UNITED STATES DISTRICT COURT
WESTERN DISTRICT OF TENNESSEE
WESTERN DMSION Robert
CLERK
\Y,rs.t3.
OF
Marc Abrams, On Behalf of Himself > Civ. Action No.
and All Others Similarly Situated, > 02-2735
>
Plaintiff,
vs. 3
1 CLASS ACTION COMPLAINT
CONCORD EFS, INC., DAN M. PALMER, >
EDWARD A. LABRY, III, MARCIA Es >
H-EISTER, WILLLAM E. LUCADO, >
CHRISTOPHER S. RJXKBRT, E. MILBS > JURY TRIAL DEMANDED
KILBUKN, EDWARD T. HASLAM, >
RONALD V. CONGEMI and RTCHARD P. >
KIPHART, .
i -
Defendants. >
Plaintif& Marc Abrarns, individually and on behalf of all other persons similarly
by his undersigned attorneys, alleges the following based upon personal knowledge as to himself
and his own acts, and information and .belief as to all oth,er matters, based upon, inter alia,
i,nvestigation conducted by and through his attorneys, which included, among other things, a
review of the public documents and announcements made by the defendants, Securities and
Exchange Commission ("SEC") filings, and press releases regarding Concord EFS, Inc.
("Concord" or the "Company"), and plaintiff believes fiat substantial evidentiary support will
exist for the allegations set forth herein after a reasonable opportunity for discovery.
NATURE OF THE ACTION
1. This is a class action brought by plaintiff on behalf of himself and a Cl.ass
SNIPPETS:
Exchange Commission filings, and press releases regarding Concord EFS, Inc.
This is a class action brought by plaintiff on behalf of himself and a Cl.ass consisting
defendants' violation of federal sectities laws.
and/or failed to correct false and misleading fmancial statements and press releases
The claims alleged herein arise under Sections 10and 20of the Securities
Exchange Act of 1934, 15 U.S.C. $9 78j@) and 78t, and Rule lob-5, 17
III connection with the acts, transactions and conduct alleged herein, defendants,
Concord is an electronic transaction processor,
stock was traded throughout the Class Period in an efficient market on the NASDAQ National
Concord's business, as well as its fmances, markets and present and future business prospects
other corporate officers and employees, attendance at management andBoard of Directors'
and/or committees thereof and via reports and other information provided to him in connection
Moreover, Palmer took advantage ofthe defendants' false statements, selling at least 1 s
via access to-internal corporate documents (including the Company's operating plans,
attendbee at management and/or Board of Directors'
Defendant Marcia E. Heister was, at al.1 times relevant hereto,
prospects via access to internal corporate documients (including the Company's operating
as to constitute a fraud and deceit upon plaintiff and the other members of the Class.
Plaintiff brings this action as a class action pursuant to Federal Rules of Civil
and, if so, what is the proper measure of damages.
The acquisition boosted Concord's sales force by nearly half.
able to report strong revenue and earnings growth from the mid-l 990s into 2001 due to its
growth in net income and earnings per share was 41% and 34% for the third quarter of 200 1
Net income was $8 1.5 million in tie third quarter of 2001, or $0.16 diluted earnings per
The financial statements and related press releases by the Company
Plaintiff repeats and reiterates each and every allegation contained in each,
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