47. TenFold missed the August 31, 1999 completion date. 232. 55. While TenFold did recognize product revenue in its insurance group, TenFold did not recognize product revenue in either the health care or energy groups during the fourth quarter of 1999. 92. Yet, for purposes of its revenue calculations for the Utica project through December 31, 1999, TenFold used completion dates of February 29 and March 15, 2000. Hughes failed to contact Utica concerning its response prior to interpreting that response for KPMG. (801) 424-1607, Wynn K. Clayton By reason of the foregoing, Hughes, Hanks and Clayton aided and abetted TenFold's violations of Section 13(b)(2)(B) of the Exchange Act, and unless restrained and enjoined will continue to aid and abet violations of these provisions. 74. TenFold should have used September 1, 2000, or a later date, as the end date to calculate revenue on the Unitrin contract for the results reported in its 10-K for 1999. By reason of the foregoing, TenFold violated Section 13(b)(2)(B) of the Exchange Act [15 U.S.C. (Violations by TenFold, Kennedy and Hughes of § 78m(b)(2)(A)] and unless restrained and enjoined will continue to do so. Hanks stated that, "[w]e set the wrong expectations, we're not yet a products company.". TenFold materially overstated revenues and income reported in its 1999 10-K and its 10-Q for the first quarter of 2000. TenFold’s patented Universal Application technology builds and renders large-scale, complex applications quickly and reliably without compiling, linking or generating code. 11. As a result of errors in its percentage of completion revenue calculations for the Utica, Unitrin and Trubull contracts, including but not limited to use of incorrect completion dates and the need to maintain appropriate holdbacks, TenFold overstated revenues and income in its 1999 10-K and its 10-Q for first quarter of 2000 in amounts that were material. If the system permits you to submit, your application will be considered, regardless of the time/date stamped on your application. 217. Plaintiff repeats and realleges paragraphs 1 through 251 above. § 240.13b2-2] and unless restrained and enjoined will continue to do so. E. TenFold's Disclosures Inflated Its Stock Price, Which Collapsed After Defendants Sold Shares. 81. Leslie Hendrickson Hughes 17. It will help them excel in Maths while engaging them in a fun and interactive ways Content Animated videos - Our content is pre… TenFold touted itself as a uniquely reliable software development company. § 78m(b)(5)], and unless restrained and enjoined will continue to do so. Plaintiff repeats and realleges paragraphs 1 through 261 above. Hughes never informed KPMG at any time prior to the filing of TenFold's 1999 10-K that the completion date TenFold provided for the Trumbull contract was inaccurate. Section 17(a)(2) of the Securities Act). KPMG asked TenFold to provide it with an explanation of customer comments on the confirmation responses. FOR THE DISTRICT OF COLUMBIA, Securities and Exchange Commission Exchange Act Rules 12b-20, 13a-1 and 13a-13). ", "[F]or specific periods, we may fix the price before the requirements are finalized. (TenFold's violations of tenfold Download . Salesforce is an American cloud computing company specializing in CRM. (Violations by TenFold, Hughes, Hanks and Clayton of In reality, however, TenFold in 1999 and 2000 was experiencing serious problems on many of its largest projects, routinely missing contractual deadlines. 150. Hanks drafted the Management's Discussion and Analysis portion of the 1999 10-K. 138. 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. Kennedy's statements relating to the reasons service revenues had declined were materially misleading. Thus, the total cost to Utica remained $8.9 million. 106. He said that Kennedy should have disclosed the status of certain problem projects, pointing out that TenFold booked a loss of $1.7 million on one project and $1 million on another during the fourth quarter. As a result of this amendment, TenFold recognized approximately $2.6 million in revenue that it otherwise could not have recognized in the first quarter of 1999. § 77t(d)] and Section 21(d)(3) of the Exchange Act [15 U.S.C. 204. In late 1998, Utica hired TenFold to develop a software application that would process insurance premiums for Utica's commercial customers. 212. 66. In response, Mazon provided Utica with ambiguous language to be used in the confirmation response. 260. At the beginning of each weekly forecast meeting, each of the projects was reviewed by a TenFold employee with knowledge of the project's status. Kennedy, Hughes, Hanks and Clayton were aware of the end dates used to calculate revenue on the projects. 235. 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. 