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IN RE IKON OFFICE SOLUTIONS INC SECURITIES LITIGATION Click to find out why . . .



Keywords & Phrases
CaseNo: IOS113677, CourtName: CLASS ACTION CASES, State: PA Pennsylvania, UniqueCaseRef: LCD>IOS113677, Ikon, Class Period, Financials, Securities, Revenue, Class Action, Exchange, Misleading, Common Stock, Act, Stock, Transformation, Stuart, Report, Common, Market, Reports, Facts, United States, Price, Financial Reporting, Operating Income, Office Solutions, Forese, Management, Ikon Office Solutions, Accounting, Entry, Material Facts, Federal Securities Laws, Accounts Receivables, Complaint, Transformation Costs, Individual Defendants, Dissemination, Defendant Stuart, Operating Units, Plffs , ContentID: 120249776

Case Documents
1 1999-02-18 DOCKET
[ see first page and extracted highlights below  ] ItemID: 122962
14 pages
TXT
2 1998-12-18 CONSOLIDATED COMPLAINT
[ see first page and extracted highlights below  ] ItemID: 122961
47 pages
PDF
3 1998-10-16 COMPLAINT B
[ see first page and extracted highlights below  ] ItemID: 122960
16 pages
TXT
4 1998-08-14 COMPLAINT A
[ see first page and extracted highlights below  ] ItemID: 122959
15 pages
TXT
Total Documents: 4 documents , 92 pages
Price: $ 34.95


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1 . DOCKET

EXTRACTED KEY WORDS
PLAINTIFF
PLFFS
CERTIFICATE
MOTION
DEFENDANT
MARVIN KATZ
JUDGE MARVIN
COMPLAINT
OFFICE SOLUTION
IKON OFFICE SOLUTION
APPOINTMENT
COUNSEL
DISTRICT COURT
HAC VICE
PRO HAC
BRODY
FORESE
DEFENDANT JAMES
SECURITIES LITIGATIO
JUDY LEACH
ATTORNEY
PURPOSES
STUART
DEFENDANT JOHN
LAWRENCE
CONFERENCE
DOCKET
JULES BRODY
LAW
Docket as of February 18, 1999 (retrieved 3/4/99)

Proceedings include all events.                                          e-SPEC
2:98cv4286    IKON OFFICE SOLUTION, et al v. SECURITIES LITIGATIO, et al LEAD

                                                            e-SPEC LEAD
                       U.S. District Court
   U.S. District Court of Eastern Pennsylvania (Philadelphia)

               CIVIL DOCKET FOR CASE #: 98-CV-4286

IKON OFFICE SOLUTION, et al v. SECURITIES LITIGATIO, et al  Filed: 08/14/98
Assigned to: JUDGE MARVIN KATZ               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


IN RE IKON OFFICE SOLUTIONS,
INC., SECURITIES LITIGATION



-------------------------


PHILIP COHEN                      DEBORAH R. GROSS
     PLAINTIFF                    FAX 215-561-3000
                                  (COR LD NTC)
                                  LAW OFFICES OF BERNARD M. GROSS,
                                  P.C.
                                  1500 WALNUT STREET
                                  SIXTH FLOOR
                                  PHILADELPHIA, PA 19102
                                  USA

                                  ROBERT P. FRUTKIN
                                  (COR LD NTC)
                                  SAVETT, FRUTKIN, PODELL AND
                                  RYAN, P.C.
                                  325 CHESTNUT STREET
                                  CONSTITUTION PLACE IN SOCIETY
                                  HILL, SUITE 700
                                  PHILA, PA 19106-2607
                                  USA

