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HolidayBuyer's Guide
Tech Industry

Short Take: Class action filed against SGI

A class action has been filed on behalf of purchasers of Silicon Graphics securities between July 24, 1997, and October 6, 1997. The complaint alleges that the company made misleading statements about its financial results in order to facilitate the exchange of a new SGI convertible security. SGI later revealed that its strong results had been the result of pulling orders in from future quarters and that it would suffer a huge revenue shortfall, which resulted in a drop in its stock price.

A class action has been filed on behalf of purchasers of Silicon Graphics securities between July 24, 1997, and October 6, 1997. The complaint alleges that the company made misleading statements about its financial results in order to facilitate the exchange of a new SGI convertible security. SGI later revealed that its strong results had been the result of pulling orders in from future quarters and that it would suffer a huge revenue shortfall, which resulted in a drop in its stock price.