YBM MAGNEX INTERNATIONAL CLASS ACTION LITIGATION


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Keywords & Phrases

CaseNo: YMICAL251242, CourtName: CLASS ACTION II, State: PA Pennsylvania, UniqueCaseRef: LCD>YMICAL251242, Ybm, Deloitte, Report, Magnex, Financial Statements, Audit, Bogatin, Sales, Allegations, Substantiate, According, Common Stock, Pennsylvania, Representations, News Article, Audit Committee, Shareholders, United States, Net Income, Securities, Class Period, Exchange Act, Transactions, Diesel Oil, Michael Schmidt, Public Filings, Entry, District Court, John Paraschos, Docket, Demand, Jury, Management Track, Filing Fee, Complaint, Carey, Orlando, Randolph, Parente, Touche, James, Gatti, Daniel , ContentID: 120252008

Case Documents

COMPLAINT 2
[ see first page and extracted highlights below ] ItemID: 126552

32 pages
TXT

COMPLAINT 1
[ see first page and extracted highlights below ] ItemID: 126551

32 pages
TXT

1998-12-16

DOCKET
[ see first page and extracted highlights below ] ItemID: 126553

2 pages
TXT

Total Documents: 3 documents , 66 pages

Price: $ 29.95

IVESLCD01 KGI0001

1 . COMPLAINT 2

EXTRACTED KEY WORDS

DEFENDANTS
DELOITTE
REPORT
MAGNEX
PLAINTIFF
FINANCIAL STATEMENTS
AUDIT
BOGATIN
SALES
COUNSEL
ALLEGATIONS
BUSINESS
SUBSTANTIATE
ACCORDING
COMMON STOCK
PENNSYLVANIA
REPRESENTATIONS
NEWS ARTICLE
AUDIT COMMITTEE
SHAREHOLDERS
UNITED STATES
NET INCOME
SECURITIES
CLASS PERIOD
EXCHANGE ACT
TRANSACTIONS
DIESEL OIL
PUBLIC FILINGS
MICHAEL SCHMIDT


                        UNITED STATES DISTRICT COURT
                      EASTERN DISTRICT OF PENNSYLVANIA

   ----------------------------------------------------------------------
   --

   STEPHEN K. LEFF,
   on behalf of himself and all others
   others similarly situated,

                         Plaintiff,

              v.

   YBM MAGNEX INTERNATIONAL, INC.,
   JACOB G. BOGATIN, IGOR FISHERMAN,
   JAMES J. HELD, HARRY ANTES, DAVID
   PETERSON, ROBERT OWEN MITCHELL,
   FRANK GREENWALD, MICHAEL SCHMIDT,
   KENNETH DAVIES, DANIEL GATTI, DELOITTE &
   TOUCHE, L.L.P and PARENTE, RANDOLPH,
   ORLANDO & CAREY ASSOCIATES,

                         Defendants
   ----------------------------------------------------------------------
   --

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SNIPPETS:

UNITED STATES DISTRICT COURT

Plaintiff Stephen K. Leff, on behalf of himself and all others similarly situated, and by his

The allegations specifically pertaining to plaintiff and his counsel are made upon actual

This is a class action on behalf of persons who purchased the common stock of YBM Magnex

YBM appeared to be a legitimate business enterprise with corporate headquarters and a

On May 11, 1998, YBM disclosed that its auditors, defendant Deloitte & Touche L.L.P., had

Defendant YBM was incorporated in Canada and has its principal place of business located at

Until his resignation on November 30, 1998, defendant Jacob Bogatin was President, Chief

Defendant Michael Schmidt is a former member of the Board of Directors of YBM.

Deloitte was retained by YBM to perform a special audit of YBM's 1996 financial results after

Deloitte issued an unqualified audit report on YBM's 1996 financial statements.

This Court has jurisdiction over the subject matter of this action pursuant to 28 U.S.C. §§

Whether documents, press releases and other statements disseminated by defendants to the

According to the Vancouver Sun and other Canadian media, Schmidt had previously been in

Magnex completed a share exchange with Arigon's shareholders that resulted in control of

According to a news article published in the May 17, 1998 edition of The Observer, Mogilevech

On February 29, 1996, YBM announced that it had posted record sales and earnings for 1995.

Net income for the Company in the first quarter of 1996 was $2.975 million, compared to

YBM represented that recommendations from the review were being implemented and that the

During the course of its audit, Deloitte deliberately or recklessly ignored numerous red

Although YBM had originally represented that the diesel oil had been sold in 1996, Deloitte

In its May 14, 1998 press release, YBM described the purpose of the investigation envisioned

Each of the Insider Defendants was provided with or had unlimited access to copies of the

2 . COMPLAINT 1

EXTRACTED KEY WORDS

DEFENDANTS
DELOITTE
REPORT
MAGNEX
PLAINTIFF
FINANCIAL STATEMENTS
AUDIT
BOGATIN
SALES
COUNSEL
ALLEGATIONS
BUSINESS
SUBSTANTIATE
ACCORDING
COMMON STOCK
PENNSYLVANIA
REPRESENTATIONS
NEWS ARTICLE
AUDIT COMMITTEE
SHAREHOLDERS
UNITED STATES
NET INCOME
SECURITIES
CLASS PERIOD
EXCHANGE ACT
TRANSACTIONS
DIESEL OIL
PUBLIC FILINGS
MICHAEL SCHMIDT


                        UNITED STATES DISTRICT COURT
                      EASTERN DISTRICT OF PENNSYLVANIA

   ----------------------------------------------------------------------
   --

   SHELDON KAPUSTIN,
   on behalf of himself and all others
   others similarly situated,

                         Plaintiff,

              v.

