UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK
LESLIE TURBOWITZ, on behalf of herself
and all others similarly situated,
Plaintiff,
CLASS ACTION ^.
.: :
V. COMPLAINT
_^,_
.%"
VIVENDI UNIVERSAL and JEAN-MARIE
MESSIER,
Defendants.
Plaintiff, by her undersigned attorneys, alleges, upon information and
information and belief being based, in part, upon the investigation conducted by and
counsel), except with respect to paragraph 6, which is alleged upon personal knowledge,
follows:
NATURE OF THE ACTION
.,
1. This is a securities fraud class action brought on behalf of
securities of Vivendi Universal ("Vivendi " or the "Company") between February 11, 2002,
July 3, 2002 inclusive (the "Class Period"). Members of the Class as defined, infix,
particular, purchasers of Vivendi securities during the Class Period. Defendants are
Jean-Marie Messier, the Company's former Chairman and Chief Executive Officer.
2. Prior to and during the Class Period, Mr. Messier took Vivendi
acquisition binge that, according to published reports, resulted in the Company amassing
approximately $18 billion in debt as he turned the Company from a water concern into
SNIPPETS:
Plaintiff, by her undersigned attorneys, alleges, upon information and belief (said
counsel), except with respect to paragraph 6, which is alleged upon personal knowledge, as
This is a securities fraud class action brought on behalf of investors in the'
securities of Vivendi Universal between February 11, 2002, and
Defendants are Vivendi and
Jean-Marie Messier, the Company's former Chairman and Chief Executive Officer.
acquisition binge that, according to published reports, resulted in the Company amassing
from the massive debt load incurred as a result of these, and other, transactions.
Vivendi's Board dislodged Mr. Messier that the Company's new management disclosed the
the Securities and Exchange Act of 1934, 15 U.S.C. Section 78, 78
Plaintiff purchased shares of Vivendi securities during the Class Period as
Achieving the highest level of growth in our industry is a big differentiation of Vivendi
The press release touted the Company's "Operating Free Cash Flow" as being
addition, strong improvement was achieved in cash management, debt reduction, synergies,
-- A strong surge of operational free cash flow, up 159% to 1.4 billion euros, well ahead of
Markets issued a research report dated April 30, 2002 that rated the Company a "strong buy"
According to Moody's, "the Ratings Action reflects Moody's continuing concerns
It does not trigger any renegotiation clauses or advance repayments of bank credit lines.
Net Cash Flow from Operating Activities -- Net cash flow provided by operating activities
Net Cash Flow from Investing Activities -- Net cash flow provided by investing activities was
Wire entitled "Update on Vivendi Universal's Cash Position."
The Company's bank credit is, therefore, no longer dependent on rating agencies' decisions.
all of the officers, directors, employees and partners thereof, members of their immediate
materially false and misleading statements during the Class Period;
failed to disclose material facts,
|
