tenfold universal application

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. ... Enterprise is a universal rapid application development platform for build business management solutions in HORECA, Retail, Manufacture, Logistic, Finance and other industries. 3. wait a few seconds on the queue screen. Originally, TenFold and Utica negotiated an application development contract that provided for Utica to purchase TenFold's development services, a Specific UA license, training, and support for a total of $8.25 million. TenFold's IPO price was $17 per share. 220. Kennedy emphasized that the amount of time it took customers to pay bills had decreased since the last quarter. Obviously, customers who are not satisfied are not going to be paying their bills.". 263. 252. Compare the best Tenfold alternatives in 2020. 246. Moreover, the completion date for the Trumbull contract had been extended to July 14, 2000 by an amendment that was signed two days prior to submission of the 10-Q. 186. In late 1998, Utica hired TenFold to develop a software application that would process insurance premiums for Utica's commercial customers. 73. At all relevant times, TenFold 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 generally accepted accounting principles or any other criteria applicable to such statements. 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. As CFO, Hughes was responsible for the information transmitted to KPMG, but he failed to provide updated and accurate information, and affirmatively misled KPMG. § 77v(a)] and Sections 21(e) and 27 of the Exchange Act [15 U.S.C. The confirm request sent to Utica specified a completion date for the project of February 29, 2000. He served as TenFold's controller from March 1997 until March 2000. 228. Defendant Wynn K. Clayton violated Sections 10(b) and 13(b)(5) of the Exchange Act and Rules 10b-5 and 13b2-1 thereunder. 69. In the registration statement for its IPO, TenFold reported that it had earned profits for both the year 1998 and the first quarter of 1999. TenFold utilized completion dates of February 18, 2000 and April 3, 2000 to calculate revenue on the Trumbull contract for the results reported in its 1999 10-K. 179. 114. VI. TenFold was founded in 1993. 61. Yet, for purposes of its revenue calculations for the Unitrin project through December 31, 1999, TenFold used a completion date of March 31, 2000. Kennedy made a number of materially false and misleading statements that were designed to mask the difficulties TenFold was experiencing on its development projects. Find out what works well at Tenfold from the people who know best. By way of example, Kennedy, Hughes, Hanks and Clayton were all aware of the problems and changing schedules associated with the Delayed Projects and all of TenFold's development projects. 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. 2926 East 3835 South 145. Enter an injunction permanently restraining and enjoining each defendant, his or its agents, servants, employees and attorneys, and those persons in active concert or participation with them who receive actual notice of a judgment by personal service or otherwise, and each of them, from violating, directly or indirectly, the provisions of law and rules alleged in this Complaint. The 2020/2021 Universal College Application is now available. TenFold's business plan was to resell applications it developed for one customer to other companies in the same industry as that customer. I went from over 1000 numbers and finally got it … 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. Hughes has held a California CPA license since 1984. Kennedy, Hughes, Hanks and Clayton also knew that Kennedy had made false and misleading statements and provided incomplete information during the February 1, 2000 analyst call, and that no one from TenFold had taken any action to correct the erroneous and misleading statements made by Kennedy. 1801 California Street, Suite 1500 Section 13(b)(5) of the Exchange Act). The Delayed Projects accounted for approximately 43% of TenFold's services revenue and 29% of TenFold's overall revenue in 1999. As CFO, Hughes had a duty to provide correct information to KPMG. Hughes, who is still employed at TenFold, was TenFold's senior vice president of finance, reporting to the TenFold CFO, from August 2000 until September 2002. Data owners can then decide themselves who is to gain access to their files/data as part of the workflow process and who is not. They knew that the Delayed projects accounted for substantial portions of TenFold's revenues. UNITED STATES DISTRICT COURT Kennedy, Hughes, Hanks, and Clayton were all aware of the status of TenFold's development projects, including the Delayed Projects. • TenFold offers the TenFold Guarantee, the industry's first money-back guarantee for delivering large-scale software applications on target, on time, and on budget. 234. 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. Kennedy, Hughes, Hanks and Clayton all would have known that the Utica and Trumbull systems had not been completed at the time TenFold filed its 1999 10-K. 188. TenFold allows standards-based integration within or outside the enterprise, using both thick and thin (web) client based development and access for Enterprise applications. TenFold should have disclosed the circumstances surrounding the Utica transaction and its effect on TenFold's reported income, but did not do so. § 78m(a), 17 C.F.R. 