Xcelera Inc. - Securities Class Action

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Stanford Law School

Xcelera Inc. Summary: According to the complaint, after the Company's de-registration and the effective elimination of any trading market for the Common Stock, Defendants purchased shares of Common Stock through privately negotiated transactions. These transactions occurred when public shareholders called to inquire about the Company's operations and were met with a blanket refusal to provide any such information and, instead, an offer to buy the Common Stock at a discounted price.

The Company's prosperity provided an impetus for Defendants to work more diligently towards eliminating the minority interest in Xcelera rather than continue to await the slow pace of sales arising from disgruntled shareholders throwing in the towel. Thus, on or about December 17, 2010, defendant OFC Ltd. ("OFC"), a Maltese corporation under the control and domination of the Viks, commenced a tender offer (the "Tender Offer") to purchase the remaining minority shares of Common Stock for $0.25 per share. The Tender Offer materials, however, fail to disclose any information whatsoever concerning the current financial condition or operating results of Xcelera.

INDUSTRY CLASSIFICATION:
SIC Code: 7011
Sector: Services
Industry: Hotels & Motels

COMPANY/ISSUER NAME:	Xcelera Inc.
COMPANY/ISSUER TICKER:	XLACF
COMPANY WEBSITE:	http://www.xcelera.com

FIRST IDENTIFIED COMPLAINT IN THE DATABASE

Gloria Steginsky, et al. v. Xcelera Inc., et al.

COURT: D. Connecticut	DOCKET NUMBER: 12-CV-00188
JUDGE NAME: Hon.Stefan R. Underhill
DATE FILED: 02/06/2012	SOURCE:
CLASS PERIOD START: 12/17/2010	CLASS PERIOD END: 12/17/2010
TYPE OF COMPLAINT: Complaint (Unamended and Unconsolidated)
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Abraham, Fruchter & Twersky (New York, One Pennsylvania Plaza) One Pennsylvania Plaza, Suite 1910, New York, NY, 10119 (voice) 212.279.5050, (fax) 212.279.3655, JFruchter@FruchterTwersky.com Scott & Scott LLC (Connecticut) P.O. Box 192, 108 Norwich Avenue, Colchester, CT, 06415 (voice) 860.537.5537, (fax) 860.537.4432, scottlaw@scott-scott.com _____________________________________________ TOTAL NUMBER OF PLAINTIFF FIRMS: 2

DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT
Class Action Complaint
Type: Complaint		Date on the document: 02/06/2012
U.S. District Court Civil Docket
Type: Other		Date on the document: 02/06/2012

OTHER DOCUMENTS

Case Name and/or Number:
Type:		Date on the document:

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