Global Cash Holdings (GCA) IPO
Keywords: Global | Cash | Lawyer | Holdings | Lawsuit | IPO | Stock | Shareholder | Fraud | Attorney
In conjunction with our partner lawyers, we are currently investigating claims for Global Cash Holdings shareholders who purchased shares of Global Cash Holdings and lost money on their investment as a result of the Company's recent announcements.
Our investigation revolves around whether Global Cash Holdings, certain of its officers and directors, and the Company's underwriters included, or allowed the inclusion of, materially false and misleading statements in the Registration Statement and Prospectus issued in connection with the Company's IPO, in violation of the Securities Act of 1933. Recent corrective disclosures have caused the price of shares of Global Cash Holdings to fall precipitously.
Our Experienced Stock Fraud Lawyers and Attorneys Have Years of Experience Representing Shareholders in Numerous IPO Lawsuits.
Las Vegas-based Global Cash Access Holdings, Inc. is a holding company whose principal asset is the stock of Global Cash Access, Inc., a leading provider of cash access systems and related marketing services to the gaming industry. Global Cash Holdings went public on September 23, 2005, with an initial offering price of $14.00 per share. Goldman, Sachs & Co.; J.P. Morgan Securities Inc.; Banc of America Securities LLC; Bear, Stearns & Co. Inc.; Citigroup Global Markets Inc.; Deutsche Bank Securities Inc.; SG Cowen & Co., LLC; Wachovia Capital Markets, LLC were all underwriters of the Global Cash Holdings IPO.
In November 2007, Global Cash Holdings announced it would be delaying the release of its third quarter results. The company said the delay was necessary to allow for the completion of an internal investigation undertaken in response to several allegations made by an individual whose identity had not been disclosed to Global Cash Holdings.
Following the announcement of the internal investigation, Global Cash Holdings stock plummeted about 60%. Deutsche Bank also downgraded Global Cash Holdings saying that a lack of clarity about the nature of the company's internal investigation would prevent the stock to trade on fundamentals. Terming the stock's drastic fall as "panic selling," the brokerage said it was not surprised by the stock's weakness throughout most of the day but the drastic move during the final hour of trading was surprising.
If you purchased stock during the Global Cash Holdings IPO and have suffered a financial loss, you have valuable legal rights. Please fill out our online form or call us at 1-800-LAW INFO (1-800-529-4636) for a free consultation with one of our experienced stock fraud lawyers today.