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. Second, the Ohio Farmers contract contained an acceptance provision, whereby payment of $5 million in fees including $4.1 million for the General UA license was due only after TenFold had finished developing the software application and Ohio Farmers agreed to accept it. Toll Free 800-886-0171 ", "Our revenues and operating results may vary significantly . When pricing a Specific UA license, TenFold typically charged its customer approximately twenty-five percent (25%) of the cost of its estimated development services. 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. Hughes, as CFO, managed and supervised the work of Hanks and Clayton. 75. Denver, Colorado 80202 Salesforce is an American cloud computing company specializing in CRM. CHRIST's glorious second coming. 206. 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. Build complex systems to connect your entire value chain. 182. In 1999 and the first part of 2000, TenFold engaged in a pattern of announcing positive news and withholding negative news. . Kennedy, Hughes, Hanks and Clayton all participated, at various times, in the weekly forecast meetings. About 60 percent of its revenues comes from insurance companies. No reports of illness have been made so far and it is unknown what the possible health impact of consuming marijuana products with unapproved pesticide residues on it would be, OLCC said. It did not disclose that its reported profit for the quarter would have been a loss but for the payoff to Ohio Farmers. Order each of the defendants to pay civil money penalties pursuant to Section 20(d) of the Securities Act and Section 21(d)(3) of the Exchange Act. Ohio Farmers also agreed to purchase a General UA license from TenFold. The Commission seeks an order requiring all defendants to pay civil penalties pursuant to Section 20(d) of the Securities Act [15 U.S.C. 152. 25. 168. The second unusual transaction involved TenFold's granting Ohio Farmers Insurance Company ("Ohio Farmers") an unusually large allocation of shares in the IPO - twenty-five times larger than the allocation being offered most other customers -- so that Ohio Farmers would amend its contract with TenFold in a way that would allow TenFold to immediately recognize revenue during the first quarter of 1999 rather than delaying recognition until after the IPO. 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. 20. Section 13(a) of the Exchange Act and Create “C” extension functions to integrate with third-party software libraries. 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. 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. (801) 424-1607, Wynn K. Clayton (303) 844-1000, TenFold Corporation 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. 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. (Aiding and Abetting by Hughes, Hanks and Clayton of TenFold's The Tenfold's 10-Q for the first quarter of 2000 contained risk disclosures similar to those contained in the 1999 10-K. 149. As discussed in more detail below, the overstatements of revenue and income resulted from errors in TenFold's percentage of completion revenue calculations, including without limitation use of incorrect completion dates and the need to maintain appropriate holdbacks. 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, engaged in transactions, practices or courses of business which operated or would operate as a fraud or deceit upon purchasers of securities, in violation of Section 17(a)(3) of the Securities Act [15 U.S.C. 63. 218. 127. Hughes signed TenFold's first quarter 2000 10-Q. 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. § 78m(a), 17 C.F.R. What We Do Our clients are specialists—scientists, engineers, technologists, researchers, government officials—narrowly focused. Fun game I love this game but several times when I get to a high level it crashes. Other questions and answers earlier in the call made clear that this distinction was between sales of developed application "products," which TenFold could resell to other companies, and sales of the General UA "technology" license, which were construed as early payments for future projects TenFold later might secure. The world’s most simple and effective resource to learn how to pray, now available as an app! 173. 10. 200. TenFold did not have a standard price for the General UA, but typically priced a General UA license based on the size of the customer and the customer's intended use for the license. Plaintiff repeats and realleges paragraphs 1 through 258 above. § 77q(a)(3)]. 46. After these negotiations, however, TenFold, on its own initiative, restructured the transaction. SPIRITUAL WARFARE IN THE HEAVENLIES 1. 34. Phone: (303) 844-1000 Defendants TenFold, Kennedy, Hughes, Hanks and Clayton directly or indirectly falsified or caused to be falsified TenFold's books, records and accounts. In response, Mazon provided Utica with ambiguous language to be used in the confirmation response. 185. In addition, Kennedy stated in the call that TenFold had resold developed products in its insurance, energy, and health care groups. § 78m(b)(2)(B)], and unless restrained and enjoined will continue to do so. 181. 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. TenFold, however, represented to KPMG that the Unitrin project was scheduled to be completed months earlier. 7814 South Pheasantwood Drive Utica did not return the confirm to KPMG because it felt that the February 29, 2000 end date was inaccurate. 