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IN RE PRINS RECYCLING CORP SECURITIES LITIGATION Click to find out why . . .



Keywords & Phrases
CaseNo: PRC149842, CourtName: CLASS ACTION II, State: NJ New Jersey, UniqueCaseRef: LCD>PRC149842, Prins, Common Stock, Accounting, Price, Facts, Class Action, Financial Statements, Expenses, Market, Entry, Armas, Laws, Pay, Motion, Prins Recycling, Misleading, Waste Paper, United States District, Recyclables, Acquisition, Exchange Act, Fixed Price Contracts, Municipalities, Consolidate, Cash Flow Problems, Securities, Judge, Secondary Offering, Pittsburgh, Net Income, Judge William, Recycled Paper, Wastepaper, Walls, Lewis, N/m, Kaplan, Rl16, Judge Joel, Pisano, John, Motion Hearing, Mag , ContentID: 120246850

Case Documents
1   COMPLAINT
[ see first page and extracted highlights below  ] ItemID: 116649
61 pages
PDF
2 2000-06-05 DOCKET
[ see first page and extracted highlights below  ] ItemID: 116650
9 pages
PDF
3 1998-07-24 CONSOLIDATED AMENDED COMPLAINT
[ see first page and extracted highlights below  ] ItemID: 125731
64 pages
PDF
Total Documents: 3 documents , 134 pages
Price: $ 29.95


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1 . COMPLAINT

EXTRACTED KEY WORDS
DEFENDANTS
COMMON STOCK
PLAINTIFF
ACCOUNTING
PRICE
FACTS
CLASS ACTION
FINANCIAL STATEMENTS
EXPENSES
MARKET
LAWS
PAY
ARMAS
PRINS RECYCLING
WASTE PAPER
MISLEADING
UNITED STATES DISTRICT
RECYCLABLES
ACQUISITION
EXCHANGE ACT
FIXED PRICE CONTRACTS
MUNICIPALITIES
CASH FLOW PROBLEMS
SECURITIES
SECONDARY OFFERING
PITTSBURGH
NET INCOME
RECYCLED PAPER
WASTEPAPER



LAW OFFICES OF JOHN A. MAHER
311 Springfield Avenue
Summit, NJ 07901
Attorneys for Plaintiff


                           UNITED STATES DISTRICT COURT
                              DISTRICT OF NEW JERSEY

_______________________________________
LEWIS A. KAPLAN,                            ||
                       Plaintiff,           ||
                v.                          | Civil Action No.: 96-2444
(WHW)
                                            |
PRINS RECYCLING CORP., FRED L. PRINS, |
MARC H. SHAENER, AND JOHN C. ARMAS,         ||
                       Defendants.          |
_______________________________________|

                              CLASS ACTION COMPLAINT

         Plaintiff, individually and on behalf of all others similarly
situated,

by his undersigned attorneys, alleges the following upon information and

belief, except for those allegations which pertain to himself and his

attorneys, which is based upon personal knowledge. Plaintiff's
information and

belief is based on an investigation conducted by his attorneys,
including,

among other things, a review of public filings, articles, press releases
and

other publicly available information regarding PRINS Recycling Corp.,

consultation with accounting experts and interviews with individuals
with

knowledge of the facts alleged herein.

SNIPPETS:
  • NJ 07901 Attorneys for Plaintiff
  • UNITED STATES DISTRICT COURT
  • PRINS RECYCLING CORP., FRED L. PRINS, |
  • other publicly available information regarding PRINS Recycling Corp.,
  • knowledge of the facts alleged herein.
  • This is a class action on behalf of all persons and entities who
  • wastepaper and other secondary paper fibers and reselling them to paper
  • PRINS employed accounting practices in
  • market price of PRINS common stock to be artificially inflated.
  • it posted certain expenses only when it actually paid for the expenses and not
  • PRINS purposely failed to timely pay vendors for waste
  • financial statements to be artificially inflated and materially overstated.
  • Each of the individual defendants,
  • misleading in that the Company artificially inflated its current asset account
  • the Company planned a large secondary offering
  • of securities for the fall of 1995 in which the individual defendants herein
  • Jurisdiction is based upon Section 27 of the Exchange Act, as amended,
  • and the facilities of a national securities market.
  • Defendant PRINS is a company organized and existing under the laws
  • Defendant John C. Armas is, and at all relevant times has
  • on the opportunity created by new requirements for separating recyclables from
  • Municipalities started collecting paper and plastic from curbsides.
  • agencies to purchase recycled paper was a bonanza for PRINS.
  • of material recovery facilities in Newark, Boston, Pittsburgh, Chicago
  • Common Stock to Enhance its Acquisition
  • Systems, Inc., a Medford, Massachusetts-based processor of high-grade postcommercial waste
  • This is a dramatic increase from net income of $91,317, or $0.02 per share, earned in the
  • And the Effects on its Fixed Price Contracts
  • disclose that its protracted cash flow problems would have and did have

  • 2 . DOCKET

    EXTRACTED KEY WORDS
    MOTION
    CONSOLIDATE
    JUDGE
    JUDGE WILLIAM
    WALLS
    PRINS
    LEWIS
    PLAINTIFFS
    N/M
    KAPLAN
    RL16
    JUDGE JOEL
    PISANO
    JOHN
    MOTION HEARING
    MAG
    BRIEF/PO SUBM
    DOCKET
    CIVIL
    CONSOLIDATED DEFENDANT
    MARC
    SHAENER
    ARMAS
    CONFERENCE
    MOTION W/CERT
    PURPOSES
    ZWERLING
    APPOINT
    APPROVING
    
    
    
    Case docket was last updated on: 06/05/00.
    
