 DrTCPYours trulyPremium,ExMod 1999-04
join:1999-11-09
Round Rock, TX | Class action against Northpoint Today I received a class action notice by mail from "Weiss & Yourdan" regarding the violation of federal securities laws during the period August 8, 2000 and November 29, 2000. I guess they sent this because I had a handful of shares of Northpoint at that period.
I am quoting part of the complaint filed with US District Court, Northern District of California (Case No.: C-01-20142-EAI)
quote:
During the Class period, defendants materially misrepresented the financial condition of NorthPoint by knowingly and/or recklessly disseminating to the investment community false and misleading financial statements. Throughout the Class Period, defendands made false and misleading statements by claiming, among other things, that NorthPoint would merge with Verizon Communications Inc. ("Verizon") for $800 million, and that the Company was generating record financial results. While defendends were disseminating these statements, however, they failed to disclose to the investing public that: (a) they artificially recognized the sales figures announced during the Class Period; (b) they were recognizing revenues prematurely and improperly in violation of Generally Accepted Accounting Principles ("GAAP"); (c) the number of paying customers was not increasing; and (d) once Verizon the truth concerning NorthPoint it would not go through with the merger.
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| Did it specifically list the names of defendants? After all what's the use of going after a bankrupt company? |
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DrTCPYours trulyPremium,ExMod 1999-04
join:1999-11-09
Round Rock, TX
| Yes, from the front page of complaint:
Plaintiffs: Brent Atwood, Philip Buchanan, David Hadden, Muebeen Aziz and Ghouse Loynab, on Behalf of Themselves and All Others Similarly Situated
Defendants: Michael W. Malaga, Elizabeth A. Fetter and Herman W. Bluestein
Nominal Defendant: Northpoint Communications Group, Inc.
[text was edited by author 2001-04-03 19:19:17] |
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| reply to DrTCP
Cool, I like it when the fire is directed at the right people! |
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Anon | reply to DrTCP
There is no point is joining one of these class-actions against NP. There are 3 that I know of going on. The participants aren't going to get anything- The lawyers are the only ones who will benefit.
-NPNTq Shareholder. |
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| reply to DrTCP
This suit doesn't appear to be going after Northpoint, but the corporate officers. That's why I asked who the defendants where.
At a minimum it will require the people most responsible for the failure to spend a little of their hard stolen money. |
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DrTCPYours trulyPremium,ExMod 1999-04
join:1999-11-09
Round Rock, TX | reply to Anon
No. I am not going to do anything specifically and I know class actions usually provide peanuts for most people. The really benefactors are law firms and large shareholders.
However, it is my understating that if you in the described group you'll be automatically included in the class action. |
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