Tech Industry

Short Take: Centennial sued

A class-action suit has been filed against Centennial Technologies on behalf of buyers of its common stock for the class period from August 21, 1996 to February 10, 1997. The suit charges that Centennial--along with its chairman, CEO, and secretary, Emanuel Pinez, and its chief financial officer, James M. Murphy--made material misrepresentations in the company's financial statements. On February 11, the company acknowledged problems with its financial statements, fired Pinez and Murphy, and filed a report with the Securities and Exchange Commission. Centennial's stock traded as high as $55.50 per share during the class period and closed at $16.50 per share on February 10. The following day it was halted in trading.

A class-action suit has been filed against Centennial Technologies on behalf of buyers of its common stock for the class period from August 21, 1996 to February 10, 1997. The suit charges that Centennial--along with its chairman, CEO, and secretary, Emanuel Pinez, and its chief financial officer, James M. Murphy--made material misrepresentations in the company's financial statements. On February 11, the company acknowledged problems with its financial statements, fired Pinez and Murphy, and filed a report with the Securities and Exchange Commission. Centennial's stock traded as high as $55.50 per share during the class period and closed at $16.50 per share on February 10. The following day it was halted in trading.