To add to the woes of Baan Co NV, two legal firms have announced that they are joining forces to develop a joint European and American litigation strategy. In a prepared statement, NYC-based Shalov Stone & Bonner and German firm Rotter Rechtsanwalte said that they had filed a class action on behalf of all purchasers of Baan securities on any exchange worldwide for the period from January 30 to October 12 1998. The action comes on top of the three class action suits were filed on behalf of holders of Baan’s American Depository Receipts after the collapse of its share price in August (CI No 3,520). Baan described the new action as totally without merit adding that the company appreciated shareholder concern about the fall in share prices but that the firm was trying to rebuild shareholder value.
