Peregrine kicks 1,400 staff out of the nest

Going down faster than a concrete kestrel...

Asset management software company Peregrine System has laid off almost half of its 2,900 staff because of the continuing downturn in the IT industry. The company, which will lose 1,400 employees, also said it misstated earnings, having overplayed revenues by as much as $100m over the last three years. The global firm, based in the US, said some offices will have to close, but did not specify how many or where.