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1
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CONSOLIDATED AMENDED COMPLAINT
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EXTRACTED KEY WORDS
STOCK SHARES SMARTALK PARTNERS FOLCK HAMBURGER DEFENDANT SMITH SPANGENBERG TEICH PRICE WOODDELL PWC CLASS PERIOD ACQUISITION MANAGEMENT PARTICIPATING LLC FIELDING CONQUEST STOCK HOLDINGS BUSINESS BANKRUPTCY ANDERTON FALSE PRESS REVENUES ACCOUNTING PROCEEDS DISSEMINATION PLAINTIFF |
UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF OHIO
EASTERN DIVISION
THE LOUISIANA STATE EMPLOYEES' Master File
RETIREMENT SYSTEMS, THE NEW
HAMPSHIRE RETIREMENT SYSTEM, DC1 1 CLASS ACTION
TELECOMMUNICATIONS, JOHN SCHNEIDER )
FOR WHITTIER TRUST CO., SCOTT C. JUDGE EDMUND A.
ANDERTON, KEVIN PIRILO, NOTREDAN ! MAGISTRATE JUDGE KING
LLC, KEVEN ANDERTON, MARC
OSTROFSKY, WAYNE ANDERTON 401K ,'
PENSION, ROBERT FIALA, DONALD 1
CHURCHWARD, ROBERT A. CERTI-LMAN, 1 CONSOLIDATED
LEE CERTILMAM, JUDITH CERTILMAN and ) CLASS ACTION COMPLAINT FOR
ROY GOLDFARB, TRUSTEE for the ROY ) VIOLATIONS
GOLDFARB LIVING TRUST, On Behalf of ) SECURITIES
Themselves and All Others Similarly )
Situated,
;
Plaintiffs,
;
vs. 1
\
ROBERT H. LORSCH, ERICH L. 1
SPANGENBERG, GLEN ANDREW FOLCK,
DAVID A. HAMBURGER, RICHARD M.
TEICH, ROBERT M. SMITH, FRED F.
FIELDING, AHMED 0. ALFI, WAYNE V. ;
WOODDELL, SMARTALK PARTNERS LLC,
AMRE YOUNESS, LISA MARINO and ,'
PRICEWATERHOUSECOOPERS, LLP, 1
Defendants.
In re SMARTALK TELESERVICES, INC.
SECURITIES LITIGATION j
This Document Relates To: 1 1
ALL DOCUMENTS. ) Plaintiffs
) Trial By Jury
NATURE OF THE CASE
1. This is a securities class action
all persons, other than defendants and
purchased or otherwise acquired the
TeleServices, Inc. ("SmarTalk" or the ltCompanyl')
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2
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CIVIL DOCKET FOR CASE 98-CV-1009
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EXTRACTED KEY WORDS
DOCKET ENTRY JUDGE ROBERT YORK ABEL MARK MAG RAGGI ALFI FIELDING SMITH TEICH RICHARD HAMBURGER DAVID GLEN ANDREW FOLCK SPANGENBERG ERICH LORSCH SMARTALK TELESERVICES SECURITIES VIOLATION DKT GRAHAM JUDGE JAMES CIVIL DOCKET COLUMBUS OHIO SOUTHERN DISTRICT |
Docket as of November 30, 1998 [retrieved 9/22/99]
Proceedings include all events. TERMED
2:98cv1009 Coven v. Smartalk Teleservice, et al
REFER
TERMED REFER
U.S. District Court
for the Southern District of Ohio (Columbus)
CIVIL DOCKET FOR CASE #: 98-CV-1009
Coven v. Smartalk Teleservice, et al Filed:
10/01/98
Assigned to: Judge James L. Graham
Referred to: Mag. Judge Mark R. Abel
Demand: $0,000 Nature of Suit: 850
Lead Docket: None Jurisdiction: Federal
Question
Dkt # in ED of New York : is CV98-5163
Cause: 28:1331 Fed. Question: Securities Violation
DOROTHY J COVEN David Corey Katz
plaintiff [COR LD NTC]
Unknown
v.
SMARTALK TELESERVICES INC
defendant
ROBERT H LORSCH
defendant
ERICH L SPANGENBERG
defendant
GLEN ANDREW FOLCK
defendant
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3
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CIVIL DOCKET FOR CASE 98-CV-5163
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EXTRACTED KEY WORDS
ROBERT AZRACK MAGISTRATE JOAN DOCKET ALFI FIELDING SMITH TEICH RICHARD HAMBURGER DAVID ANDREW FOLCK SPANGENBERG ERICH LORSCH TELESERVICES JUDGE REENA RAGGI C/M ENTRY FXC ALFI FILING FEE SMARTALK TELESERVICES FEDERAL QUESTION-SECURITIES VIOLATION COURT DKT CIVIL DOCKET BROOKLYN YORK EASTERN |
Docket as of October 14, 1998 [retrieved 9/22/99]
Proceedings include all events.
