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IN RE CPS SYSTEMS INC SECURITIES LITIGATION Click to find out why . . .



Keywords & Phrases
CaseNo: CSCAL187366, CourtName: CLASS ACTION CASES, State: NH New Hampshire, UniqueCaseRef: LCD>CSCAL187366, Cps, Securities, Facts, Financial Statements, Report, Pursuant, Prospectus, Class Action, Accounting, Securities Act, Cps Systems, Shares, Cps Common Stock, Allegations, Exchange, Accounting Standards, Offering, Revenue, Price, Sop, Misleading, Materially False, Principles, Auditing, Cooper, Material Facts, Public Sector, Class Period, Suffered Damages, Open Market, Audited Financial Statements, Reports, Individual Defendants, Underwriter Defendants, Registration Statement, Class Members , ContentID: 120249607

Case Documents
1   COMPLAINT
[ see first page and extracted highlights below  ] ItemID: 122298
24 pages
TXT
2 2000-04-26 DOCKET
[ see first page and extracted highlights below  ] ItemID: 122301
4 pages
HTML
3 1999-11-03 COMPLAINT
[ see first page and extracted highlights below  ] ItemID: 122299
21 pages
PDF
Total Documents: 4 documents , 52 pages
Price: $ 34.95


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1 . COMPLAINT

EXTRACTED KEY WORDS
PLAINTIFFS
SECURITIES
FACTS
DEFENDANTS
REPORT
PURSUANT
CLASS ACTION
SHARES
EXCHANGE
OFFERING
PROSPECTUS
MEMBERS
REVENUE
CPS COMMON STOCK
PRICE
ALLEGATIONS
SECURITIES ACT
PUBLIC SECTOR
CLASS PERIOD
SUFFERED DAMAGES
OPEN MARKET
MISLEADING
INDIVIDUAL DEFENDANTS
MATERIALLY FALSE
SOP
UNDERWRITER DEFENDANTS
OVERSTATEMENTS
MATERIAL FACTS
LICENSE FEES
                        UNITED STATES DISTRICT COURT
                         NORTHERN DISTRICT OF TEXAS
                              DALLAS DIVISION

________________________________________ x
                                         :
HARRY COOPER, DAVE GRIFFITHS,            :
CLARENCE ELIASON, ELLIS JOHNSON          :
JAMES OWENS, JOHN NIXON,                 :   Case No. 3:98-CV-2804-G
CLAUDIA LEAL, DONALD SWENSON             :
DENNIS GARRISON, SABYASACHI              :
BOSE, DEVON J. COLVIN, ROBERT J.         :
MILLER, JULIE ELLIOT-JENSEN and          :   JURY TRIAL DEMANDED
TAMMY NEWMAN, individually and on        :
behalf of all others similarly situated, :
                                         :
                      Plaintiffs,        :
                                         :
  - v -                                  :
                                         :   CLASS ACTION
CPS SYSTEMS. INC., PAUL E. KANA,         :
KEVIN L. FIGGE, JAMES K.                 :
HOOFARD, JR., G. DEAN BOOTH, JR.         :
SIDNEY H. CORDIER, BRIAN R. WILSON       :
CRUTTENDON ROTH INC., and                :
JOSEPHTHAL CO., INC.,                    :
                                         :
                      Defendants.        :
                                         :
________________________________________ x

                          CONSOLIDATED AND AMENDED
                           CLASS ACTION COMPLAINT

Plaintiffs, by their attorneys, make the following allegations upon
information and belief (except as to the allegations specifically
pertaining to the named plaintiffs and their counsel), based upon the facts
alleged below, which are predicated upon, inter alia, a review and analysis
of relevant filings made by or on behalf of CPS Systems, Inc. ("CPS" or the
"Company") with the Securities and Exchange Commission ("SEC"), press
releases, news and analyst reports, and an investigation undertaken by
plaintiffs' counsel and its experts. Plaintiffs believe that further
substantial evidentiary support will exist for the allegations set forth
below after a reasonable opportunity for discovery.

