This is a securities class action lawsuit against TeleTech Holdings, Inc. and certain of the Company's officers and directors are charged with making a series of materially false and misleading statements related to the Company's business and operations in violation of the Securities Exchange Act of 1934 (the "Exchange Act'').
In addition, defendants and its underwriters for the TeleTech's March 30, 2007 Secondary Offering are charged with issuing a materially false and misleading Registration Statement and joint Proxy-Prospectus in violation of the Securities Act of 1933 (the "Securities Act'').
On November 8, 2007, TeleTech shocked investors by announcing that TeleTech was conducting a "review of equity-based compensation practices and likely restatement of previous issued financial statements'' would be required -- possibly as far back as 1999. At that time, investors learned that TeleTech would likely be forced to take millions of dollars in charges and reserves, and that TeleTech would be forced to restate almost a full decade of financial results to account for the TeleTech's true employment costs, expenses, reserves, payroll taxes, fines and penalties.
Following this news, on November 9, 2007, shares of TeleTech fell from a prior day's closing price of $22.61 per share, to an intra-day and 52-week trading low of $18.76 per share -- an immediate decline of over 17%.
That day, over 4.13 million shares traded as TeleTech shares fell to a mere half of the $36.50 price at which defendant Kenneth Tuchman liquidated almost $210 million of his personally held TeleTech shares at the end of March 2007.
Name (Stock Symbol)
TeleTech Holdings, Inc. (TTEC)
TeleTech provides business process outsourcing solutions.
The information provided on ClassAdvocate.com is general in nature,
does not apply to any particular factual situation, and is not and
should not be taken as legal or other professional advice. We make no
commitment or warranty that the factual, legal or any other information
on ClassAdvocate.com, or on any linked website, is accurate, complete,
error-free, or current. As such, you should not rely on such information,
and should seek professional advice if and as you determine appropriate.
ClassAdvocate.com is not a lawyer referral service, and no attorney-client
or confidential relationship is or should be formed by use of the site.
The investigations listed on ClassAdvocate.com are attorney advertisements
and do not in any way constitute a referral or endorsement by ClassAdvocate.com
or any approved or authorized lawyer referral service.