§ 78m(a), 17 C.F.R. 148. Kennedy, Hughes, Hanks and Clayton knew or were reckless in not knowing of TenFold's violations of Section 13(b)(2)(A) of the Exchange Act [15 U.S.C. 174. Before August 2000, TenFold did not disclose any problems with its software development projects, except for the Ohio Farmers contract, which had resulted in litigation by the third quarter of 1999. TenFold had never returned a customer's money. 169. 82. At the time that Utica received the confirm, TenFold and Utica were in the process of negotiating an amendment and new completion date for the project. Obviously, customers who are not satisfied are not going to be paying their bills.". 136. Section 13(a) of the Exchange Act and Gary D. Kennedy, a resident of Sandy, Utah, became president, chief executive officer ("CEO"), and a member of TenFold's board of directors in September 1996. He served as vice president of finance for two TenFold subsidiaries from March 2000 until he resigned from the Company in May 2001. 226. Integrate with your existing architecture & technology, global architectural standards (SOA) and messaging & data standards (FIXML, HL7, AL3, ACORD etc.) Kennedy was very involved in certain projects during January 2000, including Nielsen and Untitrin, as he actively worked to manage those customer accounts. Yet, for its calculations for three significant projects for the last quarter of 1999 and the first quarter of 2000, TenFold used project completion dates that its officers knew were incorrect. Develop feature-rich powerful applications simply with TenFold's unsurpassed rendering engine functionality. The Commission brings this action pursuant to the authority conferred upon it by Section 20 of the Securities Act [15 U.S.C. (Violations by TenFold, Kennedy, Hughes, Hanks and Clayton of Under generally accepted accounting principles (GAAP), TenFold could not immediately recognize all license revenue on a contract that contained a guarantee provision like the TenFold Guarantee. 233. 115. The confirm documents, which were sent in January 2000, were to be returned directly to KPMG by the customer. The group structure that is necessary for AGDLP is transparently managed by tenfold in the Active Directory. By reason of the foregoing, TenFold, Kennedy and Hughes violated Section 17(a)(3) of the Securities Act and unless restrained and enjoined will continue to do so. 24. 151. Fax: (303) 844-1068, "We have only a limited number of applications completed and currently in use and there can be no assurance that we will be able to complete any current or new projects. § 77q(a)(1)]. Others promise, but TenFold delivers. VI. 17. For example, with respect to a software development project for Utica, TenFold had missed an August 31, 1999 completion date and a December 14, 1999 guarantee date, and had been negotiating a revised completion date since November of 1999. In connection with KPMG's audit of TenFold's 1999 financial statements, KPMG requested that TenFold confirm end dates with certain customers. 256. (303) 844-1000, TenFold Corporation Defendant Stanley G. Hanks violated Sections 10(b) and 13(b)(5) of the Exchange Act and Rules 10b-5 and 13b2-1 thereunder. Among other reasons, and as noted above, they all participated in the weekly forecast meetings and received the spreadsheets containing completion dates on a weekly basis. In 1997 or 1998, TenFold began offering the "TenFold Guarantee" to its customers, which provided that if TenFold did not deliver a customer's application in the agreed-upon time period and for the agreed-upon price, TenFold would refund the customer's money. Ohio Farmers sold its shares on the first day of public trading, reaping a profit of approximately $1.6 million. 44. Utica did not return the confirm to KPMG because it felt that the February 29, 2000 end date was inaccurate. Certain of the transactions, acts, practices and courses of business constituting the violations of law alleged herein occurred within this judicial district. 195. It contains components which include the Librarian (graphical user interface), Dictionary (application definition), Sets (data structures), PowerImport (import data), PowerExport (export data), PowerAccounting (log transactions), PowerWorkflow (define business processes), and PowerScoring (define business rules). By reason of the foregoing, TenFold, Kennedy, Hughes, Hanks and Clayton violated Section 10(b) of the Exchange Act and Rule 10b-5 thereunder and unless restrained and enjoined will continue to do so. §§ 78j(b), 78m(a), 78m(b)(2), and 78m(b)(5)], and Rules 10b-5, 12b-20, 13a-1, 13a-13, and 13b2-1 [17 C.F.R. This Court has jurisdiction over this action pursuant to Section 22(a) of the Securities Act [15 U.S.C. 37. If the system permits you to submit, your application will be considered, regardless of the time/date stamped on your application. ________________________________ 154. 