                           JURISDICTION AND VENUE

1. The claims asserted herein arise under and pursuant to Sections 11,
SNIPPETS:
  • Plaintiffs, by their attorneys, make the following allegations upon information and belief,
  • The claims asserted herein arise under and pursuant to Sections 11, 122 and 15 of the
  • The acts and conduct complained of, including the preparation, issuance and dissemination of
  • Each of the following lead plaintiffs purchased his or her CPS shares in the initial public
  • Plaintiff Harry Cooper purchased 500 shares of CPS common stock on March 25, 1998, pursuant
  • Defendants Sidney H. Cordier and Brian R. Wilson are and at all relevant times were members
  • Defendants Kana, Hoofard, Figge, Booth, Cordier and Wilson are referred to collectively
  • The Underwriter Defendants were at all times entities engaged in the business of investment
  • In the course of such investigation, the Underwriter Defendants should have obtained
  • PLAINTIFFS' CLASS ACTION ALLEGATIONS
  • With respect to revenue recognition,
  • Revenue from software license fees is recognized when an agreement has been executed,
  • Additionally, the AICPA Accounting Standards Executive Committee has issued Statement of
  • page 2 of the Prospectus declares that "the Company plans to leverage its 17 years of public
  • With respect to the Company's aforementioned failure to accurately report its revenues in
  • As a result of these overstatements, the Company's reported earnings from operations of
  • The Registration Statement for the Offering was inaccurate and misleading, contained untrue

  • 2 . DOCKET

    EXTRACTED KEY WORDS
    ENTRY
    PLAINTIFFS
    COUNSEL
    CONSOLIDATE
    DEFENDANT
    APPROVE
    APPOINTMENT
    GLAHN
    WILBUR
    WILLIAMS
    KENNETH
    PAUL
    ESQ
    CLASS COUNSEL
    MCGUINNESS
    DONALD
    MYEROW
    MICHAEL
    DUNCAN
    KIRKPATRICK
    DAVID
    ROBERT LEVINE
    BENSON
    CRAIG
    CABLETRON SYSTEMS
    WAIVER
    COMMITTEE
    COMPENSATION
    MEMBER
    
    Case docket was last updated on: 01/25/00.
    
    
    Docket as of April 26, 2000 4:14 pm               Page 1
    
    Proceedings include all events.
    1:97cv640 Williams v. Cabletron Systems, et al                    CLOSED
    
                                                                CLOSED
                           U.S. District Court
             U. S. District Court of New Hampshire (Concord)
    
                   CIVIL DOCKET FOR CASE #: 97-CV-640
    
    Williams v. Cabletron Systems, et al                        Filed: 12/18/97
    Assigned to: Senior Judge Shane Devine       Jury demand: Plaintiff
    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
    
    
    KENNETH M. WILLIAMS               Kenneth G. Bouchard, Esq.
         plaintiff                    (COR LD NTC)
                                      Bouchard & Mallory, PA
                                      369 Lafayette Road
                                      Hampton, NH 03842-2223
                                      926-9333
    
    
       v.
    
    
    CABLETRON SYSTEMS, INC.           Wilbur A. Glahn, III, Esq.
         defendant                    (COR LD NTC)
                                      McLane Graf Raulerson &
                                      Middleton
                                      900 Elm Street
                                      Manchester, NH 03105
                                      625-6464
    
    
    S. ROBERT LEVINE, President,      Wilbur A. Glahn, III, Esq.
    Chief Executive Officer and a     (See above)
    Director                          (COR LD NTC)
         defendant
    
    
    SNIPPETS:
  • DAVID J. KIRKPATRICK, Chief Wilbur A. Glahn, III, Esq.
  • PAUL R. DUNCAN, Member of the Wilbur A. Glahn, III, Esq.
  • Compensation and Audit Committees defendant
  • MICHAEL D. MYEROW, Member of Wilbur A. Glahn, III, Esq.
  • DONALD F. MCGUINNESS, Member Wilbur A. Glahn, III, Esq.
  • Compensation and Audit Committee defendant
  • 12/19/97 -- SUMMONS and WAIVER OF SERVICE issued for Cabletron Systems,
  • S. Robert Levine, Craig R. Benson, David J. Kirkpatrick,
  • Don Reed (Entry date 12/19/97)
  • 12/30/97 2 MOTION by Kenneth M. Williams to Consolidate Cases
  • C.97-630-SD and C.97-640-SD, for Appointment of Lead
  • Plaintiffs, Approval of Class Counsel with memorandum.
  • Consolidate Cases C.97-542-SD, C.97-596-SD, C.97-615-SD,
  • Cured document deadline 1/12/98 for Kenneth M. Williams
  • Robert Levine, Craig R. Benson, David J. Kirkpatrick, Paul
  • motion to approve