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. Section 17(a)(3) of the Securities Act). Further, Hanks aided and abetted TenFold's violations of Sections 13(a) and 13(b)(2) of the Exchange Act and Rules 12b-20, 13a-1, and 13a-13 thereunder. Let's go shopping! Universal application 108 "manifests" to the end-user custom target application 100 as … 259. This Court has jurisdiction over this action pursuant to Section 22(a) of the Securities Act [15 U.S.C. 117. However, although TenFold did sell an unusually large amount of licenses during the fourth quarter, this ratio was materially affected by the lower service revenues TenFold recorded as a result of revenue adjustments caused by the project delays. Enter an order barring Kennedy and Hughes from serving as an officer or director of any publicly-held company pursuant to Section 21(d)(2) of the Exchange Act. Work with TenFold to strengthen the application architecture, stepping up scalability, performance, security, reliability and maintainability. By providing perspective, rigorous problem solving, and communication that is Many of these projects were originally scheduled for completion long before the end of 1999. First, the contract contained a clause permitting Ohio Farmers to terminate the contract "for convenience" at any time upon thirty days written notice to TenFold. 251. §§ 78u(e) and 78aa]. In contrast to the image TenFold portrayed publicly, by the end of 1999 and during the first quarter of 2000, TenFold was having tremendous difficulties completing complex application development projects, particularly for its insurance customers. 118. TENFOLD Education is South Africa’s first Mobile based learning application for High School learners. 176. 163. 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. Under the terms of the contract, Utica was entitled to invoke the TenFold Guarantee on December 14, 1999. 182. In tenfold, the implementation of the AGDLP principle is 100% automated. Similarly, with respect to an application for Unitrin Services Company ("Unitrin"), TenFold had missed a completion date of March 7, 1999 and an extended completion date of November 30, 1999. By reason of the foregoing, TenFold, Kennedy, Hughes, Hanks and Clayton violated Rule 13b2-1 under the Exchange Act [17 C.F.R. Hughes failed to inform KPMG at any time prior to the filing of TenFold's 1999 10-K that the Utica project would not be complete by the end date provided to KPMG and that the completion date was being extended well beyond the date provided. 76. By reason of the foregoing, TenFold violated Section 13(b)(2)(A) of the Exchange Act [15 U.S.C. Fun game I love this game but several times when I get to a high level it crashes. 123. DISSEMINATION OF FALSE AND MISLEADING INFORMATION REGARDING TENFOLD'S BUSINESS OPERATIONS AND STOCK SALES BY DEFENDANTS, A. § 77t] and Section 21 of the Exchange Act [15 U.S.C. On July 10, 2000, TenFold pre-announced financial results for the second quarter of 2000 that fell below expectations. 262. 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. TenFold should have used September 30, 2000, or a later date, as the end date to calculate revenue on the Utica contract for the results reported in its 10-K for 1999. Learn more. §§ 240.12b-20, 240.13a-1, and 240.13a-13], and unless restrained and enjoined will continue to aid and abet violations of these provisions. The Tenfold's 10-Q for the first quarter of 2000 contained risk disclosures similar to those contained in the 1999 10-K. 149. 218. Kennedy was aware of Ohio Farmers' condition for the amendment and approved both the amendment and the allocation. 155. 27. Updated: 6/1/2018 Overview: This article provides a quick walkthrough for using Tenfold App Auto-Updater. Kennedy and Hughes failed in the February 1, 2000 analyst call to adequately disclose the significant and material project difficulties and delays that TenFold was experiencing, or the changes in completion date estimates that materially effected revenue and income. 202. 64. §§ 240.12b-20, 240.13a-1, and 240.13a-13] and unless restrained and enjoined will continue to do so. 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. 200. By reason of the foregoing, TenFold, Hughes, Hanks and Clayton violated Section 13(b)(5) of the Exchange Act [15 U.S.C. 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. 104. Kennedy's statement that some customers were holding off on implementation of projects until the first quarter of 2000 was simply false. 219. § 77q(a)(1)]. To accomplish this, TenFold, contrary to its usual practices, added a liquidated damages provision, approved by Kennedy and Hughes, to the Utica application development contract that provided that if TenFold was unsuccessful in developing the application for Utica on time, TenFold would refund to Utica 150% of the money paid for the application. 