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COEUR DALENE MINES CLASS ACTION LITIGATION Click to find out why . . .



Keywords & Phrases
CaseNo: CDMCAL212941, CourtName: CLASS ACTION CASES, State: CO Colorado, UniqueCaseRef: LCD>CDMCAL212941, Coeur, Coeur Defendants, Judge Clarence, Mines, Golden Cross, Motion, Entry, Sabala, Gold, Wheeler, Queen Uno, Production, Brimmer, Class Period, Securities, Cash Flow, James, Ounces, Plaintiff Queen Uno, Tailings Dam, Silview Investments, Allegations, Reform Act, Supp, Colorado, Common Stock, Ernst, District, Dismiss, Costs, Facts, Stock, Commercial Production, Misleading, Securities Litigation, Investment, Remediation Expenditures, Exchange Act, Magistrate Judge Patricia, Construction, Coan , ContentID: 120249577

Case Documents
1 1999-10-26 DOCKET
[ see first page and extracted highlights below  ] ItemID: 122155
20 pages
TXT
2 1998-04-13 ORDER
[ see first page and extracted highlights below  ] ItemID: 122156
23 pages
TXT
3 1995-01-09 COMPLAINT
[ see first page and extracted highlights below  ] ItemID: 122154
76 pages
TXT
Total Documents: 3 documents , 119 pages
Price: $ 29.95


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1 . DOCKET

EXTRACTED KEY WORDS
JUDGE CLARENCE
ENTRY
MINES
COEUR
QUEEN UNO
MOTION
BRIMMER
SABALA
JAMES
PLAINTIFF QUEEN UNO
SILVIEW INVESTMENTS
COURT
COUNSEL
MAGISTRATE JUDGE PATRICIA
COAN
GRANTING MOTION
RESPONSE
DEFENDANT DENNIS
COMPLAINT
CONF SET
DOUGLAS GIEDT
PLAINTIFF DOUGLAS
CLASS ACTION SETTLEMENT
CLASS ACTION
CHANGE VENUE
JURY DEMAND
YOUNG LLP
DEFENDANT ERNST
SETTING HEARING
Case docket was last updated on: 10/26/99.


Docket as of October 26, 1999 7:06 pm               Page 1

Proceedings include all events.                                   TERMED
1:97cv1431 Queen Uno Ltd Part, et al v. Coeur d'Alene Mines, et al

                                                            TERMED
                       U.S. District Court
    U.S. District Court for the District of Colorado (Denver)

               CIVIL DOCKET FOR CASE #: 97-CV-1431

Queen Uno Ltd Part, et al v. Coeur d'Alene Mines, et al     Filed: 07/02/97
Assigned to: Judge Clarence A. Brimmer       Jury demand: Both
Demand: $0,000                               Nature of Suit:  850
Lead Docket: None                            Jurisdiction: Federal Question
Dkt # in USDC Dist CO : is 96-WM-1680

Cause: 15:78m(a) Securities Exchange Act


QUEEN UNO LTD. PARTNERSHIP, On    William S. Lerach
Behalf of Itself and On Behalf    (COR LD NTC)
of All Others Similarly           Milberg Weiss Bershad Hynes &
Situated                          Lerach LLP
     plaintiff                    600 West Broadway
                                  #1800
                                  San Diego, CA 92101
                                  U.S.A.
                                  619-231-1058

                                  Robert J. Dyer, III
                                  (COR LD NTC)
                                  Dyer, Donnelly
                                  801 East 17th Avenue
                                  Denver, CO 80218-1417
                                  USA
                                  303-861-3003
                                  FTS 830-6920


DOUGLAS GIEDT                     Alan Schulman
     plaintiff                    (COR LD NTC)
                                  Milberg Weiss Bershad Hynes &
                                  Lerach LLP
                                  600 West Broadway
SNIPPETS:
  • 1:97cv1431 Queen Uno Ltd Part, et al v. Coeur d'Alene Mines, et al
  • U.S. District Court for the District of Colorado
  • SILVIEW INVESTMENTS LIMITED, Alan Schulman
  • jury demand
  • (Entry date 07/07/97)
  • redraw Case reassigned to Judge Clarence A. Brimmer
  • Patricia A. Coan; by Chief Judge Richard P. Matsch (cc:
  • 7/23/97 6 RETURN OF SERVICE of Summons and Complaint upon Bill Boyd,
  • corporate counsel, for defendant Coeur d'Alene Mines on
  • partner of defendant Ernst & Young LLP on
  • 8/6/97 8 Unopposed MOTION by defendant Coeur d'Alene Mines,
  • 8/7/97 11 CERTIFICATE of mailing by plaintiff Queen Uno Ltd Part
  • 8/15/97 14 MOTION by defendants for leave to file response to mtn re
  • 8/21/97 17 RESPONSE by defendant Coeur d'Alene Mines, defendant Dennis
  • E. Wheeler, defendant James A. Sabala, defendant Ernst &
  • by Magistrate Judge Patricia A. Coan;
  • 8/28/97 20 MOTION by Douglas Giedt, David F. Fromelt, Silview
  • granting motion to intervene as plfs (cc:
  • defendant James A. Sabala to change venue
  • 11/14/97; reply due 11/21/97; setting hearing on motion to
  • 12/5/97 46 RESPONSE by plaintiff Queen Uno Ltd Part, plaintiff Douglas
  • rule 16 conf held on 6/10/98; pretrial conf set for 8:00
  • 9/18/98 92 MOTION by plaintiff to certify class action
  • approving class action settlement IN BOUND VOLUME

