One of the biggest and most egregious stock drop cases to hit Silicon Valley has settled, lawyers announced Wednesday, with Informix Corp. and others agreeing to provide cash and stock worth $142 million to aggrieved shareholders.
The Menlo Park-based database software maker agreed to pay $17 million in cash while issuing $91 million in new stock to the plaintiffs who sued the database manufacturer in 1997. Co-defendants Ernst & Young, the company’s former accountants, agreed to pay $34 million in cash to settle the massive federal class action.
