Milberg Weiss Announces The Filing Of A Class Action Suit Against OCA, Inc. and Certain Of Its Officers and Directors on Behalf
June 10 2005 - 4:36PM
Business Wire
The law firm of Milberg Weiss Bershad & Schulman LLP announces
that on June 9, 2005 it filed a class action lawsuit on behalf of
purchasers of the securities of OCA, Inc. ("OCA" or the "Company")
(NYSE: OCA) between May 18, 2004 and June 6, 2005, inclusive (the
"Class Period"), seeking to pursue remedies under the Securities
Exchange Act of 1934 (the "Exchange Act"). A copy of the complaint
filed in this action is available from the Court, or can be viewed
on Milberg Weiss's website at www.milbergweiss.com The action is
pending in the United States District Court for the Eastern
District of Louisiana, against defendants OCA, Bartholomew F.
Palmisano, Sr. (Chief Executive Officer) and David E. Verret (Chief
Financial Officer). The Complaint alleges that Defendants issued,
or caused to be issued, false and misleading statements during the
Class Period to artificially inflate the value of OCA stock.
Specifically, on June 7, 2005, the Defendants admitted that they
overstated patient receivables in the 2004 Form 10-Q's filed for
the periods ending March 31, June 30 and September 30 of that year.
The Company has not yet disclosed the extent of the necessary
restatement of these periods, but has indicated that the amount is
material and that these statements should not be relied upon by
investors. The Company also disclosed that its Board of Directors
had appointed a Special Committee to review "certain journal
entries recorded in the Company's general ledger, the circumstances
in which they originated and their impact on the Company's
financial statements." In addition, the Special Committee is
reviewing "certain alleged changes in data provided to the
Company's independent registered public accounting firm." On this
news, and the Company's continued delay in filing its annual report
on Form 10-K, OCA's stock plummeted just shy of 40 percent on June
7, 2005, to close at $2.58 per share on unusually high trading
volume of 9 million shares. If you bought the securities of OCA
between May 18, 2004 and June 6, 2005, and sustained damages, you
may, no later than August 8, 2005, request that the Court appoint
you as lead plaintiff. A lead plaintiff is a representative party
that acts on behalf of other class members in directing the
litigation. In order to be appointed lead plaintiff, the Court must
determine that the class member's claim is typical of the claims of
other class members, and that the class member will adequately
represent the class. Under certain circumstances, one or more class
members may together serve as "lead plaintiff." Your ability to
share in any recovery is not, however, affected by the decision
whether or not to serve as a lead plaintiff. You may retain Milberg
Weiss Bershad & Schulman LLP, or other counsel of your choice,
to serve as your counsel in this action. Milberg Weiss Bershad
& Schulman LLP (www.milbergweiss.com) has over 100 lawyers in
offices in New York City, Boca Raton, Los Angeles, Delaware,
Seattle and Washington, D.C. and is active in major litigations
pending in federal and state courts throughout the United States.
Milberg Weiss has taken a leading role in many important actions on
behalf of defrauded investors, consumers, and others for nearly 40
years. Please contact the Milberg Weiss website for more
information about the firm and its history. If you wish to discuss
this action with us, or have any questions concerning this notice
or your rights and interests with regard to the case, please
contact the following attorneys: -0- *T Steven G. Schulman One
Pennsylvania Plaza, 49th fl. New York, NY, 10119-0165 Phone number:
(800) 320-5081 Email: sfeerick@milbergweiss.com Or Maya Saxena
Joseph E. White III 5200 Town Center Circle, Suite 600 Boca Raton,
FL 33486 Phone number: (561) 361-5000 Email:
msaxena@milbergweiss.com jwhite@milbergweiss.com Website:
http://www.milbergweiss.com *T
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