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1
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COMPLAINT
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EXTRACTED KEY WORDS
SECURITIES ACT DEFENDANTS PLAINTIFF OFFERING REGISTRATION STATEMENT PURSUANT UNDERWRITER MEMBERS ADSS PROSPECTUS CHURN REPRESENTING MEANING SUBSCRIBERS STOCK ORDINARY SHARES MISLEADING TOKAY ADS DEFENDANTS TURKTAN CUSTOMERS BROS COMPLAINT MARKET CONTROLLING MORGAN STANLEY DEUTSCHE BANK FACTS DISCONNECTING |
UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK
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ALI CETIN, Individually and On Behalf of All :
Others Similarly Situated, : 00 Civ.
:
Plaintiff, : CLASS ACTION
: COMPLAINT FOR
- against - : VIOLATIONS OF
: FEDERAL SECURITIES
: LAW
GOLDMAN SACHS INTERNATIONAL; :
MORGAN STANLEY DEAN WITTER; CREDIT : Plaintiff Demands a
SUISSE FIRST BOSTON INT'L (EUROPE); : Trial by Jury
DEUTSCHE BANK AG LONDON; LEHMAN :
BROS. INT'L (EUROPE); UBS AG; TURKCELL :
ILETISIM HIZMETLER, A.S.; CUNEYT :
TURKTAN, and EKREM TOKAY, ::
Defendants. ::
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Plaintiff, by his attorneys, for his Class Action complaint, alleges:
NATURE OF THE ACTION
1. This is a securities class action on behalf of purchasers of the ADSs of
Turkcell Iletisim Hizmetler, A.S. ("Turkcell" or the "Company") in an initial public offering
(the "Offering") by Turkcell made pursuant to a registration statement ("Registration
Statement") and prospectus ("Prospectus") declared effective July 10, 2000 by the Securities
and Exchange Commission ("SEC"). The Offering was for 96,000,000 American Depository
shares ("ADS") of Turkcell (each ADS representing 250 ordinary shares) at $17.60 per ADS.
2. The Registration Statement and Prospectus were materially false and
misleading because they misrepresented the "churn" rate for Turkcell (the rate at which
Turkcell was losing customers) by a factor of 30. When the truth was revealed, Turkcell ADSs
fell to $9 5/16 each, representing a loss of market capitalization of over $650 million from
the offering.
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