The Law Firm of Goldman Scarlato & Karon, P.C. Announces Class Action Lawsuit Against TeleTech Holdings, Inc.
If you purchased the common stock of TeleTech during the Class Period and wish to view a copy of a complaint and join the class action, please e-mail us at email@example.com, or call us at (888) 668-4130 for more information. If you purchased your shares during the Class Period, you may move the Court no later than March 25, 2008 to serve as a lead plaintiff for the Class. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint alleges that certain TeleTech officers and directors made false and misleading statements regarding TeleTech's stock option and equity-based compensation practices in violation of the Securities Exchange Act of 1934 and SEC Rule 10b-5. The complaint also alleges that those officers and directors, along with TeleTech's underwriters, violated the Securities Act of 1933 by issuing a materially false and misleading Registration Statement and Prospectus in connection with TeleTech's March 30, 2007 secondary public offering of stock.
On November 8, 2007, TeleTech announced its Audit Committee was reviewing its historical stock option and other equity-based compensation grant practices. As a result, TeleTech would likely have to restate its financial results from 1999 through 2007 to reflect material amounts of additional compensation expense. TeleTech also announced that its financial statements during that time period should no longer be relied upon. In reaction to the news, TeleTech shares dropped 17% on November 9, 2007, to $18.76 per share from the prior day's close of $22.61 per share.
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|Date:||Jan 30, 2008|
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