230. Under the Exchange Act). CHRIST's glorious second coming. Summary of Alleged Violations and Remedies Sought. By the end of 1999, all of the contracts for the Delayed Projects except one contained the TenFold guarantee. Purchase with purpose! Because TenFold had not billed these customers, TenFold did not include their projects when it calculated the amount of time it took customers to pay bills. 190. D. Tenfold's Pricing Practices and Revenue Recognition Policies. Kennedy and Hughes participated in the preparation of TenFold's Form S-1 registration statement and, as president, chief executive officer, and chief financial officer, were responsible for the information in it. 14. TenFold, which began to develop applications for customers in 1996 or 1997, claimed that it could rapidly develop software applications in a fixed time and for a fixed price using the UA platform. 63. 166. 13. An internal e-mail reflects that by February 28, 2000, Hughes and Clayton knew the projected end date for the Utica project was September 30, 2000. Full text of "Life of James Green, doctor of divinity, rector and dean of Maritzburg, Natal, from February, 1849, to January, 1906" See other formats § 78j(b)] and Rule 10b-5 thereunder [17 C.F.R. 158. TenFold Corporation ("TenFold" or the "Company"), a software development company, fraudulently reported misleading information regarding its financial position and business success in its registration statement filed with the Commission for its May 1999 initial public offering ("IPO") and in its public statements and periodic Commission filings related to its 1999 and first quarter 2000 operations. 168. As discussed in more detail below, Kennedy, Hughes, Hanks and Clayton knew at the time the fourth quarter and year-end 1999 results were released that completion dates that were no longer correct or feasible had been used to calculate revenue. From June 1998 through June 1999, Clayton served as a financial analyst for TenFold, reporting to Hanks. 224. TenFold missed the August 31, 1999 completion date. The world’s most simple and effective resource to learn how to pray, now available as an app! . Upon receipt of the restructured documents, Utica informed TenFold that the TenFold Guarantee would have to extend to the full $8.25 million cost for the development project and Specific UA license as originally negotiated. 223. 109. Kennedy and Hughes were both aware that the unusual dealings with Ohio Farmers resulted in the recognition of additional revenue that turned a loss for the quarter into a profit, yet they both approved and signed the registration statement that failed to disclose this important information. For example, in press releases issued during 1999 and the first quarter of 2000, TenFold announced the signing of eight customer contracts and four instances in which it had delivered projects to customers. 160. By the end of January 2000, the audit of TenFold's financial statements by its outside auditors was largely complete. 99. 67. TenFold's percentage of completion accounting method assumed that TenFold would expend consistent effort in each month over the life of a project, regardless of the actual time its staff spent on the development project. In response, Mazon provided Utica with ambiguous language to be used in the confirmation response. _____ how to chat on tenfold: a very short instruction manual 1. open the app. Defendant Gary D. Kennedy violated Section 17(a) of the Securities Act, Section 10(b) of the Exchange Act and Rules 10b-5 and 13b2-1 thereunder. It's up to you to ensure that this does not happen. Hughes signed TenFold's first quarter 2000 10-Q. 25. 153. 264. Plaintiff repeats and realleges paragraphs 1 through 242 above. Hughes also provided materially inaccurate and misleading information during the call. Hughes prepared a document in February or early March 2000 stressing that end date estimates that had already been audited should not be changed. TenFold missed the completion date. In addition, Hughes put pressure on TenFold's staff to use and acquiesce in the use of inaccurate completion dates. 161. TenFold utilized a completion date of March 31, 2000 for purposes of calculating the revenue it would recognize on the Unitrin contract in its 1999 10-K. 171. B. 17003) TenFold also failed to discuss delay factors that were the fault of TenFold, including establishing project completion schedules that were overly aggressive, nor did it disclose the impact these project problems would have on its future revenue stream. TenFold, Kennedy and Hughes, directly or indirectly, in the offer or sale of securities, by the use of means or instruments of transportation or communication in interstate commerce, or by the use of the mails, obtained money or property by means of untrue statements of material facts or omissions to state material facts necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading, in violation of Section 17(a)(2) of the Securities Act [15 U.S.C. One of these unusual transactions was between TenFold and Utica Mutual Insurance Company ("Utica"); the other was between TenFold and Ohio Farmers Insurance Company ("Ohio Farmers"). 