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Reuters: Ex Inprise director's co sues to block Corel merger

Apr 19, 2000, 00:22 (0 Talkback[s])

"Internet software provider Inprise Corp has been sued by investor Management Insights Inc, which seeks to block a proposed $1.07 billion merger with Corel Corp , calling it inadequate."

"The lawsuit claims Inprise directors had a fiduciary duty to withdraw from the merger when they learned that Corel's Securities and Exchange Commission filings allegedly contained "material misstatements and omissions and...did not fairly present Corel's results of operations and cash flows.""

"Also, while Corel's sales of the Linux computer operating system were an inducement for the merger, first quarter 2000 revenues for Linux sales were "disappointing" with annual revenues not expected to meet projections, court papers say. Linux is considered a potential rival to Microsoft Corp"

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