   YBM MAGNEX INTERNATIONAL, INC.,
   JACOB G. BOGATIN, IGOR FISHERMAN,
   JAMES J. HELD, HARRY ANTES, DAVID
   PETERSON, ROBERT OWEN MITCHELL,
   FRANK GREENWALD, MICHAEL SCHMIDT,
   KENNETH DAVIES, DANIEL GATTI, DELOITTE &
   TOUCHE, L.L.P and PARENTE, RANDOLPH,
   ORLANDO & CAREY ASSOCIATES,

                         Defendants
   ----------------------------------------------------------------------
   --

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SNIPPETS:

UNITED STATES DISTRICT COURT

Plaintiff Sheldon Kapustin, on behalf of himself and all others similarly situated, and by

The allegations specifically pertaining to plaintiff and his counsel are made upon actual

This is a class action on behalf of persons who purchased the common stock of YBM Magnex

YBM appeared to be a legitimate business enterprise with corporate headquarters and a

On May 11, 1998, YBM disclosed that its auditors, defendant Deloitte & Touche L.L.P., had

Defendant YBM was incorporated in Canada and has its principal place of business located at

Until his resignation on November 30, 1998, defendant Jacob Bogatin was President, Chief

Defendant Michael Schmidt is a former member of the Board of Directors of YBM.

Deloitte was retained by YBM to perform a special audit of YBM's 1996 financial results after

Deloitte issued an unqualified audit report on YBM's 1996 financial statements.

This Court has jurisdiction over the subject matter of this action pursuant to 28 U.S.C. §§

Whether documents, press releases and other statements disseminated by defendants to the

According to the Vancouver Sun and other Canadian media, Schmidt had previously been in

Magnex completed a share exchange with Arigon's shareholders that resulted in control of

According to a news article published in the May 17, 1998 edition of The Observer, Mogilevech

On February 29, 1996, YBM announced that it had posted record sales and earnings for 1995.

Net income for the Company in the first quarter of 1996 was $2.975 million, compared to

YBM represented that recommendations from the review were being implemented and that the

During the course of its audit, Deloitte deliberately or recklessly ignored numerous red

Although YBM had originally represented that the diesel oil had been sold in 1996, Deloitte

In its May 14, 1998 press release, YBM described the purpose of the investigation envisioned

Each of the Insider Defendants was provided with or had unlimited access to copies of the

3 . DOCKET

EXTRACTED KEY WORDS

ENTRY
DISTRICT COURT
JOHN PARASCHOS
DOCKET
PLAINTIFF
DEMAND
JURY
YBM
MANAGEMENT TRACK
COUNSEL
FILING FEE
COMPLAINT
CAREY
ORLANDO
RANDOLPH
PARENTE
TOUCHE
DELOITTE
JAMES
GATTI
DANIEL
DAVID PETERSON
MICHAEL SCHMIDT
FRANK GREENWALD
ROBERT OWEN MITCHELL
KENNETH DAVIES
HARRY ANTES
IGOR FISHERMAN
JACOB BOGATIN

Docket as of December 16, 1998 (retrieved 1/11/99)

Proceedings include all events.                                          e-SPEC
2:98cv6444    PARASCHOS v. YBM, et al

                                                            e-SPEC
                       U.S. District Court
   U.S. District Court of Eastern Pennsylvania (Philadelphia)

               CIVIL DOCKET FOR CASE #: 98-CV-6444

PARASCHOS v. YBM, et al                                     Filed: 12/11/98
Assigned to: JUDGE CLARENCE C. NEWCOMER      Jury demand: Plaintiff
Demand: $0,000                               Nature of Suit:  850
Lead Docket: None                            Jurisdiction: Federal Question
Dkt# in other court: None

Cause: 15:78m(a) Securities Exchange Act


JOHN PARASCHOS, on behalf of      STEVEN G. SCHULMAN
himself and all others            (COR LD NTC)
similarly situated                MILBERG WEISS BERSHAD HYNES &
     PLAINTIFF                    LERACH LLP
                                  ONE PENNSYLVANIA PALZA
                                  NEW YORK, NY 10119-0165
                                  USA


   v.


YBM MAGNEX INTERNATIONAL INC.
     DEFENDANT


JACOB BOGATIN
     DEFENDANT


IGOR FISHERMAN
     DEFENDANT


HARRY ANTES
     DEFENDANT

SNIPPETS:

Docket as of December 16,

U.S. District Court of Eastern Pennsylvania

YBM MAGNEX INTERNATIONAL INC. DEFENDANT

JACOB BOGATIN DEFENDANT

IGOR FISHERMAN DEFENDANT

HARRY ANTES DEFENDANT

KENNETH DAVIES DEFENDANT

ROBERT OWEN MITCHELL DEFENDANT

FRANK GREENWALD DEFENDANT

MICHAEL SCHMIDT DEFENDANT

DAVID PETERSON DEFENDANT