Did Sagent Technology Pull the Old 'Pump and Dump'?
M. Reed - November 7, 2000

Event Summary

Sagent Technology, a provider of what they refer to as 'Real-time e-Business Intelligence Solutions', has been hit with a class action complaint for violation of the Securities Exchange Act of 1934. According to allegations in the complaint, company officers misrepresented Sagent's 1999 and 2000 sales prospects to give them time to sell over $8 million of their own stock. The officers sold their stock at prices as high as $27.875, but after the true revenue projections were revealed, the stock dropped as low as $7-7/32, a decline of more than 70%. Both the Vice President of Sales and the Chief Financial Officer resigned after they received their $6 million in proceeds...