San Francisco Business Times: CEO and IPO spell headache for Linux firm

In a double-barrelled surprise for the Linux community,
Linuxcare Inc. said CEO Fernand Sarrat has left and it has
postponed its initial public offering….

“There are not only a growing number of IPOs backing up on the
launching pad because of the turbulence in the NASDAQ market, but
there also has been a notable weakness among Linux issues. Such
Linux stocks as once high-flying Red Hat and VA Linux Systems have
fallen sharply from their exuberant highs.”

“Asked to clarify whether Sarrat, who had been on the job for
less than a year, quit or was fired, Lambs said, “As with any
employee, I’m just not at liberty to give out any of the
circumstances surrounding an employee departing the company. All I
can say he left the company and that was an action of the board of
directors last Friday.”

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