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IN RE PHOTRAN CORP SECURITIES LITIGATION Click to find out why . . .



Keywords & Phrases
CaseNo: PC66792, CourtName: CLASS ACTION CASES, State: MN Minnesota, UniqueCaseRef: LCD>PC66792, Photran, Common Stock, Reports, Act, Shares, Securities, Market, Revenue, Exchange, Offering, Prospectus, Pursuant, Accounting, Net Income, Financials, Individual Defendants, Misleading, Registration Statement, David Stevenson, Recognition Criteria, Transactions, State Court, Containeduntrue, Completed-contract, It0 Equipment Contract, Connection , ContentID: 120249901

Case Documents
1 1997-11-21 Government Exhibit # 2ND AMENDED CONSOLIDATED COMPLAINT
[ see first page and extracted highlights below  ] ItemID: 123506
48 pages
PDF
Total Documents: 1 document , 48 pages
Price: $ 19.95


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1 . Government Exhibit # 2ND AMENDED CONSOLIDATED COMPLAINT

EXTRACTED KEY WORDS
COMMON STOCK
DEFENDANTS
REPORTS
ACT
SHARES
SECURITIES
MARKET
REVENUE
EXCHANGE
OFFERING
PLAINTIFFS
MEMBERS
PROSPECTUS
PURSUANT
ACCOUNTING
NET INCOME
FINANCIALS
INDIVIDUAL DEFENDANTS
MISLEADING
REGISTRATION STATEMENT
DAVID STEVENSON
RECOGNITION CRITERIA
TRANSACTIONS
STATE COURT
LITIGATION
CONTAINEDUNTRUE
COMPLETED-CONTRACT
IT0 EQUIPMENT CONTRACT
CONNECTION
                                     UNITED  STATES  DISTRICT  COURT
                                          DISTRICT  OF MINNESOTA
                                              FOURTH  DIVISION



IN  RE:  PHOTFUN  CORP.                                               Waster File No. 97-1138
             SECURlTlES  LITIGATION


                                                                                 CONSO&&DATEQ
THIS  DOCUMENT  RELATES  TO:                                           COMpLBMT

             ALL  ACTIONS                                              P-DEMAND  YJURX

             Plaid.@  by their attorneys, as and for their  Second Amended and Consolidated Class

Action  Complaint,  allege the following  upon personal knowledge  as to themselves and their acts

and as to all other matters upon information  and beliefbased  upon, inter &a,  the investigation

made by and through their attorneys, includiig  a review  of the public Glings of Photran

Corporation  ("photran-  or the "Company')  with  the Securities and Exchange Commission

(`3EC"),  pleadings iiled by certain of the defendants in Minnesota  State Court, Dakota County,

as well  as published reports and news articles.
             NATURE  OF  THE  ACLTON  AN-D  S-Y                       OF  P-              1 -S
             1.     Plaints     bring this action as a class action on behalfof  a class (the

consisting  of all persons or entities who purchased the common  stock of Photran either in or

pursuant to Photran's initial public offering or in  the  open  market during the period May 29,

1996 (the effdve  date of Photran's public offering)  through March  24,1997  (the date when

Photmn  announced that its previously issued 1996 interim  financial statements should not be

238339-i



relied  upon),  inclusive (the "Class Period"),  and who  suffered damages aa a result of those

purchases.  On behalf of themselves and the Class, plaintiffs  seek to recover damages caused by

defendants'  violations  of the federal securities laws.

SNIPPETS:
  • made by and through their attorneys, includiig a review of the public Glings of Photran
  • Corporation with the Securities and Exchange Commission
  • as well as published reports and news articles.
  • pursuant to Photran's initial public offering or in the open market during the period May 29,
  • On behalf of themselves and the Class, plaintiffs seek to recover damages caused by
  • defendants' violations of the federal securities laws.
  • Photran common stock was fust made available to invegtors pursuant to an initial
  • efkctive on May 29,1996 (the Registration Statement" and Trospectus").
  • The Prospectus included audited financial statements for the years ended
  • The chart below shows the revenue net income and accounts receidle as
  • Photran's investigation is presently focused on certain transactions which may have led to
  • Chss purched Photran stock contained materially false and misleading h&m&ion about
  • of the Securities Act of 1933,15 U.S.C. 8 77v;
  • In connection with the acts, conduct and other wrongs alleged in this Complaint,
  • PlaintiEMichael R Diemer purbsed shares ofphotran common stock during
  • Photran common stock is actively traded on the NAsDAQ National Market
  • Defendant Deloitte & Touche LLP is an international accounting firm.
  • behalfby David Stevenson as his attorney-in-fact purswrt to a duly executed power of attorney.
  • Individual Defendants had a duty to disseminate accurate and truthful information promptly
  • the members of the Class for whose benelit this Action is
  • and experienced in class action securities litigation.
  • Revenue for the Second Quarter 1996 was reported as S1,653,101, a 266%
  • Specikally, for the quarter ended March 3 1, 19%, Photran reduced revenue by S460,491 to
  • In additioq equipment sales revenue of Sl + 14 million as originally reported was rmersed to
  • reversal of equipment sales revenue in connection with the IT0 equipment contract,
  • Company in Mnnesota State Court seeking in substance to compel the
  • its audited financials that were included in the Prospectus and Registration
  •    |