| Company: | TyCom, Ltd. |
| Ticker Symbol: | NYSE: TCM |
| Class Period: | July 26, 2000 to December 18, 2001 |
| Court: | District NJ |
| Date Filed: | Sep-17-03 |
| Lead Plaintiff Deadline: | Oct-06-03 |
| Allegations: |
TyCom became a public company on July 26, 2000 by the issuance of approximately 60 million shares of its common stock (equivalent to approximately 10% of TyCom's shares outstanding) in an initial public offering pursuant to a Registration Statement. Each of the individual defendants were signatories to that Registration Statement.
This action is the only action seeking recovery for purchasers of TyCom securities.
The Complaint alleges, among other things, that during the Class Period, defendants made materially false and misleading statements about the underlying purpose for TyCom's July 26, 2000 IPO and failed to disclose that the true purpose for the offering was to generate "bonuses" that would be used by Kozlowski and Swartz and approximately 40 other Tyco officers to repay approximately $100 million in undisclosed and unauthorized loans from Tyco. The Complaint further alleges that the Registration Statement misrepresented and failed to disclose in its summary compensation table, tens of millions of dollars of other unauthorized loans and payments from Tyco to the individual defendants.
On December 18, 2001, having realized their goals of generating bonuses to repay the outstanding loans, defendants caused Tyco to acquire the minority interest of TyCom at a price approximately 50% below the offering price of those shares in July 2000. Members of the plaintiff class who purchased shares of TyCom common stock pursuant to the Registration Statement suffered a decline in value of those shares of approximately one billion dollars.
If you acquired the securities of the defendants during the Class Period you may, no later than October 6, 2003, 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.
