HARTFORD, Conn., Jan. 28, 2008 (PRIME NEWSWIRE) -- The law firm of Schatz Nobel Izard P.C., which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Southern District of New York on behalf of all persons who purchased the common stock of TeleTech Holdings, Inc. ("TeleTech" or the "Company") (Nasdaq:TTEC) between February 8, 2007 and November 8, 2007, inclusive (the "Class Period"). Also included are those who acquired TeleTech in the Secondary Offering on March 29, 2007.
The Complaint alleges that TeleTech and certain of the Company's officers, directors and underwriters violated federal securities laws by issuing a series of materially false and misleading statements in the Registration Statement and joint Proxy-Prospectus issued in connection with the Secondary Offering.
On November 8, 2007, defendants announced that TeleTech was reviewing equity-based compensation practices and would likely restate previous financials -- possibly as far back as 1999. As a result, TeleTech will likely be forced to take millions of dollars in charges and reserves, and will likely be forced to restate almost a full decade of financial results to account for the Company's true employment costs, expenses, reserves, payroll taxes, fines and penalties. On 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%. On November 9, 2007, 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.
If you are a member of the class, you may, no later than March 25, 2008, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members, including decisions concerning settlement. The securities laws require the Court to consider the class member(s) with the largest financial interest as presumptively the most adequate lead plaintiff(s).
While Schatz Nobel Izard P.C. has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, class action cases in general, and your rights, please contact Schatz Nobel Izard P.C. toll-free at (800) 797-5499, or by e-mail at firm@snilaw.com, or visit our website: www.snilaw.com.