  • 3 . COMPLAINT

    EXTRACTED KEY WORDS
    CPS
    PLAINTIFFS
    ACCOUNTING
    SECURITIES
    CPS SYSTEMS
    FACTS
    ACCOUNTING STANDARDS
    PRINCIPLES
    AUDITING
    SECURITIES ACT
    COOPER
    COUNSEL
    PROSPECTUS
    AUDITED FINANCIAL STATEMENTS
    REPORTS
    DEFENDANT
    REGISTRATION STATEMENT
    SOP
    CLASS MEMBERS
    ALLEGATIONS
    MATERIALLY FALSE
    MATERIAL FACTS
    CPS COMMON STOCK
    COMMISSION
    MISLEADING
    FEDERAL SECURITIES LAWS
    REPRESENTATIVE PARTY
    CERTIFIED PUBLIC ACCOUNTANTS
    RECOGNITION
    
                                                                                           n+zq
    
    
    b.                                  IN  THE  UNITED  STATES  DISTRICT  CO  RT                      
                                        FOR  THE  NORTHERN  DISTRICT  OF  TEWS                         
                                                        DALLAS  DIVISION                     1         
                                                                                             I       w
                                                                                             I      C!
           ___f-_---rl___r_____-----------------------  deewr-_____le
                                                                  * ee-- x  5
    
           HARRY  COOPER  and  DAVE  GRIFFITHS,
           Individually  and  On  Behalf  of  All  Others
           Similarly  Situated,                                             §     No.
    
                                      Plaintiffs,                           §        $p$$$Clr2~        
    
                    -against-                                               §     JURY  TRIAL
                                                                            §     DEMANDED
           GRANT  THORNTON,  LLP,
    
                                      Defendants.
    
           ______*_l_f_____________1_____1_______1_-----------**-------
                                                                          X
    
                                                 COMPLAINT         -  CLASS  ACTION
    
                    Plaintiffs,  by their  attorneys,  make  the  following  allegations  upon 
    
           (except  as to  the  allegations  specifically  pertaining  to  the  named  plaintiffs  and 
    
           based  upon  the  facts  alleged  below,  which  are predicated  upon,  inter  alia,  a
    
           of  relevant  filings  made  by  or  on  behalf  of  CPS Systems, Inc.  ("CPS"  or  the 
    
           the  Securities  and  Exchange  Commission  ("SEC"),  press releases, news  and  analyst
    
           Company's  audited  financial  statements,  applicable  accounting  standards  and  auditing
    
           filings  in  the  related  action  of  Cooper  v.  CPS Systems. Inc.,  CA.  NO. 
    
           investigation  undertaken  by  plaintiffs'  counsel  and  its experts.  Plaintiffs  believe 
    
           substantial  evidentiary  support  will  exist for  the  allegations  set forth  below 
    
           opportunity  for  discovery.
    
    
    
    SNIPPETS:
  • ______*_l_f_____________1_____1_______1_-----------**-------Plaintiffs, by their attorneys,
  • of relevant filings made by or on behalf of CPS Systems, Inc. with
  • the Securities and Exchange Commission, press releases, news and analyst reports, the
  • Company's audited financial statements, applicable accounting standards and auditing
  • filings in the related action of Cooper v. CPS Systems.
  • investigation undertaken by plaintiffs' counsel and its experts.
  • as amended (the "Securities Act").
  • In addition, defendant CPS, the issuer of the securities in
  • public offering for CPS common stock on March 25,199s, pursuant to the Form
  • SB-2 Registration Statement that became effective, and the Prospectus that was filed with the
  • certified public accountants doing business throughout the United States,
  • making false statements and misleading omissions of material facts in the Registration
  • unknown to plaintiffs at this time but class members are believed to number in the thousands.
  • customarily used in class actions arising under the federal securities laws.
  • recognition policies than those that were then being employed at CPS.
  • In issuing SOP 97-2, the
  • materially false and misleading because it misrepresented that GT conducted its audits of
  • validity of its audit reports.
  • Plaintiff is willing to serve as a representative party on behalf Of the class, including
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