December 8, 2003 6:39 PM PST
PeopleSoft trial scheduled for March
A shareholder complaint against PeopleSoft may go to trial in Delaware Chancery Court by March or early April, according to a report PeopleSoft filed with the Securities and Exchange Commission on Friday. Shareholders are seeking to halt a controversial money-back guarantee program for PeopleSoft customers, which the company introduced in June to defend itself against an unsolicited buyout bid by Oracle. Oracle has also joined the shareholder suit, which alleges that a revised version of the program is a "draconian" measure that makes any potential acquisition of the company nearly impossible. PeopleSoft estimates the so-called customer assurance program could trigger a minimum of $800 million in costs for any company that acquired PeopleSoft.
In Friday's SEC filing, PeopleSoft stated that the court would "tentatively reserve time in late March or early April for a possible trial or other proceeding" related to the case.