Feeds

Unholy row as Baan shareholders sue firm

Dutch Protestants allege double dealing by firm's founders

  • alert
  • submit to reddit

Secure remote control for conventional and virtual desktops

A group of devout Dutch protestants is suing enterprise resource planning firm Baan, claiming their religious beliefs were preyed upon to coax them into buying shares in the struggling software firm.

Baan, which was acquired by process and controls manufacturer Invensys last year for £480 million, was named in a lawsuit filed by aggrieved shareholders, along with Baan's founders Jan and Paul Baan.

According to a report in today's Times, the lawsuit alleges that revenues for the firm were mis-stated and shares were sold by the brothers before Baan's financial problems came to light. A spokesman for Invensys confirmed that a lawsuit alleging "that certain statements made by the company in 1997 and 1998 were leading and, as a result, the investors suffered losses" has been filed.

The 270 Dutch Protestants, many of whom are members of the Dutch Reformed Church, the same church as the highly-religious Baan brothers, are asking for 35 million guilders (£10 million) in compensation to settle the dispute. Some of the litigants even attend the same church as the Baan brothers, a situation likely to test the spirit of peace and brotherly love in the parish.

Invensys issued a statement stating that it would defend the case "vigorously". ®

Related stories

Beached Baan bows to buyer
Jan Baan: Calvinistic man with attitude
Baan bets big on Windows NT products

5 things you didn’t know about cloud backup

More from The Register

next story
6 Obvious Reasons Why Facebook Will Ban This Article (Thank God)
Clampdown on clickbait ... and El Reg is OK with this
Mozilla's 'Tiles' ads debut in new Firefox nightlies
You can try turning them off and on again
No, thank you. I will not code for the Caliphate
Some assignments, even the Bongster decline must
Banking apps: Handy, can grab all your money... and RIDDLED with coding flaws
Yep, that one place you'd hoped you wouldn't find 'em
TROLL SLAYER Google grabs $1.3 MEEELLION in patent counter-suit
Chocolate Factory hits back at firm for suing customers
Kaspersky backpedals on 'done nothing wrong, nothing to fear' blather
Founder (and internet passport fan) now says privacy is precious
Primetime precrime? Minority Report TV series 'being developed'
I have to know. I have to find out what happened to my life
Ex-IBM CEO John Akers dies at 79
An era disrupted by the advent of the PC
prev story

Whitepapers

Gartner critical capabilities for enterprise endpoint backup
Learn why inSync received the highest overall rating from Druva and is the top choice for the mobile workforce.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Rethinking backup and recovery in the modern data center
Combining intelligence, operational analytics, and automation to enable efficient, data-driven IT organizations using the HP ABR approach.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
Next gen security for virtualised datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.