Members of the protestant splinter group, which counts Baan founders Jan and Paul Baan as worshippers, are demanding 35 million guilders (£10.15m) in compensation for losses accrued after investing in Baan.
In the writ, the Baan brothers are accused of allegedly misrepresenting the firm’s position as favourable, and using their inside knowledge of its troubles to sell their own shares before the company’s problems came to light. Both brothers were forced out of the company in 1998 after the company blew $250m in a failed attempt to overtake on SAP for market leadership in the ERP sector.
Invensys, which bought Baan in August 2000, is fighting the claim, which could eventually triple to over £30m in compensation. In a statement, the firm said: ‘Baan was recently named as a defendant in a lawsuit filed by several Dutch investors. P>’Baan does not agree with the statements and characterisations contained in the complaint and will defend itself vigorously.’
This article first appeared on vnunet.com.
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