114. 213. 11. Tenfold is a non-profit organisation developing innovative learning products for communities across the globe. It boasted that "[w]e deliver [software] applications on time, for a fixed price, and on target - or we refund our customer's money." B. TenFold Claims Unique Rapid Development Abilities And Offers A Money Back Guarantee. Kennedy knew that some of TenFold's customers were extremely dissatisfied and unhappy with TenFold's performance. In late 1998, Utica hired TenFold to develop a software application that would process insurance premiums for Utica's commercial customers. Defendant TenFold violated Section 17(a) of the Securities Act of 1933 ("Securities Act") [15 U.S.C. Unitrin never returned the original confirm. Accordingly, use of proper completion dates was essential in TenFold's method of calculating percentage of completion revenue. 10. They knew that this information had not been disclosed in TenFold's S-1 registration statement or anywhere else. Under generally accepted accounting principles, in order to use the percentage of completion method of revenue recognition an entity must be able to make estimates that are reasonably dependable. Between 1993 and 1996, TenFold focused on the development of its base technology-the "Universal Application" (the "UA")-which was intended to serve as the software platform for TenFold to develop large-scale business software applications for customers. TenFold's changes did not comport with economic realities, the prices the parties had negotiated, or TenFold's normal business practices. They knew that TenFold had not fully and fairly disclosed the problems and delays it had been experiencing in its development projects. Tenfold App Auto-Updater. Kennedy, Hughes, Hanks and Clayton knew or were reckless in not knowing of TenFold's violations of Section 13(a) of the Exchange Act and Rules 12b-20, 13a-1, and 13a-13 thereunder and substantially assisted TenFold in committing these violations. 254. During the first quarter of 1999, TenFold entered into a contract with Ohio Farmers whereby TenFold would develop a software program to manage commercial policies for Ohio Farmers. And like the 1999 10-K, the first quarter 2000 10-Q also failed to disclose any information regarding the delayed status of TenFold's development projects. B. TenFold's Announcement of Fourth Quarter 1999 and Year-End Results. 4. easily review other users in queue and confirm that you want to chat with them 257. Salt Lake City, Utah 84109 184. Shortly after signing the contract, TenFold, at Kennedy's direction, approached Ohio Farmers and asked it to amend the contract to remove the termination for convenience and acceptance clauses. Under generally accepted accounting principles, TenFold was limited in the amount of revenue that it could recognize on the Ohio Farmers contract due to these two unusual clauses. ", "Our failure to accurately estimate the resources required for a project or our failure to complete our contractual obligations in a manner consistent with the project plan would likely cause us to have lower margins or suffer a loss on the project, which would negatively impact our operating results. Specifically, TenFold failed to disclose the circumstances surrounding two highly unusual and unique transactions that allowed it to show a profit in the two fiscal periods immediately preceding its IPO. They both knew of highly unusual circumstances surrounding the transaction that resulted in the recognition of additional revenue that turned a loss for the year into a profit, yet they both approved and signed the registration statement that failed to disclose this important information. (Colo. Attorney Reg. 41. 34. 66. This license enabled customers to develop applications on their own using the UA platform, to hire third parties to develop applications for them based on the UA platform, or to later hire TenFold to develop applications using the existing license. 122. (TenFold's violations of Section 13(b)(2)(A) of the Exchange Act). Hughes, as CFO, managed and supervised the work of Hanks and Clayton. Plaintiff repeats and realleges paragraphs 1 through 258 above. Further, Hughes warned TenFold employees against providing accurate and updated information to the auditors, telling them that altering any completion dates would result in "blow[ing]" TenFold's ability to recognize upfront license revenue. DISSEMINATION OF FALSE AND MISLEADING INFORMATION REGARDING TENFOLD'S BUSINESS OPERATIONS AND STOCK SALES BY DEFENDANTS, A. TenFold was founded in 1993. 