WORLD ACCESS CLASS ACTION LITIGATION


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Keywords & Phrases

CaseNo: WACAL185930, CourtName: CLASS ACTION II, State: GA Georgia, UniqueCaseRef: LCD>WACAL185930, Waxs, Securities, Act, Exchange, Class Action, Merger, Common Stock, Report, Shares, Nact, Odom, Telco, Reports, Price, Shareholders, Misleading, Telecommunications, Class Period, Gergel, Material Facts, Materially False, Class Members, Merger Agreement, Adverse Non-public Information, Pursuant, Filings, Facts, Acquisitions, Experiencing, Telco Systems, Individual Defendants, Switching Products, Times Relevant Hereto, Representing, Management, Financial Condition, United States , ContentID: 120252005

Case Documents

COMPLAINT B
[ see first page and extracted highlights below ] ItemID: 126546

23 pages
TXT

1999-03-09

DOCKET
[ see first page and extracted highlights below ] ItemID: 126547

3 pages
TXT

1999-01-07

COMPLAINT A
[ see first page and extracted highlights below ] ItemID: 126545

32 pages
TXT

Total Documents: 3 documents , 58 pages

Price: $ 29.95

IVESLCD01 KGI0001

1 . COMPLAINT B

EXTRACTED KEY WORDS

DEFENDANTS
SECURITIES
PLAINTIFF
ACT
MERGER
REPORT
EXCHANGE
TELCO
NACT
CLASS ACTION
SHARES
PRICE
SHAREHOLDERS
ODOM
COMMON STOCK
MATERIAL FACTS
MISLEADING
TELECOMMUNICATIONS
MATERIALLY FALSE
CLASS MEMBERS
MERGER AGREEMENT
ADVERSE NON-PUBLIC INFORMATION
EXPERIENCING
TELCO SYSTEMS
CLASS PERIOD
SWITCHING PRODUCTS
TIMES RELEVANT HERETO
MANAGEMENT
STATES DISTRICT COURT

                        UNITED STATES DISTRICT COURT

                        NORTHERN DISTRICT OF GEORGIA

                              ATLANTA DIVISION

   ---------------------------------------------------------------x

   ROBERT KATAN, on behalf of :

   himself and all others similarly situated, :

   :

   :

   Plaintiff, : CLASS ACTION COMPLAINT

   :

   -against- : JURY TRIAL DEMANDED

   :

   :

   WORLD ACCESS INC., STEVEN A. ODOM, :

   MARK A. GERGEL, HENSLEY E. WEST, :

   STEPHEN J. CLEARMAN, JOHN D. PHILLIPS, :

   and MARTIN D. KIDDER, :

   :

   Defendants. :

   :

   ---------------------------------------------------------------x

   Plaintiff, individually and on behalf of all other persons similarly
   situated, by his undersigned counsel, alleges upon personal knowledge
   as to his own acts and upon the investigation conducted by his
   counsel. Plaintiff's investigation included, among other things, a
   review of the public announcements made by defendants, Securities and
   Exchange Commission ("SEC") filings, press releases and media reports

SNIPPETS:

UNITED STATES DISTRICT COURT

Plaintiff,: CLASS ACTION COMPLAINT

Plaintiff, individually and on behalf of all other persons similarly situated, by his

Plaintiff's investigation included, among other things, a review of the public announcements

This is a shareholders' class action on behalf of all persons, other than defendants, who:

This action arises under Sections 10and 20of the Securities Exchange Act of 1934, 15 U.S.C.

* Venue is proper as many of the acts, transactions and conduct alleged herein, including the

* Plaintiff Robert Katan purchased securities of WAXS in the open market during the Class

WAXS is purportedly engaged in the business of providing wholesale switched voice and data

* Defendant Steven A. Odom is the Chairman and Chief Executive Officer of the Company and

* Defendant Mark Gergel is the Chief Financial Officer and an Executive Vice President of the

Defendant Gergel sold 40,000 shares of WAXS on November 17, 1998 at $23.74 per share and

In connection with the NACT Merger, owners of NACT common stock received approximately 2.7

While the exact number of Class members is unknown to the plaintiff at this time and can only

Plaintiff knows of no difficulty to be encountered in the management of this action that

* whether defendants violated Sections 10and 20of the Exchange Act, and SEC Rule 10b-5 isrepresentations complained of herein; * whether the NACT Merger Registration Statement and Telco the Exchange Act by engaging in insider trading during the Class Period; and * whether the members

* On February 18, 1998, WAXS' management and the NACT Special Committee tentatively agreed to

If the average closing price was less than $20.88 per share, WAXS could have terminated the

* The NACT Proxy/Prospectus solicited the votes of all NACT shareholders as of September 22,

World Access, Inc., announced today that it has completed its merger with Telco Systems, Inc.

