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VISIONAMERICA INC CLASS ACTION LITIGATION Click to find out why . . .



Keywords & Phrases
CaseNo: VICAL212106, CourtName: CLASS ACTION II, State: CA California, UniqueCaseRef: LCD>VICAL212106, Visionamerica, Verity, Securities, Class Action, Officers, Violation, Practices, Lewis, Act, Edmonds, Software Products, Report, Management, Individual Defendants, Price, Revenue, Misleading, Exchange Act, Shortfall, Affiliates, Stock Price, Accounting, Customers, District, Making Corporate, Corporate Intranets, San Francisco, Market, Net Earnings, Knowledge Retrieval Software, Surgical Eye Care, Independent Software Vendors, E-commerce Providers, Cash Position, Senior Officers , ContentID: 120251990

Case Documents
1   COMPLAINT 2
[ see first page and extracted highlights below  ] ItemID: 126503
26 pages
TXT
2 1999-12-01 COMPLAINT 1
[ see first page and extracted highlights below  ] ItemID: 126502
14 pages
PDF
Total Documents: 2 documents , 40 pages
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1 . COMPLAINT 2

EXTRACTED KEY WORDS
DEFENDANTS
SECURITIES
PLAINTIFF
VIOLATION
PRACTICES
LEWIS
OFFICERS
CLASS ACTION
EDMONDS
REPORT
PRICE
AFFILIATES
ACCOUNTING
DISTRICT
INDIVIDUAL DEFENDANTS
MANAGEMENT
MISLEADING
EXCHANGE ACT
NET EARNINGS
SURGICAL EYE CARE
CASH POSITION
SENIOR OFFICERS
PUBLICLY TRADED SECURITIES
FEDERAL SECURITIES LAWS
MARKET PRICES
NET INCOME
OPTOMETRISTS
OPTHAMOLOGISTS
FACILITIES

                        UNITED STATES DISTRICT COURT

                        MIDDLE DISTRICT OF TENNESSEE

                             NASHVILLE DIVISION


   JOHN KELLY, JR., on Behalf of
   Himself and All Others Similarly
   Situated,

                           Plaintiff,

       vs.

   VISIONAMERICA, INC., RONALD
   L. EDMONDS and THOMAS P. LEWIS,

                           Defendants.
   _______________________________________

   )
   )
   )
   )
   )
   )
   )
   )
   )
   )
   )
   )
   )

   Civ. Action No.

   CLASS ACTION COMPLAINT
   FOR VIOLATION OF THE
   FEDERAL SECURITIES LAWS






   DEMAND FOR JURY TRIAL
SNIPPETS:
  • UNITED STATES DISTRICT COURT
  • L. EDMONDS and THOMAS P. LEWIS,
  • CLASS ACTION COMPLAINT FOR VIOLATION OF THE FEDERAL SECURITIES LAWS
  • This is a securities class action on behalf of persons who purchased the publicly traded
  • VisionAmerica represents itself as an eye-care company that provides facilities and services
  • VisionAmerica manages 22 affiliated practices at which 50 affiliated opthamologists provide
  • The Company provides a wide range of practice management and other services.
  • During the Class Period, VisionAmerica reported record results, and up until the end of the
  • While defendants were publicly reporting profits during the Class Period, they used
  • During the Class Period, the Individual Defendants who controlled and were senior officers of ons.
  • As VisionAmerica continued to report "record" profits throughout the Class Period and
  • The claims asserted herein arise under and pursuant to§§10and 20of the Securities Exchange
  • Many of the acts and transactions giving rise to the violations of law complained of herein,
  • Plaintiff John Kelly, Jr., purchased VisionAmerica common stock during the Class Period as
  • By reason of their positions, the officer and/or director defendants identified above,
  • Defendants had a duty to promptly disseminate accurate and truthful information with respect
  • Reported net earnings for the third quarter and nine months ended September 30, 1997,
  • Excluded from the Class are defendants herein, members of the immediate families of each of