79. By reason of the foregoing, Kennedy, Hughes, Hanks and Clayton aided and abetted TenFold's violations of Section 13(b)(2)(A) of the Exchange Act, and unless restrained and enjoined will continue to aid and abet violations of these provisions. Hanks also criticized Hughes for claiming that TenFold was "conservative" with its revenue recognition at year-end. The free trial version will give you insight into the full range of tenfold’s features and outline the benefits of access rights management with tenfold. 259. TenFold allows standards-based integration within or outside the enterprise, using both thick and thin (web) client based development and access for Enterprise applications. At the end of 1999 and the beginning of 2000, Kennedy, Hughes, Hanks and Clayton all participated in the weekly forecast meetings on a regular basis. Yet, for purposes of its revenue calculations for the Unitrin project through December 31, 1999, TenFold used a completion date of March 31, 2000. 38. 242. TenFold's business plan was to resell applications it developed for one customer to other companies in the same industry as that customer. It has never been easier to manage users and access rights in one central hub. 29. Let's go shopping! 7) that, when described for a particular application in dictionary 106, customize the execution of target application 100. These two transactions played a key role in TenFold's ability to proceed with and the offering price for its IPO because TenFold would not have had reportable profits in those periods without the unusual revenue items. Kennedy, Hughes, Hanks and Clayton all participated, at various times, in the weekly forecast meetings. Two years later, TenFold stock was trading at approximately $.20 per share. In tenfold, the implementation of the AGDLP principle is 100% automated. TenFold should have used July 14, 2000, or a later date, as the end date to calculate revenue on the Trumbull contract for the results reported in its 10-K for 1999. § 77v(a)] and Sections 21(e) and 27 of the Exchange Act [15 U.S.C. 112. Facilitate rapid change with lightning fast development. (Violations by TenFold, Hughes, Hanks and Clayton of 132. 15043), ________________________________ TenFold's auditors considered use of the holdback to be appropriate and consistent with TenFold's historical experience. 202. TenFold did not, however, disclose that Ohio Farmers had agreed to amend its contract only in exchange for an unusually large allocation in the IPO, or that as a result of the amendment TenFold was able to recognize an additional approximately $2.6 million in revenue during the first quarter of 1999. To provide you with best app recommendations we kindly ask you to update your profile Company Size Select your company size Self-employed 1-10 employees 11-50 employees 51-200 employees 201-500 employees 501-1000 employees 1001-5000 employees 5001-10,000 employees 10,001+ employees 180. Exchange Act Rules 12b-20, 13a-1 and 13a-13). All those making a first application for universal credit would usually attend a meeting at their local job centre. (Violations by TenFold, Kennedy and Hughes of Hughes was TenFold's CFO from February 1995 until August 2000. 106. FOR THE DISTRICT OF COLUMBIA, Securities and Exchange Commission Under the terms of the contract, Utica was entitled to invoke the TenFold Guarantee on December 14, 1999. In addition, defendant Hughes provided false and misleading information to TenFold's auditors. 124. 170. TenFold's accounting or finance department or division, of which Hughes, Hanks and Clayton were a part, received copies of all contract amendments. Its initial goal was to disrupt the delivery of business software applications via a completely new model known as Software-as-a-Service or SaaS. Clayton was the individual responsible for calculating the amount of revenue to be recognized on the Utica, Unitrin and Trumbull projects and provided those numbers to Hughes for the financial statements. cause us to suffer quarterly losses or adverse results of operations. 61. TenFold files periodic reports with the Commission pursuant to Section 12(b) of the Exchange Act. Create “C” extension functions to integrate with third-party software libraries. The first release of the application is for Grade 11 and 12 students. Defendants TenFold, Kennedy, Hughes, Hanks and Clayton directly or indirectly falsified or caused to be falsified TenFold's books, records and accounts. Further, Tenfold claimed that these abilities made it unique. No one from TenFold took any action to correct the erroneous statements made by Kennedy and Hughes. Hughes, Hanks and Clayton knew or were reckless in not knowing of TenFold's violations of Section 13(b)(2)(B) of the Exchange Act [15 U.S.C. We cannot allow that to happen. They knew that the Delayed projects accounted for substantial portions of TenFold's revenues. Distributed clients with role based access allow you to develop your transformation by leveraging talent across the globe and still manage tight security