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Case ID: 4786 | Stocks | 05/02/2006
Kahn Gauthier Swick, LLC ("KGS") announces that shareholders of TNS, Inc. (NYSE:TNS) who purchased, exchanged or otherwise acquired the common stock of TNS on or about September 16, 2005 pursuant to the company's secondary offering have until June 5, 2006 in which to move for appointment as lead plaintiff in a securities fraud class action lawsuit currently pending in the United States District Court for the Eastern District of Virginia. No class has yet been certified in this action.
According to a press release dated April 4, 2006, the complaint charges TNS and certain of its officers and directors with violations of the Securities Act of 1933. TNS describes itself as "one of the leading providers of business-critical, cost-effective data communications services for transaction-oriented applications and operates through its wholly owned subsidiary Transaction Network Services, Inc. TNS provides rapid, reliable and secure transaction delivery platforms to enable transaction authorization and processing across several vertical markets and trading communities." Specifically, the complaint alleges that, in connection with the Secondary Offering, TNS filed a Registration Statement in which defendants negligently failed to disclose several "material changes" to TNS's continuing operations which were required to be disclosed. Specifically, the Registration Statement failed to disclose that: (i) contrary to earlier statements, an agreement that the Company had with the Pepsi Bottling Group, Inc. (the "Pepsi Contract") had been delayed beyond August 7, 2005; (ii) at the time of the Secondary Offering, TNS was generating less revenues and earnings than it had anticipated from its contract with the Royal Bank of Scotland ("RBS"); and (iii) at the time of the Secondary Offering, the Company's International Services Division was experiencing declining revenues because of unfavorable exchange rates. The complaint further alleges that on or around October 20, 2005, the Company, in a press release and conference call, announced its financial results for the third quarter of 2005 and noted that it had missed its top-line revenue guidance because of delays in the Company's Pepsi Contract, the impact of unfavorable exchange rates and a reduction in transaction volume from RBS. Following this announcement, shares of TNS common stock fell 25%. Then, on February 22, 2006, the Company reported declining financial results for the fourth quarter of 2005 and attributed the decline to a further delay associated with the Pepsi Contract and the continued impact of unfavorable exchange rates. Shares of TNS common stock declined an additional 19% in response to this announcement. If you bought TNS Inc. securities on or about September 16, 2005 pursuant to the company's secondary offering, and would like to obtain information about the TNS Inc. lawsuit, then you are invited to call (866) 467-1400 to speak with an attorney. At Lawcash.com, it is our goal to keep you informed about important legal cases, class actions and settlements. Our lawyers offer free legal evaluations in tort cases, class actions, personal injury, and other lawsuits because we are dedicated to helping you resolve your legal complaints. Other Stocks Cases of Interest A class action has been filed against Catalina Marketing Corporation (NYSE: POS) and certain of its officers and directors by stockholders who purchased the company's common stock between January 17, 2002, and June 30, 2003. A class action has been filed against flow control equipment manufacturer Flowserve Corporation (NYSE: FLS) and certain of its officers and directors by stockholders who purchased the company's common stock between October 23, 2001, and September 27, 2002. A class action has been filed against Applied Signal Technology, Inc. (NasdaqNM:APSG), certain of its officers and directors by stockholders who purchased the company's common stock between May 25, 2004 and February 22, 2005. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. A class action has been filed against Pathmark Stores, Inc. (NasdaqNM:PTMK), certain of its officers and directors by stockholders who purchased the company's common stock between May 06, 2005 and June 09, 2005. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. A class action has been filed against Navarre Corp. (NasdaqNM:NAVR), certain of its officers and directors by stockholders who purchased the company's common stock between July 23, 2003 and May 31, 2005. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. Market timing scandals are sweeping the marketplace. Several class actions have been filed against the Excelsior family of funds (various stock symbols) by stockholders who purchased the company's common stock between December 12, 1998, and November 16, 2003. The actions claim that the defendants violated federal securities laws by allowing certain persons and entities to engage in timed trading in the shares of the funds, in violation of federal securities laws. |
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