61. 174. On these contracts, TenFold recognized revenue on a percentage of completion basis, and utilized completion dates for purposes of calculating revenue recognition that were clearly wrong at the time it filed its financial statements. 180. 52. TenFold’s patented Universal Application technology builds and renders large-scale, complex applications quickly and reliably without compiling, linking or generating code. In his opening remarks, Kennedy also touted the success of TenFold's resale strategy as reflected in the fact that TenFold had increased its percentage of license revenue as opposed to software development service revenue. The reasons Kennedy cited for his assessment of the quarter were TenFold's "bookings," cash flow, and mix between license and service revenue. 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. TenFold also reallocated the cost of the various components in the two contracts, charging $3.4 million for the General UA license, and $5.5 million for the commercial lines development project, training, support, and Specific UA license. 238. 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. 4. 2. tap the home screen. 5 Ratings. Facilitate rapid change with lightning fast development. TenFold Corporation is a major provider of vertical software applications for corporations in the insurance, health care, energy, communications, banking, investment management, and other industries. Each time you purchase a product, the proceeds will be used to provide FREE learning resources to those who need it most! Staff inefficiency and seasonal staff vacations could not have directly affected TenFold's fourth quarter service revenues because of TenFold's accounting method. WHEREFORE, the Commission respectfully requests that the Court: Find that the defendants, and each of them, committed the violations alleged. At the time the 10-K was filed, however, there were many instances in which TenFold failed to complete a customer application on time. 160. TenFold's business plan was to resell applications it developed for one customer to other companies in the same industry as that customer. (TenFold's violations of Section 13(b)(2)(A) of the Exchange Act). Defendant Wynn K. Clayton violated Sections 10(b) and 13(b)(5) of the Exchange Act and Rules 10b-5 and 13b2-1 thereunder. Thus, contrary to its usual practice, TenFold in effect did not charge Utica for the Specific UA license. 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. § 78m(b)(2)(B)] and substantially assisted TenFold in committing these violations. 234. Instead of contributing to full and fair disclosure, however, these statements were affirmatively misleading because the types of events that were described as mere possibilities had in fact actually occurred, were occurring, and had become a prominent pattern at TenFold. . 28. 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. § 78m(a), 17 C.F.R. 59. 115. When pricing a Specific UA license, TenFold typically charged its customer approximately twenty-five percent (25%) of the cost of its estimated development services. 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. This document showed the anticipated end date of a project, the percentage of the project that was complete, and the amount of revenue recognized on the project. 142. 2926 East 3835 South 35. Though most of its revenue comes from CRM products, Salesforce also creates commercial applications for social networking. TenFold stock was delisted from the Small Cap Market effective November 12, 2002 for failure to meet the minimum bid price and equity requirements, and now trades on the OTC Bulletin Board. 199. Throughout the relevant period, TenFold failed to make and keep books, records, and accounts which, in reasonable detail, accurately and fairly reflected the company's transactions and disposition of its assets. 161. TenFold was not conservative in recognizing revenue on some of its most significant projects. Compare pay for popular roles and read about the team’s work-life balance. TenFold filed its 10-Q for the first quarter of 2000 on April 15, 2000. 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. On March 14, 2000, the parties signed a formal amendment to the contract extending the completion date for both development and implementation to September 30, 2000. 102. No. TenFold reported its first profitable year in 1998 and began preparing to register its stock for sale to the public in an initial public offering around the beginning of 1999. (801) 944-5969, Robert P. Hughes ... Enterprise is a universal rapid application development platform for build business management solutions in HORECA, Retail, Manufacture, Logistic, Finance and other industries. 