SNIPPETS:
  • Docket as of February 18,
  • U.S. District Court of Eastern Pennsylvania
  • IKON OFFICE SOLUTION, et al v. SECURITIES LITIGATIO, et al Filed:
  • (Entry date 08/17/98)
  • 3 originals mailed to counsel 8/17/98
  • 8/14/98 -- Demand for jury trial by PLAINTIFF PHILIP COHEN,
  • PRETRIAL CONFERENCE WILL BE HELD ON 12/3/98;
  • (SIGNED BY JUDGE MARVIN KATZ)
  • STUART, certificate of service.
  • 10/5/98 4 Waiver of Service Returned Executed as to DEFENDANT JOHN E.
  • J. FORESE 8/19/98 Answer due on 10/18/98 for JAMES J.
  • 10/16/98 7 MOTION by PLAINTIFF PHILIP COHEN,
  • FOR APPOINTMENT OF LEAD PLFFS,
  • EXECUTIVE COMMITTEE, MEMORANDUM, CERTIFICATE OF SERVICE.
  • CONSOLIDATED COMPLAINT SHALL BE FILED 45 DAYS AFTER THE
  • 11/17/98 12 MOTION BY DEFENDANT IKON OFFICE SOLUTION, DEFENDANT JAMES
  • PRO HAC VICE, CERTIFICATE OF SERVICE.
  • PRACTICE OF LAW BEFORE THE U.S. DISTRICT COURT THE EASTERN
  • PRO HAC VICEFOR ALL PURPOSES.
  • (Attorney: ANDREW G. GORDON)
  • WATSON, FREDERICK L. GOLDFEIN, STANLEY KNAPP, LAWRENCE
  • 12/1/98 21 MOTION by PLAINTIFF RANDY LEACH, PLAINTIFF JUDY LEACH,
  • PRO HAC VICE OF JULES BRODY AND AARON BRODY,

  • 2 . CONSOLIDATED COMPLAINT

    EXTRACTED KEY WORDS
    IKON
    CLASS PERIOD
    FINANCIALS
    REVENUE
    STOCK
    MISLEADING
    REPORT
    COMMON
    SECURITIES
    PLAINTIFFS
    MARKET
    FACTS
    EXCHANGE
    ACT
    PRICE
    TRANSFORMATION
    OPERATING INCOME
    OFFICE SOLUTIONS
    ACCOUNTING
    CLASS ACTION
    FEDERAL SECURITIES LAWS
    MANAGEMENT
    TRANSFORMATION COSTS
    DISSEMINATION
    DEFENDANT STUART
    UNITED STATES
    ACCOUNTS RECEIVABLES
    INTERNAL CONTROLS
    OPERATING EXPENSES
    
                            ,-,..                                          ..-                        ,
                                                                                                  : ?k.
                                                                          . .                 2 i 
                                                                                            \>U ,
                                                                                                       
                                                                                                       
                             IN  THE  UNITED  STATES  DISTRICT  COURT
                       FOR  THE  EASTERN  DISTRICT  OF  PENNSYLVANI
    
    
    In  Re IKON  OFFICE  SOLUTIONS,  INC.                    :          FILE  NO.  98-w-4286  (MK)
    SECURITIES  LITIGATION                                   .          CLASS  ACTION
                                                             l
    
    
    
    
    
                            CONSOLIDATED         CLASS  ACTION  COMPLAINT
    
            Plaintiffs,  by their  attorneys,  allege the following  based upon knowledge,  with 
    
    to their  own  acts, and upon other  facts obtained through  an investigation  made by .and through
    
    their attorneys, including  a review  of the public  filings  of MON  Office  Solutions,  Inc. 
    
    or the "Company")  with  the U.S.  Securities and Exchange Commission  ("SEC"),  press releases,
    
    published  reports,  news  articles  and other public  filings.
    
                                        NATURE  OF  THE  ACTION
    
                    1.       This  is a class action on behalf of all persons who purchased or otherwise
    
    acquired  IKON  common  and/or  convertible  preferred  stock,  or  purchased MON  call  options
    
    ("IKON  securities"),  during  the period  January 24,  1996, through  August  13,  1998, inclusive
    
    (the  "Class  Period").  During  the  Class  Period,  defendants publicly  disseminated  a series 
    
    materially  false  and  misleading  statements  concerning  IKON's  revenue,  profitability,  and
    
    financial  condition  in violation  of  the federal  securities  laws,  which  caused the market 
    
    MON's  securities to be artificially  inflated.  When the truth finally  emerged, the price of MON's
    
    securities  plunged,  causing damage to plaintiffs  and the Class.
    