  • 2 . ORDER

    EXTRACTED KEY WORDS
    PLAINTIFFS
    COEUR DEFENDANTS
    COURT
    MOTION
    ALLEGATIONS
    REFORM ACT
    SUPP
    COLORADO
    ERNST
    DISTRICT
    DISMISS
    FACTS
    GOLDEN CROSS
    STOCK
    GOLD
    SECURITIES LITIGATION
    SECOND CIRCUIT
    SUFFERED SIGNIFICANT LOSSES
    PRODUCTION
    MINING PROPERTIES
    PARTICULARITY
    MISLEADING
    FINANCIAL STATEMENTS
    PLEADING REQUIREMENTS
    FRAUDULENT
    INVESTMENT
    UNITED STATES
    REQUIRED STATE
    FRAUDULENT SCHEME
    
    
                            UNITED STATES DISTRICT COURT
    
                                DISTRICT OF COLORADO
    
    
       QUEEN UNO LTD. PARTNERSHIP,
       DOUGLAS GIEDT, DAVID F. FROMLET,
       and SILVIEW INVESTMENTS LIMITED,
       on behalf of themselves and on behalf
       of all others similarly situated,
    
                             Plaintiffs,
    
                  v.
    
       COEUR D'ALENE MINES CORPORATION,
       DENNIS WHEELER, JAMES A. SABALA,
       and ERNST & YOUNG LLP,
    
                             Defendants.
       ______________________________________
    
       )
       )
       )
       )
       )
       )
       )
       )
       )
       )
       )
       )
       )
       )
       )
       )
    
       Civil Action No. 97-WY-1431-CB
       (filed Apr. 13, 1998)
    
    ORDER ON MOTION
    TO TRANSFER AND
    MOTIONS TO DISMISS
    
       This matter is before the Court on Defendants Coeur D'Alene Mines
    
    SNIPPETS:
  • UNITED STATES DISTRICT COURT
  • ORDER ON MOTION TO TRANSFER AND MOTIONS TO DISMISS
  • This matter is before the Court on Defendants Coeur D'Alene Mines
  • Corporation's, Dennis A. Wheeler's, James A. Sabala's, and Ernst & Young's Motions to
  • Defendant Coeur d'Alene Mines Corporation is an Idaho corporation that explores, develops,
  • Its stock is traded on the New York and Pacific Stock Exchanges.
  • From 1991 to 1994, Coeur suffered significant losses because of high operating costs, large
  • Plaintiffs further allege that Coeur's external auditor, Defendant Ernst & Young, LLP, was
  • The allegedly fraudulent scheme was premised primarily on representations made by the Coeur
  • On July 10, 1996, massive structural problems at Golden Cross forced Coeur to write off its
  • The Complaint further alleges that Coeur's financial statements for year-end 1994 and 1995
  • Plaintiffs contend Coeur's statements regarding the Company's improving balance sheet and
  • The Coeur defendants deny Plaintiffs' allegations, and specifically assert that if the
  • All Defendants ask the Court to transfer venue, or, in the alternative, dismiss Plaintiffs'
  • they argue venue is not proper in Colorado under Section 27of the Exchange Act.
  • See Wharton v. Roth, 263 F. Supp.
  • In considering such a motion, the Court must, of course, accept as true all the plaintiff's
  • That rule provides in pertinent part that in "all averments of fraud or mistake, the
  • Now, to adequately plead a 10b-5 claim a plaintiff not only must plead with particularity the
  • Given Congress's dual intentions of interposing a sense of uniformity among the circuits on
  • The Second Circuit considered this strong inference raised when a plaintiff alleged: facts