    
    Docket as of June 5, 2000 11:11 pm                            Page 1
    
    Proceedings include all events.                                                    12BI
    RL16
    2:96cv2444 KAPLAN v. PRINS RECYCLING CORP, et al                                   ADMCLO
    LEAD
    
                                                                             12BI       RL16
                                                                             ADMCLO LEAD
                                    U.S. District Court
                              District of New Jersey (Newark)
    
                            CIVIL DOCKET FOR CASE #: 96-CV-2444
    
    KAPLAN v. PRINS RECYCLING CORP, et al                                    Filed:
    05/29/96
    Assigned to: Judge William H. Walls
    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
    
    
    PRINS SECURITIES LITIGATION
               In Re
    
    
    -------------------------
    
    
    LEWIS A. KAPLAN                            JOHN A. MAHER
               plaintiff                       [COR LD NTC]
                                               311 SPRINGFIELD AVENUE
                                               SUMMIT, NJ 07901
                                               (908) 277-2444
    
    
    ROY BALLARD, GARRETT BAUER,                JOHN A. MAHER
    THOMAS FIELDS, DONNA FIELDS,               (See above)
    SCOTT HOPKINS, TINA HOPKINS,               [COR LD NTC]
    WILLIAM K. KOPP, RICHARD
    
    SNIPPETS:
  • Case docket was last updated on:
  • RL16
  • Assigned to: Judge William H. Walls
  • PRINS SECURITIES LITIGATION
  • PISANO [Entry date 05/30/96]
  • MARC H. SHAENER, JOHN C. ARMAS (PICKED UP BY
  • for PRINS RECYCLING CORP (signed by Judge
  • signed by Mag.
  • Judge Joel A. Pisano)
  • certain reps as lead plaintiffs etc. by LEWIS A. KAPLAN,
  • Motion hearing set for 9/9/96 on motion w/cert svc.
  • William H. Walls) n/m
  • 9/6/96 8 Notice of MOTION for Case Reopen, and to consolidate
  • 96-3613; 96-3544; 96-3545 with Civil 96-2444 for all
  • (Brief/PO Subm)
  • Civil 96-2444 for all purposes taken under advisement Rule 78 By Judge William H. Walls
  • from Zwerling, Schachter, Zwerling &
  • set status conference for 2:00 6/19/97 (
  • motion to appoint certain representatives as
  • AND CHERYL STAR lead PLAINTIFFS; approving

  • 3 . CONSOLIDATED AMENDED COMPLAINT

    EXTRACTED KEY WORDS
    EMPHASIS
    ACQUISITIONS
    FACT COMMON
    LAW
    JOINDER
    PRICES
    OBLIGATIONS
    MISLEADING
    EXPENSES
    STOCK
    
    8?1.27.,
             1998  10:ll                9082776888                                                MAHER
            PCSGE  03
    
    r
    
    
    
    
    
                                                                                                   i   
          In  Rmt                                                                                  1   
                                                                                                   . I
          PRINS  SECURITIES  LITIGATION                                                                
                                                                                                   ;   
                                                                                                       
    AL
                                                                                                       
    
    
    
    
                     Plaintiffs,                 by  their                attorneys,                   
         and
          the  class          they  seek  to  fepresent,                                    for  their 
    d
          Glass  Action               complaint                        [the  "Complaint'),             
          allegations                against              defendants                  upon  information
          (except         as  to  allegations                             specifically                 
          and  their          counsel,                   which  axe  based  on  personal               
    d
          upon  the  investigation                                conducted               by 
    
          included,           but  is  not  lihrited                                to,  reviewing     
          information                and  financial                        data  relating              
    
          period         obtained                from  numerous  public                                
          including,            inter             u,              SEC  filings,                   
          reporte,           press  releases,                            published               
    h
          former         employees,                 discussions                      with  experts,    
    
          ocher  media  reports,                            arid  reports                 of 
          investor           advisory               aefVfce6,                 in  order  to  obtain    
          neceeaary           to  plead  plaqntiffs'                                   claims          
                                                                 I
          Plaintiffs            believe                  tha            further          substantial   
    
                                                                 t
    
    SNIPPETS:
  • dated May 11, 1995, Prins announced that its stock would begin
  • such expenses were incurred.
  • misleading.
  • obligations.
  • prices.
  • The members of the Class are so numerous that joinder
  • of law and fact common to the Class are:
  • (Emphasis added).
  • acquisitions.
  •    |