  • 2 . COMPLAINT 1

    EXTRACTED KEY WORDS
    PLAINTIFFS
    ACT
    SOFTWARE PRODUCTS
    CLASS ACTION
    DEFENDANTS
    REVENUE
    SHORTFALL
    STOCK PRICE
    CUSTOMERS
    OFFICERS
    SECURITIES
    MAKING CORPORATE
    CORPORATE INTRANETS
    SAN FRANCISCO
    MARKET
    KNOWLEDGE RETRIEVAL SOFTWARE
    INDEPENDENT SOFTWARE VENDORS
    E-COMMERCE PROVIDERS
    MANAGEMENT
    INFORMATION RESIDING
    EQUIPMENT MANUFACTURERS
    ONLINE PUBLISHERS
    EXTRANETS
    VIOLATION
    EXCHANGE ACT
    MATERIAL FACTS
    INDIVIDUAL DEFENDANTS
    DEFENDANTS SBONA
    MISLEADING
    
    
    
    
    MILBERG WEISS BERSHAD
    HYNES & LERACH LLP
    WILLIAM S. LERACH (68581)
    600 West Broadway, Suite 1800
    San Diego, CA 92101
    Telephone: 619/231-1058
        - and -
    PATRICK J. COUGHLIN (111070)
    DAVID R. STICKNEY (188574)
    100 Pine Street, Suite 2600
    San Francisco, CA 94111
    Telephone: 415/288-4545
    BERNSTEIN LIEBHARD & LIFSHITZ, LLP
    MEL E. LIFSHITZ
    10 East 40th Street
    New York, NY 10016
    Telephone: 212/779-1414
    
    Co-Lead Counsel for Plaintiffs
    
    
    
                                     UNITED STATES DISTRICT COURT
    
                                 NORTHERN DISTRICT OF CALIFORNIA
    
    
    In re VERITY, INC. SECURITIES                )  Master File No. C-99-5337-CRB
    LITIGATION                                   )
    _________________________________            )  CLASS ACTION
    This Document Relates To:                    ) )  [CORRECTED] CONSOLIDATED
                                                       AMENDED COMPLAINT FOR
    ALL ACTIONS.                                 ) )  VIOLATION OF THE SECURITIES
    _________________________________ ) EXCHANGE ACT OF 1934
                                                       DEMAND FOR JURY TRIAL
    
                                       SUMMARY AND OVERVIEW
    
    1. This is a securities fraud class action on behalf of all purchasers of the securities of
    Verity, Inc. ("Verity" or the "Company") between December 1, 1999 and December 14,
    1999 (the "Class Period"), against Verity and certain of its officers and directors for
    violations of the Securities Exchange Act of 1934 (the "1934 Act").
    
    2. Verity develops, markets, and supports knowledge retrieval software products for
    corporate intranets and extranets, online publishers, e-commerce providers, original
    
    SNIPPETS:
  • Co-Lead Counsel for Plaintiffs
  • EXCHANGE ACT OF 1934
  • This is a securities fraud class action on behalf of all purchasers of the securities of
  • The Company's products manage text-based information residing on its customers' networks,
  • During October and November 1999, Verity saw its stock price soar from around $30 per shareto
  • The Individual Defendantsknew that disclosure of this shortfall in 2ndQ F00 revenues and
  • On the contrary, Verity management confirmed with market participants on December 1, 1999
  • On December 14, 1999, Verity's stock price dropped more than $5 per share on heavy volume of
  • Then, after the markets closed, Verity announced a devastating revenue and earnings
  • Defendant Verity develops, markets, and supports knowledge retrieval software products for
  • The individuals named as defendants in ¶11-are referred to herein as the "Individual
  • Because of their positions and access to material non-public information available to them
  • With this knowledge, defendants Sbona, Bettencourt and Ticehurst met and decided not to
  • During the Class Period, defendants disseminated or approved the false statements specified
  • For Violation of §20of the 1934 Act
  • Plaintiffs bring this action as a class action pursuant to Rule 23 of the Federal Rules of
  • That declarant is and was, at all times herein mentioned, a citizen of the United States and
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