Table of Contents:
Top
Introduction
Background
Procedural History
WorldCom and its Role in the Telecommunications Industry
Ebbers' Dependence on WorldCom Stock
WorldCom's Accounting Strategies
Andersen and the 1999 Form 10-K
2000 Offering
Late 2000 Investment Banking Transactions
The Underwriter Defendants' Credit Assessment
2000 Form 10-K
2001 Offering
Discussion
I. Legal Framework
A. Section 11
B. Section 12
II. Lead Plaintiff's Motion for Partial Summary Judgment
III. The Underwriter Defendants' Motion for Summary
SEC_CODE_REF_0090001192884
A. Role of the Underwriter
B. The "Due Diligence" Defenses
C. Accountants as Experts
D. Integrated Disclosure, Shelf Registration, and Rule 176
E. Case Law: Reliance Defense
F. Case Law: Due Diligence Defense
G. The Application of the Law to This Motion
1. Audited Financial Statements
IV. The Underwriter Defendants' Motion for Summary
A. 2000 Registration Statement
1. Sprint Merger
2. Conflicts of Interest
3. Risk Factors
B. 2001 Registration Statement
1. Downgrading WorldCom as a Credit Risk
2. Use of Proceeds
Conclusion
Footnotes
