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TeleTech Holdings, Inc. Summary: On February 27, 2008, a stipulation and order was entered. As the case proceeds, a motion to consolidate cases 08-913, 08-1842, to appoint lead plaintiffs and counsels was filed on March 25, 2008. Hence, an order setting hearing and briefing schedules for the above mentioned motion was entered on April 01, 2008. As a result, the court entered its order granting the appointment of certain individuals and groups as lead plaintiffs, counsels and in the matter of consolidating cases on May 19, 2008.
According to a press release dated January 25, 2008, TeleTech and certain of the Company's officers and directors are charged with making a series of materially false and misleading statements related to the Company's business and operations in violation of the Securities Exchange Act of 1934 (the ``Exchange Act''). In addition, defendants and its underwriters for the Company's March 30, 2007 Secondary Offering are charged with issuing a materially false and misleading Registration Statement and joint Proxy-Prospectus in violation of the Securities Act of 1933 (the ``Securities Act'').
On November 8, 2007, defendants shocked investors by announcing that TeleTech was conducting a ``review of equity-based compensation practices and likely restatement of previous issued financial statements'' would be required -- possibly as far back as 1999. At that time, investors learned that TeleTech would likely be forced to take millions of dollars in charges and reserves, and that the Company would be forced to restate almost a full decade of financial results to account for the Company's true employment costs, expenses, reserves, payroll taxes, fines and penalties.
Following this news, on November 9, 2007, shares of TeleTech fell from a prior day's closing price of $22.61 per share, to an intra-day and 52-week trading low of $18.76 per share -- an immediate decline of over 17%. That day, over 4.13 million shares traded as TeleTech shares fell to a mere half of the $36.50 price at which defendant Kenneth Tuchman liquidated almost $210 million of his personally held TeleTech shares at the end of March 2007.
INDUSTRY CLASSIFICATION:
SIC Code: 7389
Sector: Services
Industry: Business Services
| COMPANY/ISSUER NAME: | TeleTech Holdings, Inc. |
| COMPANY/ISSUER TICKER: | TTEC |
| COMPANY WEBSITE: | http://www.teletech.com |
| FIRST IDENTIFIED COMPLAINT IN THE DATABASE | |||||||||||||||||
| Donald Beasley, et al. v. TeleTech Holdings, Inc., et al. | |||||||||||||||||
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| DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT | |||
| Class Action Complaint for Violations of Federal Securities Laws - Jury Trial Demanded | |||
| Type: Complaint | Date on the document: 01/25/2008 | ||
| U.S. District Court Civil Docket | |||
| Type: Docket | Date on the document: 01/25/2008 | ||
| Stipulation and Order | |||
| Type: Order | Date on the document: 2/26/2008 | ||
| Order Consolidating Cases And Granting Motions For Appointment Of Lead Plaintiff And Lead Counsel | |||
| Type: Order | Date on the document: 5/19/2008 | ||
| US District Court Civil Docket | |||
| Type: Docket | Date on the document: 5/19/2008 | ||
| OTHER DOCUMENTS | |||
| Class Action Complaint - Jury Trial Demanded | |||
| Case Name and/or Number: William Brown, et al. v. TeleTech Holdings, Inc., et al. | |||
| Type: Complaint | Date on the document: 02/25/2008 | ||
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