                                       JURISDICTION         AND  VENUl3
    
    SNIPPETS:
  • Plaintiffs, by their attorneys, allege the following based upon knowledge, with respect
  • and upon other facts obtained through an investigation made by .and through
  • or the "Company") with the U.S. Securities and Exchange Commission, press releases,
  • This is a class action on behalf of all persons who purchased or otherwise
  • ("IKON securities"), during the period January 24, 1996, through August 13, 1998, inclusive
  • the price of MON's
  • to Section 27 of the Securities Exchange Act of 1934,
  • violations of law complained of herein, including the preparation and dissemination to the
  • investing public- of materially false and misleading information,
  • Complaint, the defendants, directly and indirectly, used the means and instrumentalities of
  • acquired 190,367 shares of MON common stock during the Class Period, as described in their
  • violations of the federal securities laws alleged herein.
  • purchased MON securities in reliance upon the integrity of the open market,
  • related services with locations throughout the United States,
  • Class Period, IKON was organized into different `divisions, including the Management Services
  • Forese signed IRON's 1996 Form 10-K Report filed with SEC and disseminated
  • MON began a so-called transformation program to change its organization into a more
  • were so motivated to issue baseless projections and false financials because of,
  • misleading financial statements with respect to the Company's revenue and income.
  • specifically defendant Dinkelacker) materially inflated IKON's reported operating income.
  • These practices overstated initial profits in violation of Generally Accepted Accounting
  • transformation costs were accounted for improperly and inconsistently.
  • IKON's normal operating expenses transformation expenses,
  • MON had no system of internal controls as required by the Foreign
  • lease defaults and accounts receivables and to remedy a breakdown in internal controls.
  • had changed the Company name from AIco Office Products to Ikon Office Solutions.
  • company to Ikon Capital Inc. Defendant Stuart stated:

  • 3 . COMPLAINT B

    EXTRACTED KEY WORDS
    IKON
    PLAINTIFFS
    COMMON STOCK
    SECURITIES
    CLASS ACTION
    STUART
    EXCHANGE
    IKON OFFICE SOLUTIONS
    TRANSFORMATION
    REPORTS
    MEMBERS
    FINANCIAL REPORTING
    BUSINESS
    COMPLAINT
    FORESE
    UNITED STATES
    EXCHANGE ACT
    MATERIAL FACTS
    PHILADELPHIA
    MISLEADING
    INDIVIDUAL DEFENDANTS
    FINANCIAL REPORTING SYSTEMS
    PLAINTIFFS DEMAND
    STATES DISTRICT COURT
    OPERATING UNITS
    ACQUIRED COMPANIES
    NUMEROUS ACQUISITIONS
    MAKING STEADY PROGRESS
    BUSINESS STRATEGY
    
    
                         IN THE UNITED STATES DISTRICT COURT
                      FOR THE EASTERN DISTRICT OF PENNSYLVANIA
    
    
       CITY OF PHILADELPHIA through
       its BOARD OF PENSIONS and
       RETIREMENT and JUDITH and
       RANDY LEACH on behalf of themselves
       and all others similarly situated,
    
                             Plaintiffs,
    
                  v.
    
       IKON OFFICE SOLUTIONS, INC.,
       JOHN E. STUART, and
       JAMES J. FORESE
    
                             Defendants.
    
       :
       :
       :
       :
       :
       :
       :
       :
       :
       :
       :
       :
       :
       :
       :
    
       CLASS ACTION COMPLAINT
       CIVIL ACTION NO. 98-CV-5483
       (filed Oct. 16, 1998)
    
    
       PLAINTIFFS DEMAND
       A TRIAL BY JURY
    
       Plaintiffs, by their attorneys, allege the following upon the
       investigation made by and through their attorneys, including a review
       of the public filings of IKON Office Solutions, Inc. ("IKON" or the
    
    SNIPPETS:
  • IN THE UNITED STATES DISTRICT COURT
  • CITY OF PHILADELPHIA through its BOARD OF PENSIONS and RETIREMENT and JUDITH and RANDY LEACH
  • CLASS ACTION COMPLAINT CIVIL ACTION NO. 98-CV-5483
  • PLAINTIFFS DEMAND A TRIAL BY JURY
  • Plaintiffs, by their attorneys, allege the following upon the investigation made by and
  • This is a class action on behalf of all persons who purchased the common stock of IKON during
  • During the Class Period, defendants violated the federal securities laws, causing artificial
  • This Court has jurisdiction over the subject matter of this action pursuant to Section 27 of
  • Many of the acts and transactions giving rise to the violations of law complained of herein,
  • During the Class Period, plaintiffs and each member of the Class directly or indirectly
  • Defendant John E. Stuart was at relevant times through July 9, 1998, the Chairman of the
  • Defendant James J. Forese, from July 9, 1998 through and including August 13, 1998, was
  • This included the formulation, making, and/or participation in the making of untrue
  • The members of the Class for whose benefit this action is brought are dispersed throughout
  • defendants caused IKON to issue false and misleading statements with respect to the Company's
  • Our business strategy is sound, and our long-term prospects are excellent.
  • Our business strategy of providing total office technology solutions from copiers and
  • The continuing and mounting problems relating to the transformation were having and would
  • The copier dealers used a COBOL-based reporting system, while the newly acquired companies
  • The combined effect of the defective management structure and resources and insufficient
  • 1998 statements that IKON was making steady progress on the infrastructure transformation and
  • IKON was encountering far greater difficulties in the transformation process than it
  • During the Class Period, the Individual Defendants, by virtue of their positions as officers

