Federman & Sherwood Announces That a Securities Class Action Lawsuit Was Filed Against OCA, Inc.
June 08 2005 - 3:37PM
PR Newswire (US)
Federman & Sherwood Announces That a Securities Class Action
Lawsuit Was Filed Against OCA, Inc. OKLAHOMA CITY, June 8
/PRNewswire/ -- On June 7, 2005, a class action lawsuit was filed
in the United States District Court for the Eastern District of
Louisiana against OCA, Inc. (NYSE:OCA). The complaint alleges
violations of federal securities laws, Sections 10(b) and 20(a) of
the Securities Exchange Act of 1934 and Rule 10b-5, including
allegations of issuing a series of material misrepresentations to
the market which had the effect of artificially inflating the
market price. The class period is from May 18, 2004 through June 7,
2005. Specifically, on June 7, 2005, the Company shocked the market
by issuing a press release announcing a delay in filing its annual
report, that it would be restating its quarterly financial
statements for 2004 and that it had placed the Company's Chief
Operating Officer on administrative leave. The Company admitted
that it had overstated its patient receivables and revenues during
the first three quarters of 2004. Following this announcement, the
Company's shares dropped almost 38%. Plaintiff seeks to recover
damages on behalf of the Class. If you are a member of the Class as
described above, you may move the Court no later than August 8,
2005, to serve as a lead plaintiff for the Class. However, in order
to do so, you must meet certain legal requirements pursuant to the
Private Securities Litigation Reform Act of 1995. If you wish to
discuss this action, participate in this suit, or have any
questions or concerns regarding this notice, or preservation of
your rights, please contact: William B. Federman FEDERMAN &
SHERWOOD 120 N. Robinson, Suite 2720 Oklahoma City, OK 73102 (405)
235-1560/FAX: (405) 239-2112 mail to: http://www.federmanlaw.com/
DATASOURCE: Federman & Sherwood CONTACT: William B. Federman of
Federman & Sherwood, +1-405-235-1560, or fax, +1-405-239-2112,
or Web site: http://www.federmanlaw.com/
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