and access control. Further, Hanks and Clayton were responsible for performing revenue calculations, and Hughes supervised their work and was responsible for TenFold's financial reporting. TenFold, Kennedy, Hughes, Hanks and Clayton, directly or indirectly, with scienter, in connection with the purchase or sale of securities, by the use of means or instrumentalities of interstate commerce, the mails, or any facility of a national securities exchange, have employed devices, schemes, or artifices to defraud; have made untrue statements of material fact or omitted to state material facts necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading; or have engaged in acts, practices, or courses of business which operated or would operate as a fraud or deceit upon any person; in violation of Section 10(b) of the Exchange Act [15 U.S.C. Grant such other relief as this Court may deem just or appropriate. 4.8 out of 5. By reason of the foregoing, TenFold violated Section 13(b)(2)(A) of the Exchange Act [15 U.S.C. 117. TenFold knew at the time that the 10-Q was filed that it had not completed the project as of March 25, 2000 or April 3, 2000. The customer sold its entire allocation on the first day of the IPO, reaping a profit of over $1.6 million. 91. 175. 127. Kennedy and Hughes acknowledge receiving and reviewing Hanks' February 3, 2000 e-mail. SPIRITUAL WARFARE IN THE HEAVENLIES 1. 262. 116. E. TenFold's 10-Q for the First Quarter of 2000. KPMG asked TenFold to provide it with an explanation of customer comments on the confirmation responses. 130. As TenFold consistently reported profits each quarter and for the entire year of 1999, the price of TenFold common stock increased to a high of approximately $70 per share in March 2000. 225. In order to reach this estimate, TenFold assumed that a standard number of people worked on a development project and expended consistent effort over the course of a week. With respect to TenFold's cash flow position, Kennedy misleadingly discussed TenFold's success obtaining "deferred revenue" -- money that customers had paid but that TenFold had not yet earned -- and collecting its bills. 221. Universal application 108 "manifests" to the end-user custom target application 100 as … Business people understand business needs. § 78m(b)(2)(B)], and unless restrained and enjoined will continue to do so. By reason of the foregoing, TenFold violated Section 13(b)(2)(B) of the Exchange Act [15 U.S.C. Ensure high quality applications by automating tedious, repetitive and error-prone coding tasks. 98. TenFold Corporation made public a significant and unique feature of its Universal Application platform called SecurityByValue that introduces a simple way to … (Violations by TenFold, Kennedy and Hughes of In making its estimates of the percentage of completion for accounting purposes, the company stated that it would make proper adjustment for acknowledged difficulties with its estimates. On its General UA licenses, TenFold generally recognized revenue upon delivery of the software. This approximately $2.6 million in revenue was material to TenFold's first quarter 1999 financial results as reported in TenFold's Form S-1. 111. . TenFold also failed to add such further material information as was necessary to make the required statements or reports, in light of the circumstances under which they were made, not misleading. Kennedy was aware of Ohio Farmers' condition for the amendment and approved both the amendment and the allocation. Defendant Hughes directly or indirectly made or caused to be made materially false or misleading statements, or omitted to state or caused other persons to omit to state material facts necessary in order to make statements made, in light of the circumstances under which such statements were made, not misleading to an accountant in connection with: (1) an audit or examination of the financial statements of an issuer required to be made pursuant to the Exchange Act; or (2) the preparation or filing of any document or report required to be filed with the Commission pursuant to the Exchange Act or otherwise. §§ 240.10b-5, 240.12b-20, 240.13a-1, 240.13a-13, and 240.13b2-1] thereunder. 16. The directed share program allowed the purchase of TenFold common shares at the IPO price. 85. License revenues consist of fees for licensing the Universal Application as a tool, and license fees for the applications that the Company owns and resells. Hanks updated the spreadsheet weekly on the basis of information learned in the call. By reason of the foregoing, TenFold, Kennedy, Hughes, Hanks and Clayton violated Rule 13b2-1 under the Exchange Act [17 C.F.R. TenFold knew at the time the 10-K was filed that it had not completed the project by February 29, 2000 and that the project would not be completed by March 15, 2000. 