| Company: | Global Cash Access Holdings, Inc. |
| Ticker Symbol: | NYSE: GCA |
| Class Period: | September 22, 2005 to November 14, 2007 |
| Date Filed: | April-11-08 |
| Lead Plaintiff Deadline: | June-10-08 |
| Court: | Southern District, NY |
| Allegations: |
A class action lawsuit has been filed in the United States District Court for the Southern District of New York (Case No. 08-CV-3516 (SWK)) (the "Court") on behalf of a class (the "Class") of all persons who purchased or acquired shares of common stock of Global Cash Access Holdings, Inc. (NYSE: GCA) ("GCA" or the "Company"), pursuant or traceable to the Company's initial public offering ("IPO") which commenced on September 22, 2005, and who held such shares of GCA common stock until November 14, 2007. The claims asserted arise under Sections 11, 12(a)(2) and 15 of the Securities Act of 1933, respectively 15 U.S.C. §§ 77k, 77l(a)(2) and 77o, and have been asserted against: GCA; current and former directors Kirk Sanford, Karim Maskatiya, Robert Cucinotta; controlling shareholders M&C International and Summit Partners, L.P.; and underwriters Goldman Sachs & Co., Inc. and JP Morgan Securities Inc.
The complaint alleges that: (a) the Company's internal controls were deficient causing its finance and accounting departments to be unable to accurately calculate the amount of commissions payable to the Company's customers; (b) GCA had improperly computed the amount of commissions it was required to pay many of its customers resulting in the Company failing to comply with contractual terms; and (c) GCA's expenses (i.e. cost of revenues) during 2005 were understated resulting in an overstatement of gross profit margins and net income. The subsequent disclosure of these facts resulted in the decline of the Company's common stock price, causing Plaintiff and the other members of the Class to suffer damages.
If you purchased or otherwise acquired GCA common stock pursuant or traceable to the IPO you may, no later than June 10, 2008, request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, you must meet certain legal requirements, including the Court's determination that the Class representative's claim is typical of the claims of other Class members, and that the Class representative will adequately represent the Class. Under certain circumstances, one or more class members may together serve as "lead plaintiffs."
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
The complaint alleges that: (a) the Company's internal controls were deficient causing its finance and accounting departments to be unable to accurately calculate the amount of commissions payable to the Company's customers; (b) GCA had improperly computed the amount of commissions it was required to pay many of its customers resulting in the Company failing to comply with contractual terms; and (c) GCA's expenses (i.e. cost of revenues) during 2005 were understated resulting in an overstatement of gross profit margins and net income. The subsequent disclosure of these facts resulted in the decline of the Company's common stock price, causing Plaintiff and the other members of the Class to suffer damages.
If you purchased or otherwise acquired GCA common stock pursuant or traceable to the IPO you may, no later than June 10, 2008, request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, you must meet certain legal requirements, including the Court's determination that the Class representative's claim is typical of the claims of other Class members, and that the Class representative will adequately represent the Class. Under certain circumstances, one or more class members may together serve as "lead plaintiffs."
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
