Wednesday, December 21, 2005

SEC Drops TenFold Charges

The SEC has dropped charges against Salt Lake City Utah-based TenFold, according to its law firm. Morrison and Foerster, the company's representation, said that the SEC had dropped all charges against the company's executives. The SEC had alleged in 2002 that the company's executives had failed to disclose acceleration of revenue in its IPO filing, and that it alloted an unusual number of shares to a customer as part of its revenue recognition. TenFold provides software tools for helping software developers create business applications.