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arm. During one of
Lernout & Hauspie's cash shortages, it guaranteed 75% of a bank loan to the company. Investors and taxpayers alike were hit hard when the company went bankrupt. While Pol Hauspie pleaded guilty, Jo Lernout denied any wrongdoing, claiming that the company has been a victim of a
216:, former chief executive officer, were each sentenced to five years prison (of which three years effective and two years probationary) for fraud by the Ghent Court of Appeals. In September 2012 Jo Lernout began a one-year sentence of house arrest with an electronic ankle bracelet.
228:(known then as ScanSoft) acquired all of the speech technologies. The revenues of the company grew sharply from $ 17.1 million in third quarter of 2001, to $ 216 million in Q3 2008. Vantage Learning acquired all of the proofing, spelling, and linguistic search technologies.
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shortly thereafter. Lernout & Hauspie also acquired PowerScribe, a voice recognition system for
Radiology. This system was started by a company called Articulate Systems, and sold and supported by a company called The MRC Group (later Fonix, then
231:"Lernout & Hauspie Michelle" and "Lernout & Hauspie Michael" are text-to-speech voices created by L&H and included in Microsoft Office 2003. L&H speech recognition was used in the "Speech" option in the control panel of
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203:, were blinded by the company's success and lost large sums of money on Lernout & Hauspie stock. The Flanders regional government became a major Lernout & Hauspie investor through a
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144:, Inc., a provider of advanced translation software products and professional translation services. During March–April 2000, Lernout & Hauspie acquired
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Lernout & Hauspie was founded in 1987 by Jo
Lernout and Pol Hauspie. After a difficult start, it quickly grew, and, in 1995, it went public on
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and improper accounting methodologies elsewhere. In April 2001, founders Jo
Lernout and Pol Hauspie, as well as former CEO
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330:"Securities and Exchange Commission v. Lernout & Hauspie Speech Products, N.V. Civ. No. 1:02CV01992 (D.D.C.)"
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uses certain elements of a grammar checker previously owned by L&H, which is mentioned in the About window.
196:. After having struggled for a year, Lernout & Hauspie finally filed for bankruptcy on 25 October 2001.
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For some time, Lernout & Hauspie was dogged by rumours of financial impropriety, and in early 1999 the
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110:(LHSP), and was also quoted on the now-defunct Brussels-based EASDAQ exchange. Its headquarters were in
261:– recipient "for adapting the mathematical concept of imaginary numbers for use in the business world"
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503:, an article from the WSJ (December 7, 2000) (last cached on Apr 20 2006 in Internet Archives)
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235:, abbreviated as "LH" (the company filed for bankruptcy following its release). In addition,
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208:"CIA conspiracy". On September 20, 2010, co-founders Jo Lernout and Pol Hauspie, as well as
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European
Business Ethics Cases in Context: The Morality of Corporate Decision Making
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It acquired a number of its smaller competitors, including text-to-speech developer
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Flanders played an important role in investing in the company and the surrounding
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in 2001 because of a fraud engineered by the management. The company was based in
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that earnings had been overstated. Further investigation by WSJ staffer
419:"Lernout, Hauspie Get Prison Sentences in Belgian Corporate-Fraud Case"
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Dubbink, Wim; Liedekerke, Luc van; Luijk, Henk van (February 9, 2011).
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501:"How High-Tech Dream Shattered in Scandal at Lernout & Hauspie"
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led to the revelation on 8 August 2000 of a major financial
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332:. Securities and Exchange Commission. October 10, 2002
305:"How Hype Hurt Lernout & Hauspie (int'l edition)"
285:"US SEC Commission - Commission File Number: 0-27296"
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507:"Goldman Sachs and the $ 580 Million Black Hole"
495:One of Lernout & Hauspie's old websites
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373:"Lernout and Hauspie found guilty of fraud"
16:Defunct Belgian speech recognition company
553:Software companies disestablished in 2001
396:. Springer Science & Business Media.
469:. Nuance.com. 2012-04-24. Archived from
446:"Jo Lernout zit straf uit met enkelband"
352:"Lernout & Hauspie Files Chapter 11"
148:for nearly US$ 1 billion, then acquired
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548:Software companies established in 1987
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533:Defunct software companies of Belgium
184:involving fictitious transactions in
50:Lernout & Hauspie Speech Products
497:, archived on the Internet Archives.
417:Martens, John (September 20, 2010).
157:) before becoming part of L&H.
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528:Companies based in West Flanders
259:2002 Ig Nobel Prize in Economics
509:, New York Times, July 14, 2012
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444:Auteur: dgs (2012-11-26).
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448:(in Dutch). Standaard.be
249:Dragon NaturallySpeaking
131:Flanders Language Valley
92:Flanders Language Valley
164:ran allegations in its
224:After the bankruptcy,
226:Nuance Communications
377:www.flanderstoday.eu
233:Microsoft Windows XP
37:50.86918°N 2.89281°E
543:Scandals in Belgium
523:Accounting scandals
467:"Earnings Releases"
166:Heard on the Street
162:Wall Street Journal
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62:speech recognition
42:50.86918; 2.89281
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254:ECHELON#Concerns
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126:10 billion.
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429:11 November
76:Pol Hauspie
40: /
517:Categories
477:2012-06-10
452:2013-03-27
358:2012-06-10
315:2014-02-17
290:2020-04-23
271:References
220:Technology
168:column by
146:Dictaphone
72:Jo Lernout
65:technology
25:50°52′09″N
142:Globalink
118:, and in
28:2°53′34″E
243:See also
172:analyst
155:SpeechFX
88:Flanders
80:bankrupt
56:) was a
182:scandal
116:Belgium
102:History
68:company
60:-based
58:Belgium
54:L&H
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108:NASDAQ
194:Enron
186:Korea
112:Ypres
84:Ypres
431:2010
398:ISBN
338:2012
124:US$
74:and
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