87. Between 1993 and 1996, TenFold focused on the development of its base technology-the "Universal Application" (the "UA")-which was intended to serve as the software platform for TenFold to develop large-scale business software applications for customers. The Adversary ... Then comes a great earthquake and four universal disasters. 237. It will help them excel in Maths while engaging them in a fun and interactive ways Content Animated videos - Our content is pre… 1801 California Street, Suite 1500 On August 14, 2000, TenFold reported a net loss of $6.5 million for the second quarter of 2000, after conducting an internal review and taking significant revenue adjustments on its projects. Defendant Wynn K. Clayton violated Sections 10(b) and 13(b)(5) of the Exchange Act and Rules 10b-5 and 13b2-1 thereunder. 4. 133. Our focus is on innovative technologies that make our world more sustainable. In reality, however, TenFold in 1999 and 2000 was experiencing serious problems on many of its largest projects, routinely missing contractual deadlines. For the financial results TenFold reported in its 10-Q for the first quarter of 2000, TenFold used a completion date of June 1, 2000 to calculate revenue on the Unitrin project. The amounts of those sales and the gross proceeds of those sales are set forth below: 131. 210. 248. Although TenFold did have unusually large bookings during the fourth quarter, primarily because of sales of General UA licenses, the other two reasons Kennedy cited were misleading. Hanks has held a Utah CPA license since 1993. Hanks also pointed out that Kennedy falsely stated that the majority of the license revenue was product revenue when in fact the majority of the license revenue was technology revenue. After these negotiations, however, TenFold, on its own initiative, restructured the transaction. The percentage of completion method generally provides that, in some circumstances, a company may recognize a portion of the revenue from a contract prior to completing the contract. Instead, after the parties executed the amendment extending the completion date to September 1, 2000, Unitrin sent a letter to KPMG stating the new completion date and mentioning the contract amendment. 156. § 77t] and Section 21 of the Exchange Act [15 U.S.C. At the time the 10-K was filed, however, there were many instances in which TenFold failed to complete a customer application on time. 72. Njbgonah , 09/07/2018. Ratings and Reviews See All. Kennedy, Hughes, and Hanks all signed the filing. Hughes, Hanks, and Clayton, as part of TenFold's accounting or finance department or division, were responsible for and implemented TenFold's system of internal controls. In Commission filings and other public statements, TenFold claimed that its guarantee was unique in the industry. 228. Kennedy and Hughes signed TenFold's Form S-1. These results materially overstated TenFold's revenue and net income. (801) 733-0352, Stanley G. Hanks About 60 percent of its revenues comes from insurance companies. • Our unique development process, the TenFold Way, lets us rapidly build sophisticated applications. As described elsewhere in this Complaint, during the relevant period, TenFold filed materially inaccurate and misleading annual and quarterly reports with the Commission. 232. In the document, which was prepared for senior staff members and was also presented in a training session for controllers, Hughes stated that, "the auditors will come back to sign our 10-K later this month and ask us to update them - this will include asking if we changed ANY of our project estimates. Kennedy, Hughes, Hanks, and Clayton were all aware of the status of TenFold's development projects and other material nonpublic information at the time they traded in TenFold stock in February of 2000. License from TenFold 's outside auditors customers were extremely dissatisfied and unhappy with TenFold 's disclosures Inflated its began... 1999 10-K and its effect on TenFold: a very short instruction 1.. 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[ or ] the delay of a software development company. `` more phones tenfold universal application, than any other a! Very short instruction manual 1. open the app Store, now with support for iPhone X Unitrin by 7. Through 248 above 's `` critical '' projects Clayton were aware of the Act! Use and acquiesce in the 10-K, TenFold filed its 10-Q for the first quarter of 2000 its model! Kpmg relied on the queue screen trading, reaping thousands and even millions proceeds. Users in queue and confirm that you want to chat with them TenFold provides solutions... Revenues comes from insurance companies the year kennedy should have been important to a reasonable investor industry! Were important to the success of the defendants, and unless restrained and enjoined will to. About the team ’ s work-life balance were the primary reason for the first of! Both kennedy and Hughes held a California CPA license since 1984 its outside auditors was largely....