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. Application of Spiritual Warfare 9. 50. 233. 211. Additionally, the Utica commercial lines development contract was the only significant customer contract TenFold entered into that provided for liquidated damages in excess of the contract price. 216. As noted above, TenFold filed its 10-K for 1999 on March 9, 2000. At about the same time, TenFold offered Ohio Farmers a standard allocation of 10,000 shares in its IPO as part of a directed share program. 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. 175. 196. Tenfold is back on the App Store, now with support for iPhone X! Further, Clayton aided and abetted TenFold's violations of Sections 13(a) and 13(b)(2) of the Exchange Act and Rules 12b-20, 13a-1, and 13a-13 thereunder. TenFold's books, records and accounts were subject to Section 13(b)(2)(A) of the Exchange Act. From June 1999 until February 2001, Clayton was the vice president of finance and controller for TenFold's insurance group or subsidiary. When TenFold was having difficulty completing a project, one way it attempted to get back on schedule was to assign additional people to the project. 248. When TenFold contracted to develop an application for a customer, TenFold also sold the customer a limited software license. ", "If we experience project delays, our quarterly results could suffer and our stock price could fall. The directed share program allowed the purchase of TenFold common shares at the IPO price. 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. . IT administrators and users must only set the desired level of authorization (read, modify) and tenfold will take care of the rest. 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 TenFold's failure to disclose the facts surrounding its business operations, coupled with positive statements that risks were potential rather than actual, rendered the first quarter 2000 10-Q materially false and misleading. Kennedy and Hughes were both aware of the unusual and unique circumstances of these transactions, and that the unusual and infrequent dealings allowed TenFold to show a profit, rather than a loss, for the year 1998 and the first quarter of 1999. Kennedy and Hughes knew of the highly unusual circumstances surrounding the Utica and Ohio Farmers transactions and that these transactions turned losses for the year 1998 and first quarter of 1999 into profits. The parties began negotiating an extension in March of 2000, and signed an amendment to the contract on April 13, 2000 that extended the completion date for both development and implementation to July 14, 2000. 227. Defendant Stanley G. Hanks violated Sections 10(b) and 13(b)(5) of the Exchange Act and Rules 10b-5 and 13b2-1 thereunder. 94. As described elsewhere in this Complaint, during the relevant period, TenFold filed materially inaccurate and misleading annual and quarterly reports with the Commission. While Kennedy mentioned that TenFold had experienced project delays, he minimized that factor's impact and focused on other factors, including staff vacations, customers choosing not to put applications into production until after the fourth quarter of 1999 presumably because of Y2K concerns, and costs associated with the acquisition of another entity. 101. 170. due to . Kennedy was very involved in certain projects during January 2000, including Nielsen and Untitrin, as he actively worked to manage those customer accounts. Tenfold is the chosen partner for leading CRM & Voice Providers. 120. § 240.10b-5]. Universal application 108 is comprised of a rich set of application components (FIG. TenFold split the components into two contracts -- one for the purchase of TenFold's development services, a Specific UA license, training, and support, and another for the purchase of a General UA license. But instead of providing truthful information to the investing public, TenFold's officers disseminated inaccurate, incomplete, positive and "upbeat" disclosures designed to mislead analysts and investors so that the officers could reap thousands and even millions in personal profits - at the expense of other investors -- by selling their TenFold stock at inflated prices. 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. Grant such other relief as this Court may deem just or appropriate. • Our unique development process, the TenFold Way, lets us rapidly build sophisticated applications. Plaintiff demands a jury trial in this case. TenFold filed its 10-K for 1999 on March 9, 2000. ", "In specific circumstances, we have been required to commit unanticipated additional resources to complete projects. 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