executive changes & profiles, Officials and employees, Human resource management, Corporate directors, Political activity, Appointments, resignations and dismissals, Company personnel management, Duerden, John

Lernout unit engaged in massive fraud to fool auditors, new inquiry concludes

Article Abstract:

Belgian software maker Lernout and Hauspie Speech Products NV, with the help of accounting firm PriceWaterhouseCoopers, has finished an accounting fraud investigation of Lernout's South Korean unit. The report on the investigation found sham sales, collusion between banks and Lernout executives and employees posing as customers. One former executive, Joo Chul Seo, earned millions in incentive payments on inflated sales targets. Lernout's CEO Philippe Bodson plans to announce legal action against colluding South Korean banks and former corrupt executives.

South Korea, Legal issues & crime, Accounting, auditing, & bookkeeping, Accounting & Auditing Services, Accounting, Tax Preparation, Bookkeeping, and Payroll Services, Foreign operations, Company legal issue, Cases, Investigations, Accounting, Fraud, Accounting firms, Accounting services, PricewaterhouseCoopers L.L.P.

Avid agrees to buy special-effects unit from Microsoft for about $285 million

Article Abstract:

Avid Technology Inc. will aquire SoftImage for about $285 million. Microsoft bought Montreal-based SoftImage in 1994 for $130 million and built it into a leading movie special effects software provider. Avid markets video editing systems to film and television editors. SoftImage will help Avid broaden its market offerings. Industry analysts say SoftImage and its competitors are losing money because of product development costs.

Comment:

Will aquire SoftImage Inc. for about $285 million

Canada, Asset sales & divestitures, Acquisitions & mergers, Foreign operations, Company Planning/Goals, Avid Technology Inc., Softimage Co., Article