  • 3 . COMPLAINT

    EXTRACTED KEY WORDS
    DEFENDANTS
    GOLDEN CROSS
    WHEELER
    GOLD
    PRODUCTION
    CLASS PERIOD
    SABALA
    SECURITIES
    CASH FLOW
    OUNCES
    TAILINGS DAM
    MINES
    COMMON STOCK
    COSTS
    COMMERCIAL PRODUCTION
    REMEDIATION EXPENDITURES
    EXCHANGE ACT
    CONSTRUCTION
    OPERATING COSTS
    BACKUP TAILINGS DAMS
    BALANCE SHEET
    PROFITABILITY
    MISLEADING
    FORESEEABLE FUTURE
    NET INCOME
    GROUND INSTABILITY
    INVESTMENT
    TAILINGS IMPOUNDMENT
    CONVERTIBLE SUBORDINATED DEBENTURES
    
    
                            UNITED STATES DISTRICT COURT
    
                                DISTRICT OF COLORADO
    
    
       Civil Action No. 97-WM-1431
    
       QUEEN UNO LTD. PARTNERSHIP, On Behalf of Itself and On Behalf of All
       Others Similarly Situated,
    
                                     Plaintiff,
    
            vs.
    
       COEUR D'ALENE MINES CORPORATION, DENNIS E. WHEELER, JAMES A. SABALA
       and ERNST & YOUNG LLP,
    
                                    Defendants,
    
    
        ___________________________________________________________________
    
                      CLASS ACTION COMPLAINT FOR VIOLATION OF
                THE SECURITIES EXCHANGE ACT OF 1934 AND JURY DEMAND
        ___________________________________________________________________
    
    
                                 SUMMARY OF ACTION
    
       1. This is a class action on behalf of all persons who purchased the
       publicly traded equity and debt securities of Coeur d'Alene Mines
       Corporation ("Coeur d'Alene" or the "Company") between Jan. 9, 1995
       and July 11, 1996 (the "Class Period"), seeking to remedy violations
       of the federal securities laws by Coeur d'Alene, its CEO and Chairman
       Dennis Wheeler ("Wheeler"), its CFO James Sabala ("Sabala")
       (collectively the "Coeur d'Alene Defendants") and Ernst & Young LLP
       ("Ernst & Young" or "E&Y"), Coeur d'Alene's outside auditors. During
       the Class Period, the defendants artificially inflated the price of
       Coeur d'Alene's publicly traded equity and debt securities ("Publicly
       Traded Securities") by representing that Coeur d'Alene: (i) was
       achieving improving financial results by reducing its losses during
       1994 and reaching profitability during 1995; (ii) was strengthening
       its balance sheet by increasing its assets; (iii) was operating its
       Golden Cross gold mine in New Zealand (the "Golden Cross") at a lower
       cost per ounce of gold produced than in prior years and would achieve
       gold production at Golden Cross in 1996 of about 77,000 ounces; (iv)
       was completing its new Fachinal mine in Chile, on time and under
    
    SNIPPETS:
  • COEUR D'ALENE MINES CORPORATION, DENNIS E. WHEELER, JAMES A. SABALA
  • CLASS ACTION COMPLAINT FOR VIOLATION OF THE SECURITIES EXCHANGE ACT OF 1934 AND JURY DEMAND
  • (collectively the "Coeur d'Alene Defendants")
  • During the Class Period, the defendants artificially inflated the price of Coeur d'Alene's oduction at Golden Cross in 1996 of about 77,000 ounces; was completing its new Fachinal mine in
  • These positive statements drove Coeur d'Alene's stock from $14-1/2 per share at the beginning
  • The Company was also forced to admit that the Fachinal mine never reached commercial
  • In order to overcome these disadvantages, the defendants pursued a fraudulent-scheme and and its future prospects, especially with respect to its improving financial condition, its growing
  • These false statements drove Coeur d'Alene's common stock price much higher, and enabled liminate its common stock dividend, causing Coeur d'Alene's stock price to collapse.
  • First, Coeur d'Alene's insiders knew that they had made a mistake in purchasing the Golden re to try to fix these dams and could force an abandonment of the facility and the write-off of
  • By the beginning of 1995, defendants were aware that the problems at the Golden Cross mine reduced gold production.
  • Also, during the Class Period they knew that Coeur d'Alene's efforts to complete the
  • Coeur d'Alene's CEO and CFO, also knew that making it appear that the Company was reducing of incentive bonuses to them at year-end 1994 and 1995.
  • In fact, throughout the Golden Cross mine operation, including several buildings there, other
  • Had Coeur d'Alene honestly accounted for its operations and written off its investment in the antially increasing cash flow it actually reported and defendants would not have been able to
  • Coeur d'Alene also admitted that gold production at the Golden Cross mine had decreased
  • The positive representations about Coeur d'Alene detailed herein made by defendants during
  • The wall supporting the main tailings impoundment dam at the Golden Cross mine was suffering
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