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1
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COMPLAINT
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EXTRACTED KEY WORDS
DARK FIBER CAPROCK STOCK SECONDARY OFFERING FIBER NETWORK SHARES CAPROCK COMMUNICATIONS CUSTOMERS CARRIER CLASS ACTION MCALEER REVENUE SOUTHWEST DEMAND CYR UNITED STATES EXECUTIVE OFFICER PURCHASED SHARES FEDERAL SECURITIES LAWS IRUS CONSTRUCTION INDIVIDUAL DEFENDANTS INTEGRATED SERVICES IRUS SOLD PROJECTIONS LONG-HAUL FIBER NETWORK SCALABLE LONG-HAUL FIBER ACQUIRED CAPROCK CAPROCK COMMUNICATIONS CORPORATION |
UNITED STATES DISTRICT COURT
NORTHERN DISTRICT OF TEXAS
DALLAS DIVISION
_____________________________________________
HECTOR ALFARO, On Behalf of
Himself and All Others Similarly
Situated,
Plaintiff,
vs.
CAPROCK COMMUNICATIONS
CORPORATION, LEO J. CYR, JERE
W. THOMPSON, JR. and KEVIN W.
McALEER,
Defendants.
_____________________________________________
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Civil Action No.
CLASS ACTION COMPLAINT
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2
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BRIEF OF THE SECURITIES AND EXCHANGE COMMISSION
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EXTRACTED KEY WORDS
REFORM ACT CIRCUIT PLAINTIFFS DEFENDANTS COMMISSION SECURITIES PLEADING STANDARD EXCHANGE DISTRICT COURT SECOND CIRCUIT GENERAL COUNSEL OPPORTUNITY TEST APPEALS SCIENTER RECKLESSNESS SPECTER AMENDMENT CIRCUMSTANTIAL EVIDENCE AMICUS CURIAE UNITED STATES CONFERENCE COMMITTEE PLEAD SCIENTER FACTS GIVING RISE INTERPRETATION SECURITIES LITIGATION ALLEGATIONS REQUIRED STATE PRIVATE ACTIONS SENIOR COUNSEL CONSCIOUS BEHAVIOR |
UNITED STATES COURT OF APPEALS
FOR THE SIXTH CIRCUIT
___________________________________
No. 97-2098
___________________________________
IN RE COMSHARE, INC. SECURITIES LITIGATION
___________________________________
HARRY M. HOFFMAN, et al.,
Plaintiffs-Appellants,
v.
COMSHARE, INC., et al.,
Defendants-Appellees.
___________________________________
On Appeal from the United States District Court
for the Eastern District of Michigan
___________________________________
BRIEF OF THE SECURITIES AND EXCHANGE
COMMISSION, AMICUS CURIAE
___________________________________
Of Counsel
PAUL GONSON
Solicitor
RICHARD H. WALKER
General Counsel
JACOB H. STILLMAN
Associate General Counsel
SUSAN FERRIS WYDERKO
Assistant General Counsel
ADAM C. PRITCHARD
Senior Counsel
Securities and Exchange Commission
Washington, D.C. 20549
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3
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OPINION
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EXTRACTED KEY WORDS
COURT COUNSEL LITIGATION REFORM ACT SECURITIES CENDANT CALPERS GROUP FIRM PARTIES PUBLIC PENSION FUND APPOINTED LEAD PLAINTIFF SUPP PROFESSION PSLRA DISTRICT PRESUMPTION REPRESENTATION CLASS MEMBERS APPOINTMENT PARTIES SEEKING PRIVATE SECURITIES LITIGATION ATTORNEYS PENSION FUND INVESTORS NEGOTIATE FIRST SERVE BASIS SELECTION SHAREHOLDERS STATUTORY PRESUMPTION LOWEST QUALIFIED BIDDER |
UNITED STATES DISTRICT COURT
DISTRICT OF NEW JERSEY
In re: Cendant Corporation
Litigation
____________________________________
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Civil Action No. 98-1664
(filed Sept. 8, 1998)
OPINION
The 1995 Private Securities Litigation Reform Act ("PSLRA" or "Reform
Act") was enacted by Congress to curb perceived abuses in the
litigation process -- widespread initiation and manipulation -- of
securities class-actions by "professional" plaintiffs and lawyers.
Acknowledging the value of private securities litigation, see Gluck v.
Cellstar Corp., 976 F. Supp. 542, 544 (N.D.Tex. 1997), Congress also
recognized that under the prior regime, "courts traditionally
appointed lead plaintiff and lead counsel in class action lawsuits on
a first come, first serve basis." S. Rep. No. 104-98 (1995) reprinted
in U.S.C.C.A.N. 679. This encouraged a "race to the courthouse" among
parties seeking lead-plaintiff status and spawned a cottage-industry
of specialized securities litigation firms that "researched potential
targets for these suits, enlisted plaintiffs, controlled the course of
the litigation, and often negotiated settlements that resulted in huge
profits for the law firms with only marginal recovery for the
shareholders." Gluck, 976 F. Supp. at 544 (citing S. Rep. No. 104-98
at 687)
To stem this unhealthy trend, the Reform Act establishes a presumption
that among the parties seeking to lead the class, the persons or group
of persons with "the largest financial interest in the relief sought
by the class" is the "most adequate plaintiff" to do so. 15 U.S.C.
77z-1(a)(3)(B)(iii)(I)1. That plaintiff then selects counsel to
represent the class. 15 U.S.C. § 77z-1(a)(3)(B)(v). The goal of this
scheme is to "increase the likelihood that parties with significant
holdings in issuers, whose interests are more strongly aligned with
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4
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CIVIL DOCKET FOR CASE 96-CV-73711
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EXTRACTED KEY WORDS
HOFFMAN DEFENDANTS MOTION PLAINTIFFS MAILING DEBORAH HARRY DISMISS JUDGE LAWRENCE ZATKOFF CONSOLIDATE COMPLAINT USCA COUNSEL JEHLE KATHRYN WALLACE WRATHALL COMSHARE RESPONSE APPOINTMENT DOCKET PROCESS SERVER ATTORNEY JURY DEMAND OPPOSITION EXTEND TIME STIPULATION CLASS ACTION LEAD PLAINTIFFS |
Docket as of March 14, 1999 (retrieved 7/8/99)
Proceedings include all events. CLOSED CONSOL
2:96cv73711 Hoffman, et al v. Comshare Inc, et al APPEAL
VMM
CLOSED CONSOL
APPEAL VMM
U.S. District Court
for the Eastern District of Michigan (Detroit)
CIVIL DOCKET FOR CASE #: 96-CV-73711
Hoffman, et al v. Comshare Inc, et al Filed: 08/09/96
Assigned to: Judge Lawrence P. Zatkoff Jury demand: Plaintiff
Demand: $0,000 Nature of Suit: 850
Lead Docket: None Jurisdiction: Federal Question
Dkt# in other court: None
HARRY M. HOFFMAN, individually Alan R. Miller
and on behalf of all those (COR LD NTC ret)
similarly situated Alan R. Miller Assoc.
plaintiff 370 E. Maple Road
Fourth Floor
Birmingham, MI 48009
248-644-8910
Stuart H. Savett
(COR LD NTC ret)
Barbara Podell
(COR LD NTC ret)
Robert P. Frutkin
(COR NTC ret)
Savett, Frutkin,
320 Walnut Street
Suite 508
Philadelphia, PA 19106
215-923-5400
George La Plata
(COR LD NTC ret)
Alan R. Miller
370 E. Maple Road
4th Floor
Birmingham, MI 48009
810-644-8910
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