UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK
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THOMAS ESPOSITO, et al., : Civil Action No.
`-,a.' G1 : 98 Civ. 1676 (JES)
Plaintiffs, _ `-
V. FIRST CONSOLIDATED
AMENDED CLASS
VERSATILITY, INC., et al., COMPLAINT
Defendants. JURY TRIAL,
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TAMMY NEWMAN, et al. : Civil Action No.
: 98 Civ. 2156 (JES)
Plaintiff,
V.
VERSATILITY, INC., et al.,
Defendants.
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x
SAM SUCCAR, et al., : Civil Action No.
: 98 Civ. 2211 (JES)
Plaintiff,
V
VERSATILITY, INC., et al.,
Defendants.
x
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STEVEN BOWEN, et al., : Civil Action No.
: 98 Civ. 2613 (IES)
Plaintiff,
V. t
VERSATILITY, INC., et al.
Defendants.
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RUXARD LONG, et al.,
Plaintiff,
SNIPPETS:
VERSATILITY, INC., et al.,
Defendants.
omissions made by Versatility Inc. its offkers and directors,
Deloitte & Touche L.L.P. and its co-lead
underwriters Men-ill Lynch & Co., Montgomery Securities and
Versatility's Initial Public Offering, to March 12, 1998.
software provider to businesses engagedin telemarketing and telephonic customer service.
Executive Officer, and Director, that it would fail to file third quarter financial
accounting treatment of certain transactions including revenue recognition and timing and bad
The Restatements resulted in a sharp reduction in revenue,
a common plan and scheme to defraud dating back to Versatility's $33 million initial public
"IPO" or the "Offering").
businesses with as few as five people, known as the "CallCenter Product."
had been "extensively tested" and was "easy to use," were materially false and misleading.
Act of 1933 and Sections 10of the Securities Exchange Act of 1934
Plaintiffs Thomas Esposito, Lawrence Corm, Michael Grobman, Joseph
Thomas Doyle purchased shares of Versatility common stock traceable to the IPO
Versatility provides a "suite" of software applications which provide CallCenter agents
Palmer, and Walker (collectively, the "Individual Defendants") owned 3,278,434 shares of the
Defendant Montgomery Securities was, at relevant times herein,
underwriter of Versatility's December 1996 Offering.
Defendant Oppenheimer & Co., Inc. was, at all relevant times,
1996 and failed to act in accordance with Generally Accepted Accounting
action litigation arising under the federal securities laws.
1996 IPO Prospectus included numerous statements
detected on the telephone line -- and sophisticated list management:
Net income for the
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