Case Page

 

Case Status:    SETTLED
On or around 11/09/2001 (Settlement hearing date)

Filing Date: June 18, 1998

According to the Company’s Form 10-KA For The Fiscal Year Ended December 31, 2001, the settlement amount of $5.8 million plus accrued interest since June 2001 was paid by the Company's insurance carrier.

On November 9, 2001, U.S. District Judge Ronald L. Buckwalter dismissed the complaint with prejudice & without costs as against the defendants. Plaintiffs' counsel was awarded attorneys' fees in the amount of $1,916,666.67 of the gross settlement fund, and reimbursement expenses in the amount of $268,272.41. The case was closed. On July 15, 2001, Talk America Holdings, Inc., formerly Tel-Save Holdings, filed a Stipulation of Settlement.

According to a Business Wires article, dated June 18, 1998, the Complaint alleges that Tel-Save and certain officers/directors violated federal securities laws by, among other things, issuing false and misleading statements to the investing public regarding Tel-Save's business, operations, financial condition and performance. These false and misleading representations primarily related to the defendants' failure to disclose the true nature of the Company's transactions with Group Long Distance, Inc., which artificially inflated Tel-Save's reported income. The Complaint further alleges that the defendants' misrepresentations artificially inflated the price of Tel- Save's common stock during the class period.

COMPANY INFORMATION:

Sector: Services
Industry: Communications Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: TALK
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: E.D. Pennsylvania
DOCKET #: 98-CV-03145
JUDGE: Hon. Ronald L. Buckwalter
DATE FILED: 06/18/1998
CLASS PERIOD START: 08/14/1997
CLASS PERIOD END: 05/22/1998
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Abraham & Associates
    One Penn Plaza, Suite 1910, Abraham & Associates, NY 10119
    212.714.2444 212.714.2444 · Larryl@abrahamlaw.com
  2. Law Offices of Bernard M. Gross (Philadelphia) (former)
    1515 Locust Street, 2nd Floor, Law Offices of Bernard M. Gross (Philadelphia) (former), PA 19102
    215-561-3600 215-561-3000 · bmgross@bernardmgross.com
  3. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
  4. Wohl & Entwistle LLP
    330 Madison Avenue, Wohl & Entwistle LLP, NY 10017
    212.867.1030 ·
No Document Title Filing Date
COURT: E.D. Pennsylvania
DOCKET #: 98-CV-03145
JUDGE: Hon. Ronald L. Buckwalter
DATE FILED: 06/18/1999
CLASS PERIOD START: 08/14/1997
CLASS PERIOD END: 05/22/1998
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Abraham & Associates
    One Penn Plaza, Suite 1910, Abraham & Associates, NY 10119
    212.714.2444 212.714.2444 · Larryl@abrahamlaw.com
  2. Law Offices of Bernard M. Gross (Philadelphia) (former)
    1515 Locust Street, 2nd Floor, Law Offices of Bernard M. Gross (Philadelphia) (former), PA 19102
    215-561-3600 215-561-3000 · bmgross@bernardmgross.com
  3. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
No Document Title Filing Date
No Document Title Filing Date