IN RE PHYSICIAN COMPUTER NETWORK INC SECURITIES LITIGATION


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Keywords & Phrases

CaseNo: PCN108807, CourtName: CLASS ACTION CASES, UniqueCaseRef: LCD>PCN108807, Financial Statements, Pcni Common Stock, Common Stock, Shares, Securities Act, Revenues, Offering, Mortell, Wraback, Network, Merger, Accounting, Kpmg, Prospectus, Misleading, Internal Controls, Class Action, Material Facts, Connection, Practice Management, Registration Statement, Acquisitions, Net Income, Wismer-martin, Irregularities, Representations, Vice President, Practice Management Software, Herz Llp, Freeman, Thereunder, Saying, Pcni Shares, Complaint, Expenses, Officer, Stock , ContentID: 120249902

Case Documents

1998-10-13

CONSOLIDATED AMENDED COMPLAINT
[ see first page and extracted highlights below ] ItemID: 123509

54 pages
PDF

1998-04-29

COMPLAINT
[ see first page and extracted highlights below ] ItemID: 123508

20 pages
PDF

Total Documents: 2 documents , 74 pages

Price: $ 24.95

IVESLCD01 KGI0001

1 . CONSOLIDATED AMENDED COMPLAINT

EXTRACTED KEY WORDS

PLAINTIFFS
FINANCIAL STATEMENTS
PCNI COMMON STOCK
COMMON STOCK
SHARES
SECURITIES ACT
REVENUES
OFFERING
MORTELL
NETWORK
WRABACK
MERGER
ACCOUNTING
KPMG
PROSPECTUS
MISLEADING
INTERNAL CONTROLS
CLASS ACTION
MATERIAL FACTS
CONNECTION
PRACTICE MANAGEMENT
REGISTRATION STATEMENT
ACQUISITIONS
NET INCOME
WISMER-MARTIN
IRREGULARITIES
REPRESENTATIONS
VICE PRESIDENT
PRACTICE MANAGEMENT SOFTWARE

Seth  R. Lesser  (SL-5560)
BERNSTEIN  LITOWITZ  BERGER
&  GROSSMANN  LLP
A New  York  Limited  Liability  Partnership
2050  Center  Avenue
Suite  200
Fort  Lee,  New  Jersey 07024
(201)  461-3680


Max  W.  Berger
Daniel  L.  Berger
Lisa  K.  Buckser
BERNSTEIN  LITOWITZ  BERGER
 &  GROSSMANN  LLP
1285  Avenue  of  the  Americas
New  York,  New  York  100 19
(212)  554-1400

Lead  Counsel  for  Plaintiffs  and  the  Class

                             IN  THE  UNITED  STATES  DISTRICT  COURT
                                 FOR  THE  DISTRICT  OF  NEW  JERSEY



IN  RE  PHYSICIAN  COMPUTER                                   Civil  Action  No.  98-981  (MTB)
NETWORK,  INC.
SECURITIES  LITIGATION



                CONSOLIDATED             AMENDED  CLASS  ACTION  COMPLAINT

         Plaintiffs,  by their  attorneys,  for  their  Consolidated  Amended  Class Action 

the  period  February  2 1, 1996  through  April  l*  1998.  allege  the  following  upon  personal

knowledge  as to themselves  and  to  their  own  acts. and upon  information  and  belief  based

the  investigation  of  plaintiffs'  attorneys  as to  all  other  matters.  The  investigation  of

includes  the  review  and  analysis  of  the  public  filings,  press releases and  other  public 

made  by  defendants.



                                      JURISDICTION             AND  VENUE

SNIPPETS:

Lead Counsel for Plaintiffs and the Class

NETWORK, INC. SECURITIES LITIGATION

made by defendants.

herein arise principally under Sections 11, 12and 15 of the Securities Act, 15 U.S.C. fi$

During the Class Period, SWIB purchased 4,177,400 shares of PCNI common stock at artificially

the Class Period, 750,000 were purchased pursuant to the Registration Statement and Prospectus

issued in connection with the Company's May 1996 public offering.

PCNI in connection with the September 1996 merger of the two companies, acquired 25,158

shares of PCNI common stock in the merger between Wismer-Martin Inc. and PCNI and was

markets and supports practice management software products for physicians.

Defendant John Mortell has been a Director of the Company since

September 1996 and was Executive Vice President and Chief Operating Officer from March

the Company, including certain acquisitions and a public offering, as well as the operating

Defendant Thomas Wraback has been Vice President.

Plaintiffs bring this action on their own behalf and as a class action pursuant to

defendants omitted to state and/or misrepresented material facts concerning

KPMG Peat Marwick, had withdrawn it& audit

report on the Company's Fiscal 1996 financial statements and those financial statements would

account of PCNI's accounting problems.

Defendants' False and Misleading Statements

revenues for the fourth quarter reached

Period, PCNI's Fiscal 1995 financial statements contained irregularities, including the

intentionally overriding the Company's internal controls;

first quarter of 1995 and that net income increased 204% to $3,3 14,659, or $0.07 per share,

representations obtained from defendants Mortell and Wraback relating to all periods contained

2 . COMPLAINT

EXTRACTED KEY WORDS

FREEMAN
THEREUNDER
MISLEADING
SAYING
PCNI SHARES
COMPLAINT
EXPENSES
DEFENDANTS
OFFICER
STOCK
DISTRICT
WRABACK

/118763

   UNITED  STATES  DISTRICT                                COURT
   DISTRICT           OF  NEW  JERSEY
     ------------------m---s                                  --------                 X
     JERRY  SIVER,  individually                                     and
     on  behalf              of  all         others
     similarly               situated,                                                         
                                                    Plaintiff,                                 
               -against-
     PHYSICIAN               COMPUTER  NETWORK,                                                
     INC.,         JEFFREY  M.  PICOWER,  JOHN                                          :          
     F.  MORTELL,  HENRY  GREEN,  and                                                   :
     THOMAS  F.  WRABACK
                                                                                       X
                                                    Defendants.
     ---------__-------                           -------------

                                                                    INTRODUCTION

                            Plaintiff,                 for  his  class                       action

    "Complaint"),                     alleges            upon  information                         

   information                     and  belief             being            based,            in 

   investigation                      conducted               by  and  through                     

   attorneys),                     including             examination                   of  public  
    in  the  public                   media,           except              as  to  those           


   the  plaintiff,                       his  purchase                     of  Physician           
.

    ("PCNItl         or  the  llCompany'l)                          common  stock,                 

    serve        as  class               representative,                       which            is 
   knowledge,                 the  following:

                                                        JURISDICTION                    AND  VENUE

                            1.           This  Court                has  jurisdiction              

   matter          of  this              action          pursuant              to  Section         

   Exchange           Act  of  1934  (the  "Exchange

SNIPPETS:

-against-THOMAS F. WRABACK


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