| Company: | Team Telecom International Ltd. |
| Ticker Symbol: | NASD: TTIL |
| Class Period: | May 15, 2001 to November 14, 2002 |
| Date Filed: | Sep-16-04 |
| Lead Plaintiff Deadline: | Nov-12-04 |
| Court: | District, NJ |
| Allegations: |
A lawsuit seeking class action
status has been filed in the United States District Court for the District of
New Jersey on behalf of all persons who purchased the publicly traded
securities of Team Telecom International Ltd. (Nasdaq: TTIL) ("TTI") between
May 15, 2001 and November 14, 2002, inclusive (the "Class Period").
The Complaint alleges that TTI, an Israeli corporation and provider of network management systems, operations support systems and business support systems for communications service providers, and certain of its officers and directors issued material misrepresentations concerning TTI's business condition. Specifically, TTI engaged in a systematic scheme of accounting fraud to maintain the facade of a steadily growing enterprise. In order to facilitate this appearance, the Company engaged in a series of flagrant violations of generally accepted accounting principals ("GAAP"), including, but not limited to, improperly classifying assets and liabilities, improperly failing to report its subsidiary's earnings on a consolidated basis and prematurely and improperly recognizing revenues.
On November 12, 2002, TTI announced its third quarter 2002 financial results. The announced revenues for the third quarter were $10.3 million, compared with $16.0 million for the third quarter of 2001, and an operating loss of $6.8 million for the quarter, versus an operating profit of $3.3 million in the year-ago quarter. Net loss for the quarter was $6.1 million, or a loss of $0.51 per diluted share, versus a net profit of $3.7 million, or $0.32 per diluted share, in the prior year. On this news, TTI shares fell more than 28% on the same day the financial results were announced, November 12, 2002, and an additional 7% for the two days following the announcement.
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 TTI, an Israeli corporation and provider of network management systems, operations support systems and business support systems for communications service providers, and certain of its officers and directors issued material misrepresentations concerning TTI's business condition. Specifically, TTI engaged in a systematic scheme of accounting fraud to maintain the facade of a steadily growing enterprise. In order to facilitate this appearance, the Company engaged in a series of flagrant violations of generally accepted accounting principals ("GAAP"), including, but not limited to, improperly classifying assets and liabilities, improperly failing to report its subsidiary's earnings on a consolidated basis and prematurely and improperly recognizing revenues.
On November 12, 2002, TTI announced its third quarter 2002 financial results. The announced revenues for the third quarter were $10.3 million, compared with $16.0 million for the third quarter of 2001, and an operating loss of $6.8 million for the quarter, versus an operating profit of $3.3 million in the year-ago quarter. Net loss for the quarter was $6.1 million, or a loss of $0.51 per diluted share, versus a net profit of $3.7 million, or $0.32 per diluted share, in the prior year. On this news, TTI shares fell more than 28% on the same day the financial results were announced, November 12, 2002, and an additional 7% for the two days following the announcement.
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.
If you feel you qualify for damages or remedies that might be awarded in this class action please fill in our form on the right to submit your complaint.
If your injustice does not match the complaint described above, please use this form to register your complaint. Thank you.
