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March 11, 1997updated 05 Sep 2016 12:44pm

NOW CITRIX FACES CLASS ACTION SUIT

By CBR Staff Writer

Perhaps not unexpectedly, battered Citrix Systems Inc has now been handed a class action suit in its native Florida to add to its share price meltdown woes of two weeks ago (CI 3110). That crash came on news that partner Microsoft was working on its own multiuser NT solution, the provision of which to Big Green was seen as Citrix’s very raison d’etre. The complaint alleges that defendants violated Federal securities laws by, among other things, misrepresenting and/or omitting material information concerning its relationship with a certain strategic partner, presumably Citrix’s former buddies in Redmond. Recently-public Citrix, founded in 1989 by IBMer Edward Iacobucci, former leader of the OS/2 development team, has seen its stock crater from a high of $56 to under $10 after the announcement, has now seen it inch up again to $13 at yesterday’s close.

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