Louisiana Firm Allan Kanner & Associates Urges Investors To Explore Legal Options Prior to Upcoming Expiration of Lead Plaintiff
20 Luglio 2005 - 7:43PM
Business Wire
Allan Kanner & Associates, P.L.L.C., a class action law firm
based in New Orleans, Louisiana, announces that it has filed a
class action lawsuit in the United States District Court for the
Eastern District of Louisiana on behalf of purchasers of
Orthodontic Centers of America, Inc. ("OCA" or "the Company")
(NYSE:OCA) common stock during the period between May 18, 2004, and
June 6, 2005 (the "Class Period"). The civil action number is
05-2173. A copy of the complaint is available from the Court and
will be posted on Allan Kanner & Associates' website,
www.kanner-law.com, until August 8, 2005. If you are an investor
who has lost money on your OCA transactions and wish to discuss the
litigation, you may contact Allan Kanner or Conlee Whiteley. They
may be reached at 1-800-331-1546, or 504-524-5777. Any member of
the class who desires to be appointed lead plaintiff in the class
action must file a motion with the Court no later than August 8,
2005 on their own or through counsel of their choice. Class members
must meet certain legal requirements to serve as a lead plaintiff.
You may also choose to do nothing and remain an absent class
member. Allan Kanner & Associates will be happy to explain the
lead plaintiff process and attempt to answer your questions
concerning your rights as a class member. Allan Kanner &
Associates has extensive experience in class actions. Their recent
cases can be viewed at www.kanner-law.com. The complaint which can
also be viewed at - - www.kanner-law.com - - asserts claims against
the Defendants under Sections 10(b) and 20(a) of the Securities and
Exchange Act of 1934. The complaint alleges that during the Class
Period, Defendants issued false and misleading financial statements
and failed to present the Company's financial statements in
conformity with Generally Accepted Accounting Principles ("GAAP").
In addition, Defendants' Sarbanes-Oxley certifications during the
Class Period were false and misleading. On June 7, 2005, before the
opening of trading, OCA shocked the market by announcing it had
determined that the amount of patient receivables reported at each
of March 31, June 30, and September 30, 2004 was overstated by
material amounts. Although the Company said that it has not yet
determined the amount by which the receivables were overstated or
their impact on patient revenue, the Company announced its Audit
Committee's conclusion that, due to these overstatements, the
previously issued quarterly financial statements for the first,
second and third quarters of 2004 will need to be restated and
should no longer be relied upon. OCA also announced that it had
discovered other accounting errors, which it was still reviewing,
and had placed its Chief Operating Officer, Bartholomew F.
Palmisano, Jr., on administrative leave as of June 1, 2005. In
response to this news, OCA stock lost approximately 40% of its
value on enormous trading volume of over 9 million shares, dropping
$1.57 to close at $2.46. Accordingly, as a result of the Company's
misrepresentations, OCA investors have sustained tremendous losses,
and stand to lose much more as the full extent and magnitude of the
restatement and fraud is disclosed.
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