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Global Cash Access Holdings, Inc. Summary: According to a press release dated April 11, 2008, a 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 | ||
| US District Court Civil Docket | |||
| Type: Docket | Date on the document: 4/11/2008 | ||
| OTHER DOCUMENTS | |||
| Case Name and/or Number: | |||
| Type: | Date on the document: | ||
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