PHILADELPHIA, June 22 – LAWFUEL – The Law News Network — The law firm of Spector, Roseman & Kodroff, P.C. announces that a securities class action lawsuit was commenced in the United States District Court for the Eastern District of Louisiana, on behalf of purchasers of the common stock of OCA, Inc. (“OCA” or the “Company”) (NYSE: OCA – News) between May 18, 2004 through June 7, 2005, inclusive (the “Class Period”).
The Complaint alleges that defendants violated the federal securities laws by issuing materially false and misleading statements contained in press releases and filings with the Securities and Exchange Commission during the Class Period. Specifically, the Complaint alleges that Defendants misrepresented or failed to disclose that: (1) the Company had engaged in improper accounting practices and that it would be forced to restate prior financial results; (2) that certain journal entries on the Company’s general ledger were not recorded properly; and (3) that certain data provided to the Company’s independent accounting firm had been improperly changed.
On June 7, 2005, the Company announced that it was delaying the filing of its annual report and that it intended to restate its quarterly financial results for 2004. Additionally, the Company announced that it had placed its Chief Operating Officer, Bartholomew F. Palmisano Jr., on administrative leave. The Company commented in its release that it had overstated patient receivables and patient revenues for the first three quarters of 2004. Upon this disclosure, shares of OCA dropped $1.53 per share or approximately 38% to close at $2.50 per share.
If you purchased OCA securities during the Class Period, you may, no later than August 8, 2005, move to be appointed as a Lead Plaintiff in this class action. A Lead Plaintiff is a representative, chosen by the Court, that acts on behalf of other class members in directing the litigation. The Private Securities Litigation Reform Act of 1995 directs Courts to assume that the class member(s) with the “largest financial interest” in the outcome of the case will best serve the class in this capacity. Courts have discretion in determining which class member(s) have the “largest financial interest,” and have appointed Lead Plaintiffs with substantial losses in both absolute terms and as a percentage of their net worth.
If you have sustained substantial losses in OCA securities during the Class Period, please contact Spector, Roseman & Kodroff, P.C. at classaction@srk-law.com for a more thorough explanation of the Lead Plaintiff selection process. If you have relatively small losses, your ability to participate in any recovery will be protected by the Lead Plaintiff(s), and you need take no affirmative steps at this time.
If you wish to join this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel Robert M. Roseman or Andrew Abramowitz toll-free at 888-844-5862 or via e-mail at classaction@srk-law.com. For more detailed information about the firm please visit its website at http://www.srk-law.com.
Spector, Roseman & Kodroff, P.C., located in Philadelphia, Pennsylvania, concentrates its practice in complex litigation including actions dealing with securities laws, antitrust, contract and commercial claims. The firm is active in major litigation pending in federal and state courts throughout the United States. The firm’s reputation for excellence has been recognized on repeated occasions by courts which have appointed the firm as lead counsel in numerous major class actions involving violations of the federal securities laws and the federal antitrust laws, and consumer fraud. As a result of the efforts of the firm, and its members, hundreds of millions of dollars have been recovered through judgments and settlements on behalf of thousands of defrauded shareholders and companies.
