IN THE UNITED STATES DISTRICT COURT
FOR THE EASTERN DISTRICT OF PENNSYLVANIA
. .
ISRAEL H. and RUTH L. BUCK,
on behalf of themselves
and all others similarly situated, : NO. 98CV5535
Plaintiffs, . .
V. . . CLASS ACTION COMPLAINT
:
PIERCING PAGODA, INC. and
RICHARD H. -PENSKE; and
JOHN F. EUREYECKO, . . JURY TRIAL DEMANDED
.
Defendants. I . . . .
AMENDED CLASS ACTION COMPLAINT
Plaintiffs, individually and on behalf of all others similarly situated,
attorneys, allege the following based upon, among other things, the investigation made
plaintiffs' attorneys, which investigation included, without limitation: (a) review and
of filings made by Piercing Pagoda, Inc. TPagoda" or the "Company") with the Securities
and Exchange Commission ("SEC") (see 7727-30, 33-34, 36, 38, 40, and
review and analysis of public statements (written or oral) by defendants, including
releases and other publications disseminated by defendants (see 7731-32, 35, 36, and 37);
(c) review and analysis of marketing data (ie., mall locations, stores) from reference
materials such as directories of shopping malls and telephone directories (see 9736, and
43); and (d) information obtained from former employees of Piercing Pagoda and/or
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SNIPPETS:
Plaintiffs, individually and on behalf of all others similarly situated, by their
of filings made by Piercing Pagoda, Inc. TPagoda" or the "Company") with the Securities
review and analysis of public statements by defendants,
materials such as directories of shopping malls and telephone directories (see 9736,
primarily in shopping malls in 47 states and Puerto Rico.
Pagoda common stock by making deceptive and/or misleading statements and/or failing
to disclose material facts regarding assets acquired by Pagoda from Sedgwick Sales,
where the Sedgwick stores were located and/or; the level of expenses that defendants
knew would be required to convert the Sedgwick kiosks to Pagoda's format and to start-up
operations after the acquisition by Pagoda.
for a total market decline over the two days of over $7.00.
Sedgwick kiosks is in violation of Sections IOand 20of the Securities Exchange Act
common stock on May 20, 1998 at $24.625 per share, which market price was artificially
jewelry through kiosk-style stores in the United States.
Defendant Eureyecko is and was at all relevant times a director of the
During the Class Period,
aware of their materially false and misleading nature.
that would preclude its maintenance as a class action.
Jewelry in early January 1997 and 42 locations from Silver & Gold Connection in April
system that incorporates point-of-sale computers
Pagoda had no reasonable basis for believing and representing that
the Sedgwick kiosks to the Pagoda format by July 6, 1998 without also disclosing that from
reading the financials: to ramp up,
or were involved in the issuance or dissemination
malls, telephone directories, and/or calls to shopping malls confirms that in at least 42 out
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