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CaseNo: AI77404, CourtName: CLASS ACTION CASES, State: OH Ohio, UniqueCaseRef: LCD>AI77404, Entry, Absi, Pgs, Judge, Deft, Abs Industries, Marginal Entry Order, Class Period, Common Stock, Mccarthy, William, Act, Class Action, Securities, Entry Order Granting, Theodore Ursu, Mag, Judge David, Perelman, Exchange, Ursu, Motion, Settlement, Complt, Sales, Pltf, Complaint, Officer, Judge Solomon Oliver, Misleading, Individual Defendants, United States District, Defendant Abs Industries, Material Facts, Dissemination, Misrepresentations, Chief Accounting Officer, Net Income, Attys Hugh , ContentID: 120246164

Case Documents
1   CLASS ACTION COMPLAINT
[ see first page and extracted highlights below  ] ItemID: 114192
35 pages
PDF
2 2000-07-28 CIVIL DOCKET
[ see first page and extracted highlights below  ] ItemID: 114191
16 pages
PDF
Total Documents: 2 documents , 51 pages
Price: $ 24.95


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1 . CLASS ACTION COMPLAINT

EXTRACTED KEY WORDS
ABSI
PLAINTIFF
CLASS PERIOD
COMMON STOCK
MCCARTHY
ACT
CLASS ACTION
SECURITIES
EXCHANGE
URSU
SALES
COMPLAINT
COURT
OFFICER
MEMBERS
MISLEADING
INDIVIDUAL DEFENDANTS
UNITED STATES DISTRICT
MATERIAL FACTS
DISSEMINATION
MISREPRESENTATIONS
CHIEF ACCOUNTING OFFICER
NET INCOME
CORPORATE CONTROLLER
REPRESENTATIONS
EXECUTIVE OFFICER
JUDGE OLIVER
THEODORE URSU
ABS INDUSTRIES
 UNITED STATES DISTRICT COURT
                          NORTHERN DISTRICT OF OHIO
                              EASTERN DIVISION


LEO HAWK, individually and on          :
behalf of all others similarly         :
situated,                              :    Civil Action No. 1:96CV-0109
                                       :
                       Plaintiff,      :    JUDGE: Judge Oliver
                                       :
               vs.                     :    JURY TRIAL DEMANDED
                                       :
ABS INDUSTRIES, INC., WILLIAM          :
J. McCARTHY and THEODORE URSU III, ::
                        Defendants.    :


                          CLASS ACTION COMPLAINT

     Plaintiff, by his attorneys, for his Class Action Complaint

(the "Complaint") alleges upon personal knowledge as to himself and

to his own acts, and upon information and belief (based upon the

investigation made by Plaintiff's attorneys and a review of

publicly available information on file with the Securities and

Exchange Commission ("SEC"), public statements made by Defendants

during the Class Period and admissions of the Defendants as

described herein), as follows:





                             SUMMARY OF ACTION

     1.      This is a securities class action on behalf of public

investors who purchased the common stock of ABS Industries, Inc.,

("ABSI" or the "Company") between March 17, 1993 and January 10,

1996, both dates inclusive. The case involves a classic cooked
SNIPPETS:
  • UNITED STATES DISTRICT COURT
  • Plaintiff,: JUDGE: Judge Oliver
  • Plaintiff, by his attorneys, for his Class Action Complaint
  • Exchange Commission, public statements made by Defendants
  • This is a securities class action on behalf of public
  • investors who purchased the common stock of ABS Industries, Inc.,
  • reporting "record" and accelerating sales and earnings per share.
  • by Defendants during the Class Period created the illusion that ABSI was enjoying
  • other unsuspecting members of the investing public paid inflated
  • Section 27 of the Securities Exchange Act of 1934 (the "Exchange
  • including the dissemination of
  • ABSI common stock.
  • Defendant William J. McCarthy is and at all
  • Defendant Theodore Ursu, III is and at all
  • Officer of ABSI.
  • Ursu, collectively, (the "Individual Defendants") had a duty to
  • the misleading and fraudulent accounting practices and the material
  • from the public and that the positive representations which were
  • In making the alleged misrepresentations and omissions,
  • material facts about the business and financial condition of ABSI;
  • Defendants falsely reported net sales of $13,355,000; net income of
  • Corporate Controller and Chief Accounting Officer.
  • CEO and Ursu in his capacity as Corporate Controller and Chief
  • Executive Officer and Ursu in his capacity as Corporate Controller

