View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Technology
September 21, 1998

PLATINUM SOFTWARE CAN’T EXPLAIN STOCK PLUNGE

By CBR Staff Writer

Platinum Software Corp says it doesn’t know why its stock plunged approximately 37% last Friday (CI No 3,499). We do not understand the recent trading on our stock, George Klaus, company chairman, president and CEO said in a statement. We remain confident about our product offerings and the markets we serve and have no material, negative developments to announce. Klaus rejected rumors about his departure as baseless. An awkwardly worded news release from ZDNet issued the evening before the stocks plunged may have been the cause of these rumors. Under the title Software execs earn big bucks – by getting fired the story listed the top earners among the largest software companies based on just salaries and bonuses. Klaus was included in the list along with former Adobe chief David Pratt and former Novell president Joe Marengi. Although it was made clear that Klaus still held his job, the association may have sparked off the panic. Shares rebounded 25.78% on Monday trading to $10.06.

Websites in our network
NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. Tech Monitor's research, insight and analysis examines the frontiers of digital transformation to help tech leaders navigate the future. Our Changelog newsletter delivers our best work to your inbox every week.
I consent to New Statesman Media Group collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED
THANK YOU