Yarro case
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On December 17, 2004, CEO Ralph Yarro III, CFO Darcy Mott and corporate counsel Brent Christensen were removed from the Canopy Group by Ray Noorda and other shareholders, and now stand accused, in essence, of having defrauded the company of many millions of dollars. Yarro and the other executives sued for wrongful temination, and Canopy countersued the three men. On March 8, 2005, the day before initial hearings were scheduled to begin, both parties negotiated a settlement out of court, ending the litigation. In a joint press release by the parties it was disclosed that Canopy would relinquish ownership of all its shares in the SCO Group which would be transferred to Ralph Yarro III along with an undisclosed sum of money. In exchange, Canopy would regain all its shares controlled by SCO, thereby severing ties between the two companies.Roughly concurrent with these events was a company problem with the SEC. On February 17, 2005 the SCO Group issued a press release that stated their stock may soon be delisted from NASDAQ for failing to issue an annual 10-K report in a timely manner as required by U.S. Securities and Exchange Commission regulations. In late April of 2005, after complying with the filing requirements, the NASDAQ switched trading of the SCO Group from "SCOXE". A relationship between this fact and the Canopy actions was never stablished.
Further details can be found on the Groklaw website originally established to follow the SCO-Linux controversies.
Two suicides in the Yarro case
On Dec. 23 2004, Canopy IT director Robert Penrose shot himself to death. He is believed to have engineered the ouster of longtime Canopy CEO Ralph Yarro and the two other executives (former CFO Darcy Mott and former corporate counsel Brent Christensen), and installed new management led by current Canopy CEO Bill Mustard. He spent the evening before the suicide in company of friends, that say that he looked completely normal.
Soon after that, Val Noorda Kreidel, the daughter of Canopy Group founder Ray Noorda, committed suicide March 17, 2005. According to Orange County supervising deputy coroner Cullen Ellingburgh. "Kreidel's suicide, which occurred within days of a settlement on March 11 of a bitter legal battle between her family and three former Canopy executives challenging their firings in December, has Canopy observers within the close-knit high-tech community reeling". [link]
External links
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