Boardroom scuffles, financial tom-foolery, it's all here...
By Aled Herbert
Published: 31 July 2001 08:05 GMT
The battle between Computer Associates and Sam Wyly took a new twist yesterday as the Texan billionaire filed a counterclaim lawsuit against the software and services giant.
Wyly claimed CA had failed to inform its shareholders that one of its board members, Roel Piper, was also a director in troubled speech software firm Lernout & Hauspie.
Lernout & Hauspie was hit by an accounting fraud scandal that ended with its co-founders in jail and forced the company to seek bankruptcy protection.
In a 52-page court filing, Wyly also accused CA chairman Charles Wang and CEO Sanjay Kumar of glossing over the company's relationship with its customers and producing misleading reports about its financial performance.
Wyly hopes to oust the current CA management when shareholders vote for a group of 10 board members on 10 August.
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