  • 2 . CIVIL DOCKET

    EXTRACTED KEY WORDS
    PGS
    JUDGE
    DEFT
    ABS INDUSTRIES
    MARGINAL ENTRY ORDER
    WILLIAM
    ENTRY ORDER GRANTING
    MAG
    JUDGE DAVID
    PERELMAN
    THEODORE URSU
    MOTION
    SETTLEMENT
    COMPLT
    PLTF
    JUDGE SOLOMON OLIVER
    ATTORNEY
    DEFENDANT ABS INDUSTRIES
    MCCARTHY
    ATTYS HUGH
    CONF SET
    CONFERENCE
    CLASS MEMBERS
    MEMORANDUM
    SETTLEMENT AGREEMENT
    SECURITIES EXCHANGE ACT
    CONSENT FORM ISSD
    CERT MAIL
    ATTORNEY APPEARANCE
    
     Case docket was last updated on: 07/06/00.
    
    Docket as of July 28, 2000 11:31 pm                             Page 1
    
    Proceedings include all events.                                                      TERMED
    1:96cv109 Hawk v. ABS Industries, Inc., et al                                        PJM
                                                                                                   CAT
    12
                                                                               TERMED PJM
                                                                               CAT 12
                                      U.S. District Court
                             Northern District of Ohio (Cleveland)
    
                              CIVIL DOCKET FOR CASE #: 96-CV-109
    
    Hawk v. ABS Industries, Inc., et al                                        Filed: 01/19/96
    Assigned to: Judge Solomon Oliver, Jr.                   Jury demand: Both
    Demand: $0,000                                           Nature of Suit: 850
    Lead Docket: None                                        Jurisdiction: Federal Question
    Dkt# in other court: None
    
    Cause: 15:78m(a) Securities Exchange Act
    
    
    LEO HAWK, individually and on                Robert Eric Kennedy, Esq.
    behalf of all others similarly               [COR LD NTC]
    situated                                     Weisman, Goldberg, Weisman &
                plaintiff                        Kaufman
                                                 1600 Midland Bldg.
                                                 101 Prospect Avenue, W
                                                 Cleveland, OH 44115
                                                 216-781-1111
                                                 FTS 781-6747
    
                                                 Richard S. Wayne, Esq.
                                                 [COR LD NTC]
                                                 William K. Flynn, Esq.
                                                 [COR LD NTC]
                                                 Strauss & Troy
                                                 The Federal Reserve Bldg.
                                                 150 East Fourth Street
                                                 Cincinnati, OH 45202-4018
                                                 513-621-2121
                                                 FTS 629-9426
    
                                                 David P. Kamp, Esq.
                                                 [COR LD NTC]
                                                 White, Getgey & Meyer
                                                 1700 Central Trust Tower
    
    SNIPPETS:
  • Cause: 15:78mSecurities Exchange Act
  • [Entry date 01/22/96]
  • consent form issd)
  • Judge David S. Perelman.
  • Theodore Ursu III on 1/22/96 by cert mail (2 pgs)
  • 2/5/96 5 ATTORNEY APPEARANCE on behalf of defendant ABS Industries,
  • resp to complt (issued on
  • 2/20/96) Judge Solomon Oliver Jr.
  • 3/8/96 9 MOTION by defendant William J McCarthy to stay procdgs.
  • 3/12/96 10 MOTION by deft ABS Industries, Inc. for ext of time until
  • 3/13/96 13 ORDER referring case to Mag.
  • Judge David S. Perelman, purs
  • 3/15/96 -- MARGINAL ENTRY ORDER:
  • 3/18/96 -- MARGINAL ENTRY ORDER granting,
  • 4/23/96 20 MEMORANDUM, OPINION, AND ORDER motion for lv to withdraw as
  • Inc. for lv to withdraw attys Hugh M.
  • Perelman;pretrial conference 11:00 6/26/96 (issued on
  • Perelman;;pretrial conference held 8/16/96, Pltf
  • working on settlement; re claims against directors; next
  • 7/11/97; settlement agreement discussed; status conf set
  • 7/23/98 51 STIPULATION & SETTLEMENT AGREEMENT by pltf Leo Hawk,
  • ot class members & shareholders of record.
  •    |