Stockholders Sue Wiz

A group of shareholders filed a lawsuit alleging that Wiz Technology Inc. issued false financial statements.

The suit, which seeks class-action status, claims Wiz Technology and certain officers and directors used an inflated share value to acquire another software company, lawyers for the plaintiffs said Wednesday. The suit, filed in Orange County Superior Court, seeks to recover damages for those who bought Wiz shares between Dec. 11, 1995, and Nov. 11, 1996.

A Wiz Technology spokesman said he was not aware of the lawsuit, but added that the company “will vigorously defend itself against this sort of action.”