1:98cv5163 Coven v. Smartalk Teleservice, et al CLOSED
CLOSED
U.S. District Court
New York Eastern (Brooklyn)
CIVIL DOCKET FOR CASE #: 98-CV-5163
Coven v. Smartalk Teleservice, et al Filed:
08/11/98
Assigned to: Judge Reena Raggi Jury demand: Plaintiff
Referred to: Magistrate Joan M. Azrack
Demand: $0,000 Nature of Suit: 850
Lead Docket: None Jurisdiction: Federal
Question
Dkt# in other court: None
Cause: 28:1331sv Federal Question-Securities Violation
DOROTHY J. COVEN, on behalf of David Corey Katz
herself and all others [COR LD NTC]
similarly situated Weiss & Yourman
plaintiff 551 Fifth Ave
Suite 1600
New York, NY 10176
212-682-3025
v.
SMARTALK TELESERVICES, INC.
defendant
ROBERT H. LORSCH
defendant
ERICH L. SPANGENBERG
defendant
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4
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COMPLAINT
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EXTRACTED KEY WORDS
CLASS PERIOD DEFENDANTS PLAINTIFF MEMBERS SECURITIES REPORTS ANALYSTS CLASS ACTION EXCHANGE SMARTALK STOCK PREPAID SMARTALK TELESERVICES SPANGENBERG BUSINESS PREPAID CALLING CARDS DISTRIBUTION INDIVIDUAL DEFENDANTS MISLEADING MATERIALLY FALSE EXCHANGE ACT ANDREW FOLCK ACQUISITIONS ALLEGATIONS MATERIAL FACTS SMARTALK COMMON STOCK RELEVANT TIMES MANAGEMENT FINANCIALS STATED SMARTALK |
IN THE UNITED STATES DISTRICT COURT
FOR THE EASTERN DISTRICT OF NEW YORK
DOROTHY J. COVEN, On Behalf of Herself :
and All Others Similarly Situated, :
:
Plaintiff, : Civil Action CV-98-5163
vs. : : COMPLAINT FOR
SMARTALK TELESERVICES, INC., : VIOLATIONS OF FEDERAL
ROBERT H. LORSCH, ERICH L. : SECURITIES LAWS
SPANGENBERG, GLEN ANDREW FOLCK, : [filed Aug. 11, 1998]
DAVID A. HAMBURGER, RICHARD M. : JURY TRIAL DEMANDED
TEICH, ROBERT M. SMITH, FRED F. :
FIELDING, and AHMED O. ALFI, : :
Defendants. :
_______________________________________ : :
Plaintiff alleges the following based upon the investigation of her counsel, which
included a review of documents filed with the Securities Exchange Commission ("SEC")
by SmarTalk Teleservices, Inc. ("SmarTalk" or the "Company"), press releases issued by
the Company and securities analyst and media reports about SmarTalk, and plaintiff
believes that, after a reasonable opportunity for discovery, substantial evidence will exist
to support the allegations set forth in this Complaint.
SUMMARY OF ACTION
1. This action is brought as a class action on behalf of all persons or entities who
purchased or otherwise acquired SmarTalk securities between August 14, 1997 and
August 10, 1998 (the "Class Period") and who sustained damages thereby (the "Class").
On behalf of herself and the members of the Class, plaintiff seeks to recover damages
caused by defendants' violations of Sections 10(b) and 20(a) of the Securities Exchange
Act of 1934 (the "Exchange Act").
2. Throughout the Class Period, defendants made materially false and misleading
statements by claiming, among other things, that SmarTalk was expanding its business
opportunities through favorable acquisitions and distribution agreements with other
companies and that the Company was generating "record" financial results. While
defendants were disseminating these statements, however, they failed to disclose to the
investing public that: a) they artificially recognized the sales figures announced during
the Class Period; b) they were recognizing revenues prematurely and improperly in
violation of Generally Accepted Accounting Principles ("GAAP"); c) SmarTalk's
distributors were not selling prepaid cards at the levels represented; d) SmarTalk's
management was encountering severe difficulties in integrating the companies acquired;
and e) defendants were not controlling costs.
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