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Peregrine spokeswoman MeeLin Nakata declines to comment on the suit. In part, Motive seeks a temporary injunction barring Peregrine from continuing to use the licensed technology and from passing the source code on to other companies.
The company also offers asset management software, including applications for tracking inventory and automating procurement. Provider of enterprise software.
The company develops and sells enterprise software that enables customers to evolve their asset and service management capabilities. It deals through service center and asset center. What you see here scratches the surface. This information is available in the PitchBook Platform.
All rights reserved. PitchBook is a financial technology company that provides data on the capital markets. Log in Request a free trial. When the double dip occurred, Peregrine's reported receivables and DSO were artificially reduced, and its cash was overstated.
In the following quarter, when Peregrine remitted the cash to the banks, Peregrine would reverse the double dip entries. Peregrine double dipped almost every quarter, beginning in September One of the most egregious examples of the quarter-end double dip occurred in the third quarter of The payment was not actually due from the customer until February 12, Although Peregrine's contract with the bank required Peregrine to remit customer payments within two weeks and to hold them in trust, Peregrine did neither.
As the dollar amount of uncollectible-primarily sham-receivables increased in the first quarter of fiscal the quarter ended June 30, , Peregrine improperly wrote off receivables that, through its officers and employees, it knew, or was reckless in not knowing, should not have been recorded as revenue in the first place.
Peregrine's write-offs of sham receivables to acquisition-related accounts further misled investors because it did not include these write-offs in its disclosed pro forma operating results. The write-offs appeared on Peregrine's income statement as one-time charges rather than expenses from operations.
In the last quarter of fiscal the quarter ended March 31, , Peregrine exploited its acquisition of the company Extricity to conceal sham receivables from public view.
Through its officers and employees, Peregrine knew at the time, that a a substantial portion of these receivables should not have been recorded as revenue in the first place, b the receivables were not impaired as a result of the Extricity acquisition, and therefore c it was inappropriate to make it appear to the investing public that the write-off related to a non-recurring event.
Peregrine improperly failed to record a compensation expense when it issued incentive stock options. At each quarterly Board meeting, Peregrine's Board of Directors approved the total number of stock options that could be granted to employees before the next quarterly Board meeting. Peregrine then allocated the options to employees during the quarter, but did not price the options until the day after the next quarterly Board meeting.
On that day, Peregrine's Stock Administrator looked back at the market price of Peregrine's stock between the two quarterly Board meetings, to find the lowest price at which Peregrine's stock had traded. That is where Peregrine set the stock option exercise price, to benefit those who received the stock options. Peregrine's then outside auditors knew that this was how Peregrine was pricing its options. Under the applicable accounting rules, any positive difference in the stock price between the exercise price and that on the measurement date here, the date on which the Stock Administrator looked back had to be accounted for as compensation expense.
Peregrine failed to maintain adequate books and records to support its financial statements. For example, Peregrine did not maintain detailed accounts receivable sub ledgers that reconciled to the company's general ledger. Nor did Peregrine maintain a detailed sales journal that reconciled to the general ledger.
Peregrine used a "back of the envelope" system to track and record license revenue. Instead of appropriately using Peregrine's computerized accounting system, company personnel used a spreadsheet, known as the "Revenue Report," to record license revenue. Between and , Peregrine repeatedly offered and sold equity securities in order to acquire corporations and other assets. In , Peregrine offered and sold debt securities to investors, to raise capital for Peregrine. Peregrine's registration statements and offering prospectuses for these transactions included Peregrine's materially false financial statements.
Peregrine knowingly or recklessly made misrepresentations and omissions of fact with the intent of materially misstating its publicly reported financial results. Peregrine failed to make and keep books, records, and accounts, which, in reasonable detail, accurately and fairly reflected its transactions and dispositions of its assets.
Peregrine failed to devise and maintain a system of internal accounting controls sufficient to provide reasonable assurances that transactions were recorded as necessary to permit preparation of financial statements in conformity with GAAP.
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