  • 4 . COMPLAINT A

    EXTRACTED KEY WORDS
    IKON
    PLAINTIFFS
    COMMON STOCK
    SECURITIES
    ACT
    CLASS ACTION
    STUART
    EXCHANGE
    REPORTS
    TRANSFORMATION
    MEMBERS
    FINANCIAL REPORTING
    UNITED STATES
    FORESE
    DISTRICT
    REPORTING SYSTEMS
    MATERIAL FACTS
    OPERATING UNITS
    ACCOUNTS RECEIVABLES
    INDIVIDUAL DEFENDANTS
    MISLEADING
    STATES DISTRICT COURT
    OPERATING INCOME TARGETS
    TOTAL SOLUTIONS STRATEGY
    MANAGEMENT
    ACQUIRED COMPANIES
    ACQUISITIONS
    TECHNOLOGY SERVICES
    CHIEF EXECUTIVE OFFICER
    
    
                        IN THE UNITED STATES DISTRICT COURT
                      FOR THE EASTERN DISTRICT OF PENNSYLVANIA
    
    PHILIP COHEN and SANDRA COHEN,
    on behalf of themselves
    and all others similarly
    situated,
    
                          Plaintiffs,
    
               v.
    
    IKON OFFICE SOLUTIONS, INC.,
    JOHN E. STUART, and JAMES J. FORESE
    
                          Defendants.
    
    :
    :
    :
    :
    :
    :
    :
    :
    :
    :
    :
    :
    :
    
    CLASS ACTION COMPLAINT
    CIVIL ACTION NO. 98cv4286mk
    (filed Aug. 14, 1998)
    
    PLAINTIFFS DEMAND
    A TRIAL BY JURY
    
       Plaintiffs, by their attorneys allege the following upon personal
       knowledge as to themselves and their acts and as to all other matters
       upon the investigation made by and through their attorneys, including
       a review of the public filings of IKON Office Solutions, Inc.("IKON"
       or the "Company") with the United States Securities and Exchange
       Commission ("SEC"), press releases, published reports and news
       articles.
    
                                NATURE OF THE ACTION
    
    SNIPPETS:
  • IN THE UNITED STATES DISTRICT COURT
  • FOR THE EASTERN DISTRICT OF PENNSYLVANIA
  • PLAINTIFFS DEMAND A TRIAL BY JURY
  • Plaintiffs, by their attorneys allege the following upon personal knowledge as to themselves
  • This is a class action on behalf of all persons who purchased the common stock of IKON during
  • This Court has jurisdiction over the subject matter of this action pursuant to Section 27 of
  • Many of the acts and transactions giving rise to the violations of law complained of herein,
  • In connection with the acts, conduct and other wrongs alleged in this Complaint, the
  • During the Class Period, plaintiffs and each member of the Class directly or indirectly
  • Defendant John E. Stuart was from October 15, 1997 through and including July 9, 1998, the
  • Defendant James J. Forese, from July 9, 1998 through and including August 13, 1998, was
  • This included the formulation, making, and/or participation in the making of untrue
  • On October 15, 1997, defendants caused IKON to issue a press release announcing the Company's
  • "In particular, our newer outsourcing and technology services businesses continue their sound
  • Stuart said, "IKON expects to increase earnings per share, before transformation costs, by 20
  • Additionally, defendants knew or recklessly disregarded that management resources were, in
  • The continuing and mounting problems relating to the transformation were having and would
  • During the first quarter of fiscal 1998, IKON acquired 17 companies representing
  • The release emphasized that the focus of IKON's acquisition activities continued to be
  • In contrast with defendants' glowing remarks regarding the progress of the transformation,
  • During the Class Period, the Individual Defendants, by virtue of their positions as an
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