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Global Cash Access Holdings, Inc. Summary: On September 18, 2008, the Court issued the Opinion and Order #96522 granting the defendants’ June 6, 2008 motion to transfer the case. According to the Order, the Court agrees that U.S. District Court for the District of Nevada is a superior forum for this litigation and the case was transferred from the Southern District of New York to the District of Nevada.
On June 26, 2008, the Court entered the Opinion and Order #96177, signed by U.S. District Judge Shirley Wohl Kram, consolidating two actions under the caption "In re Global Cash Access Holdings, Inc. Securities Litigation, Master file No. 08-Cv-3516 (SWK). Further, according to the Order, the City of Richmond Retirement Systems is appointed lead plaintiff and the law firm of Grant & Eisenhofer, P.A., is appointed lead counsel. On August 18, 2008, the lead plaintiff filed a Consolidated Class Action Complaint.
The original class action lawsuit was commenced on behalf of a class of all persons who purchased or acquired shares of common stock of Global Cash Access Holdings, Inc., pursuant or traceable to the Company's initial public offering which commenced on September 22, 2005, and who held such shares of GCA common stock until November 14, 2007. The claims asserted arise under Sections 11, 12(a)(2) and 15 of the Securities Act of 1933, respectively 15 U.S.C. 77k, 77l(a)(2) and 77o, and have been asserted against: GCA; current and former directors; controlling shareholders M&C International and Summit Partners, L.P.; and underwriters Goldman Sachs & Co., Inc. and JP Morgan Securities Inc.
The complaint alleges that: (a) the Company's internal controls were deficient causing its finance and accounting departments to be unable to accurately calculate the amount of commissions payable to the Company's customers; (b) GCA had improperly computed the amount of commissions it was required to pay many of its customers resulting in the Company failing to comply with contractual terms; and (c) GCA's expenses (i.e. cost of revenues) during 2005 were understated resulting in an overstatement of gross profit margins and net income. The subsequent disclosure of these facts resulted in the decline of the Company's common stock price, causing Plaintiff and the other members of the Class to suffer damages.
INDUSTRY CLASSIFICATION:
SIC Code: 6199
Sector: Financial
Industry: Misc. Financial Services
| COMPANY/ISSUER NAME: | Global Cash Access Holdings, Inc. |
| COMPANY/ISSUER TICKER: | GCA |
| COMPANY WEBSITE: | http://www.globalcashaccess.com |
| FIRST IDENTIFIED COMPLAINT IN THE DATABASE | |||||||||||||||||
| Robert Lowinger, et al. v. Global Cash Access Holdings, Inc., et al. | |||||||||||||||||
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| DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT | |||
| Class Action Complaint - Jury Trial Demanded | |||
| Type: Complaint | Date on the document: 4/11/2008 | ||
| Opinion and Order | |||
| Type: Order of Consolidation | Date on the document: 6/26/2008 | ||
| Stipulation And Order Appointing Lead Plaintiff And Lead Counsel | |||
| Type: Order Appointing LP/LC | Date on the document: 6/26/2008 | ||
| Consolidated Class Action Complaint | |||
| Type: Complaint | Date on the document: 8/18/2008 | ||
| Opinion and Order | |||
| Type: Court Transfer Order | Date on the document: 9/18/2008 | ||
| US District Court Civil Docket | |||
| Type: Docket | Date on the document: 10/2/2008 | ||
| REFERENCE COMPLAINT | |||||||||||||||||
| City of Richmond Retirement System, et al. v. Global Cash Access Holdings, Inc., et al. | |||||||||||||||||
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| DOCUMENTS FOR THE REFERENCE COMPLAINT | |||
| U.S. District Court Civil Docket | |||
| Type: Docket | Date on the document: 10/6/2008 | ||
| OTHER DOCUMENTS | |||
| Class Action Complaint - Jury Trial Demanded | |||
| Case Name and/or Number: City Of Richmond Retirement System, et al. v. Global Cash Access Holdings, Inc., et al. | |||
| Type: Complaint | Date on the document: 6/10/2008 | ||
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