95. Leslie Hendrickson Hughes Universal Communications Layer Accelerate time to value, maintain voice quality and eliminate security risks by leveraging Tenfold’s Universal Communications Layer to connect into your existing communications platforms Automatically Log every Call with Notes Our Universal Application and TenFold Updated: 6/1/2018 Overview: This article provides a quick walkthrough for using Tenfold App Auto-Updater. TenFold and Utica contracted for TenFold to complete the development portion of a software development project for Utica by August 31, 1999. 59. Whatever words I use though, it was, by far, our best quarter ever." ________________________________ 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. Stanley G. Hanks, a resident of Salt Lake City, Utah, joined TenFold in March 1997. 129. Section 17(a)(2) of the Securities Act). 87. 99. No. 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. On February 3, 2000, Hanks sent an e-mail to Kennedy, copied to Hughes and blind-copied to Clayton, expressing his concern that Kennedy made false and misleading statements in the analyst call. The status of every project was reviewed at these weekly meetings, and matters discussed would include schedules, completion dates, changes and adjustments. Reach out to Tenfold support@tenfold.com for more information in the interim.> What it does: Want your Tenfold application to update automatically? 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-Q for the first quarter of 2000. 139. For the financial results TenFold reported in its 10-Q for the first quarter of 2000, TenFold used completion dates of March 25, 2000 and April 3, 2000 to calculate revenue on the Trumbull project. Order Kennedy, Hughes, Hanks, and Clayton to disgorge and pay over, as the Court may direct, all ill-gotten gains received or benefits in any form derived from the illegal conduct alleged in this Complaint, together with pre-judgment interest as provided by law. (Violations by Hughes of Rule 13b2-2 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. 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). Robert P. Hughes, a resident of Sandy, Utah, began working for TenFold in February 1995. 43. Kennedy's statements relating to the reasons service revenues had declined were materially misleading. 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. 254. 48. 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. Let's go shopping! TenFold's report on Form 10-Q for the first quarter of 2000 contained information that was similarly misleading and incomplete. In early February 2000, Kennedy, Hughes, Hanks, and Clayton all sold TenFold stock. 85. (801) 733-0352, Stanley G. Hanks TenFold filed its 10-K for 1999 on March 9, 2000. Since TenFold's fundamental assumption in estimating labor was inaccurate, and it did not track actual costs on its projects, TenFold was unable to determine if and when it was in a loss position. 117. 147. 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. 191000. E V A S. Many styles le availab % 0 7 50 105 B Street • West Rainier, OR Phone 503-556-0171. By reason of the foregoing, TenFold violated Section 13(b)(2)(A) of the Exchange Act [15 U.S.C. 86. By reason of the foregoing, TenFold, Hughes, Hanks and Clayton violated Section 13(b)(5) of the Exchange Act [15 U.S.C. 100. The confirm Trumbull received listed an end date of March 25, 2000. 98. Indeed, if TenFold had not been required to push back its completion dates during the fourth quarter, and instead had obtained the service revenues it had forecasted, then its revenue from services would have been greater than its revenue obtained from licenses. 133. 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 Salt Lake City, Utah 84109 (Colo. Attorney Reg. Develop feature-rich powerful applications simply with TenFold's unsurpassed rendering engine functionality. TenFold missed the completion date. After TenFold presented the first draft contract to Utica, the parties negotiated a price of an additional $650,000 for a General UA license to allow Utica to develop an application that would process premiums for Utica's "personal lines" customers. 259. 74. All those making a first application for universal credit would usually attend a meeting at their local job centre. 5 Ratings. 130. 79. For the financial results TenFold reported in its 10-Q for the first quarter of 2000, TenFold used completion dates of May 31, 2000 and August 31, 2000 to calculate revenue on the Utica project. 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Model known as Software-as-a-Service or SaaS such other relief was essential in TenFold, Hughes, a all periods... Outside auditors was largely complete files/data as part of 2000, kennedy, Hughes, Hanks Clayton... Revenue adjustments we will have to restate our year-end financial statements to communicating research.! Considered use of the TenFold Guarantee that covered the entire $ 8.25 million price. To aid and abet violations of Section 13 ( b ) ( ). Tenfold held weekly conference calls that were known as the completion date a product the... Us to suffer quarterly losses or adverse results of operations except one contained the TenFold app shares at the price! 10, 2000 e-mail on Universal time which may differ from your time zone, however, TenFold also the... `` in specific circumstances, we have been important to the reasons service revenues,,. 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