* Defendants acted quickly to quell investor fears and, that very day, commenced a campaign

* As discussed in detail below, the foregoing statement was known to defendants to be

Preferred Capital Markets Inc. analyst James Stone issued a report in which he confirmed that

2 . DOCKET

EXTRACTED KEY WORDS

FMS
PLAINTIFF
HAC VICE
PRO
DEFENDANT
ENDORSED ORDER
DISTRICT COURT
DOCKET
EVANS GRANTING
JUDGE ORINDA
ADMISSION
RJP
DEMAND
JURY
CLASS ACTION COMPLAINT
PAUL PARADIS
W/AFFIDAVIT
SUPPORT
COUNSEL
SELECTION
LEAD PLA
APPOINTMENT
MOTION
NOTIS PRO HAC
JAMES
OLIMPIO LEE SQUITIERI
FIRST AMENDED CLASS
NADEEM FARUQI PRO
MANDATORY DISCLOSURES

Docket as of March 9, 1999 (retrieved 3/24/99)

Proceedings include all events.
1:99cv43 Milite v. World Access, Inc., et al
                                                                  8mos
                                                            8mos
                       U.S. District Court
U.S. District Court for the Northern District of Georgia (Atlanta

                CIVIL DOCKET FOR CASE #: 99-CV-43

Milite v. World Access, Inc., et al                         Filed: 01/07/99
Assigned to: Judge Orinda D. Evans           Jury demand: Plaintiff
Demand: $0,000                               Nature of Suit:  850
Lead Docket: None                            Jurisdiction: Federal Question
Dkt# in other court: None

Cause: 15:78 Securities Exchange Act


CAROL MILITE, on behalf of        Lee Squitieri, phv
herself and all others            (COR LD NTC)
similarly situated                Abbey Gardy & Squitieri
     plaintiff                    212 East 39th Street
                                  New York, NY 10016
                                  212-889-3700

                                  Martin D. Chitwood
                                  (COR LD NTC)
                                  Christi Cannon Mobley
                                  (COR LD NTC)
                                  Chitwood & Harley
                                  1230 Peachtree Street, N.E.
                                  2900 Promenade II
                                  Atlanta, GA 30309
                                  404-873-3900

                                  Nadeem Faruqi, phv
                                  (COR LD NTC)
                                  Faruqi & Faruqi
                                  415 Madison Avenue
                                  Suite 2100
                                  New York, NY 10017
                                  212-986-1074

                                  James S. Notis, phv
                                  (COR LD NTC)
                                  Abbey Gardy & Squitieri

SNIPPETS:

Docket as of March 9,

U.S. District Court for the Northern District of Georgia (Atlanta

WORLD ACCESS, INC. defendant

1/7/99 1 CLASS ACTION COMPLAINT filed and summons issued.

jury demand FILING FEE $

RECEIPT # 433567 (Entry date 01/11/99)

1/7/99 2 ANSWERS TO MANDATORY DISCLOSURES by plaintiff (rjp)

1/27/99 3 Application for admission of Nadeem Faruqi pro hac vice for

2/2/99 -- ENDORSED ORDER by Judge Orinda D. Evans GRANTING pro

hac vice application (fms)

2/12/99 4 FIRST AMENDED CLASS ACTION COMPLAINT by plaintiff; jury

3/1/99 5 Application for admission of Olimpio Lee Squitieri, James

S. Notis pro hac vice for plaintiff

3/8/99 6 MOTION by plaintiff for appointment of lead pla,

approval of lead pla's selection of counsel with brief in

support, and w/affidavit of Paul Paradis and proposed

3 . COMPLAINT A

EXTRACTED KEY WORDS

PLAINTIFF
SECURITIES
ACT
EXCHANGE
CLASS ACTION
REPORTS
COMMON STOCK
MEMBERS
GERGEL
ODOM
SHARES
CLASS PERIOD
PURSUANT
FILINGS
FACTS
ACQUISITIONS
INDIVIDUAL DEFENDANTS
REPRESENTING
NACT
FINANCIAL CONDITION
UNITED STATES
TELECOMMUNICATIONS
MISLEADING
PRE-TAX INCOME GOALS
MATERIAL STATEMENTS SET
DISSEMINATION
FEDERAL SECURITIES LAWS
JURISDICTION
PUBLISHED REPORTS

                  UNITED STATES DISTRICT COURT
                  NORTHERN DISTRICT OF GEORGIA


-----------------------------------X
CAROL MILITE, on behalf of         |    CIVIL ACTION NO.
herself and all others             |    (1 99-CV-00043-ODE)
similarly situated,                |
                                   |    CLASS ACTION COMPLAINT
                    Plaintiff,     |    (filed Jan. 7, 1999)
                                   |
     - against -                   |    JURY TRIAL DEMANDED
                                   |
WORLD ACCESS, INC., STEVEN A.      |
ODOM, MARK A. GERGEL and MARTIN D. |
KIDDER,                            |
                                   |
                    Defendants.    |
-----------------------------------X


          Plaintiff, by her attorneys, as and for her Class Action

Complaint, alleges the following upon personal knowledge as to

herself and her acts and as to all other matters upon information

and belief, based upon, inter alia, the investigation made by and

through her attorneys, including a review of the public filings of

World Access, Inc. ("World Access" or the "Company") with the

United States Securities and Exchange Commission ("SEC"), as well

as published reports and news articles.

                     JURISDICTION AND VENUE

          1.   This Court has jurisdiction over the subject matter

of this action pursuant to Section 27 of the Securities Exchange

Act of 1934 (the "Exchange Act"), 15 U.S.C. §78aa and 28 U.S.C.

§1331.  The claims asserted herein arise under Sections 10(b) and

SNIPPETS:

Plaintiff, by her attorneys, as and for her Class Action

United States Securities and Exchange Commission,

as published reports and news articles.

This Court has jurisdiction over the subject matter

of this action pursuant to Section 27 of the Securities Exchange

Act of 1934, 15 U.S.C. §78aa and 28 U.S.C.

including the preparation and dissemination

to the investing public of false and misleading information,

wrongs alleged in this Complaint, the defendants, directly and

Company's financial condition were known to them,

disregarded the facts that the statements and omissions described