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PERFORMANCE CAPITAL CORP v GREGORY B MAFFEI Click to find out why . . .



Keywords & Phrases
CaseNo: PCCVGBM212985, CourtName: MISC 3, Plaintiff: PERFORMANCE CAPITAL CORP, UniqueCaseRef: LCD>PCCVGBM212985, Securities, Class Action, Officer, Act, Revenue, Reports, Ofthe, Network, Stock, Substantiai, Price, Individual Defendants, Cash Revenue, Performance Capital Corporation, Securities Analysts, Misleading, Business Plan, South America, Material Facts, Customers, Purported Record Breaking, Pertinent, Regulatory Filings, Reasonable Opportunity, Purchasers, Violations, Investors, Experiencing Growth Despite , ContentID: 120252965

Case Documents
1 2000-11-02 COMPLAINT
[ see first page and extracted highlights below  ] ItemID: 128764
19 pages
PDF
Total Documents: 1 document , 19 pages
Price: $ 19.95


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1 . COMPLAINT

EXTRACTED KEY WORDS
DEFENDANTS
CLASS ACTION
OFFICER
ACT
REVENUE
REPORTS
OFTHE
NETWORK
STOCK
SUBSTANTIAI
PRICE
INDIVIDUAL DEFENDANTS
CASH REVENUE
PERFORMANCE CAPITAL CORPORATION
SECURITIES ANALYSTS
MISLEADING
BUSINESS PLAN
PLAINTIFFS
SOUTH AMERICA
MATERIAL FACTS
CUSTOMERS
PURPORTED RECORD BREAKING
PERTINENT
REGULATORY FILINGS
REASONABLE OPPORTUNITY
PURCHASERS
VIOLATIONS
INVESTORS
EXPERIENCING GROWTH DESPITE
PERFORMANCE  CAPITAL  CORPORATION  and  j
RAN'VILLE  LUCK,  On Behalf  of Themselves and  j  CML  ACTION  EO.
On Behalf  ofAll  Others Similarly  Situated,
                                                           ;
                                     Plaintiffs,           )
                                                           )  CLASS  ACTION  COMPLAINT
                     +S.                                   )  FOR VIOLATIONS  OF
                                                           >  FEDERAL  SECWES             LAWS
GREGORY  B. KQ?FEI,  JIMIXY  D. BYl?D,                     B
LARRY  OLSEN,  RON  STEVENSON,  VMSSA                     )
WITTMAJ?  and STEVE  BAKEB,                                )
                                                          )
                                     Defendants.





by %ONetworks,  Inc.  ("36ONetworlcs"  or the `lCompan~),  as well  as regulatory filings  and

reports, securities analysts' reports and advisories about the Company, press releases and 0th~
               *
public  statements issued by the Company, and media reports about the Company, and plaintif%

believe that substantial additiona  evidentiq  support will  exist for the allegations set forth

herein after a reasonable opportunity  for discovery.



        1.      This  is a securities class action on behalf of all purchasers of the publicly 

securities of360Networks  between November  2$2000 and Jupe 28,ZOOl (the "Class Period"),

against 36ONetworks  ai$%&$q&++f,its  officers and'hirectors for violations  of the Securities
                             6.? ."  ,,_ - -"(?!Q
Exchange Act  of  1934 (de'"1934  A@`>.,.. ? .  "


                                          JUFUSDICTION           AND  VENUE

         ?
         d.       Jurisdiction  is conferred  by  $27  ofthe  1934  Act.  The  claims  asserted 

under  $5 1 O(b j and  20(a)  of  the  1934  Act  and Rule  106-5.

         3.       Venue  is proper  in  this District  pursuant  to  $27  of  the  1934  Get.  Many

fake  and misleading  statements were made in or issued from  this District.
SNIPPETS:
  • PERFORMANCE CAPITAL CORPORATION and j RAN'VILLE LUCK, On Behalf of Themselves and j CML
  • reports, securities analysts' reports and advisories about the Company, press releases and
  • herein after a reasonable opportunity for discovery.
  • This is a securities class action on behalf of all purchasers of the publicly traded
  • against 36ONetworks ai$%&$q&++f,its officers and'hirectors for violations of the Securities
  • Jurisdiction is conferred by $27 ofthe 1934 Act.
  • Company's fiber optic network qrhich inchrdes terrestrial segments and undersea cabIes in
  • the Atlantic and South America.
  • President and Chief Executive Officer of 360Networks.
  • The individuals named as defendants in fifl7-12 are sometimes referred to herein
  • Company's reports and press releases alleged herein to be misleading prior to or shortly
  • to them but not to the public, each of the Individual Defendants knew that rhe adverse facts
  • 360Networks' common stock because the use of stock and debt to finance the Company's cap-ex
  • it was of critical importance for defendants to maintain the price of 360Networks stock.
  • and caused plaintiffs and other members of the Class PO purchase 36ONetwork.s
  • experiencing lirrle or no "organic," or internal revenue growth.
  • telecom customers curtailed orders and as financing for telecom projects dried up- Thres,
  • These transactions however materially mislead investors
  • purported record breaking results, defendant Maf&i stated, in pertinent part, the .following:
  • We achieved record cash revenue, which we believe is the strongest affirmation of customer
  • With the credit facilities which are available to us, we remain fixIly funded TV complete our
  • Company was still experiencing growth despite the down-turn in the telecom sector and in the
  • Made untrue statements of material facts or omitted to state material facts
  • PlaineifKs bring this action as a class action pursuant to RuIe 23 of&e Federal
  • The disposition of their claims in a class action will provide substantiai benefits
  •    |