Dassero v. Edwards

DECISION AND ORDER

LARIMER, Chief Judge.

INTRODUCTION

This is an action under the federal securities fraud laws, commenced on May 29, 2001 by eight individual plaintiffs against defendant Charles E. Edwards and four other defendants. Plaintiffs’ claims arise out of the sale by ETS Payphones, Inc. (a Georgia corporation, now in bankruptcy, of which Edwards was the President and Chief Executive Officer (“CEO”)) to plaintiffs of customer-owned coin-operated telephones (“COCOTs”). In general, plaintiffs paid $7000 for each COCOT unit, and ETS agreed to lease the telephone back for a fixed fee, and…