BALA CYNWYD, Pa., July 1, 2003 (PRIMEZONE) -- Law offices of Brodsky & Smith, LLC today announces that a securities class action lawsuit has been filed on behalf of shareholders who purchased the common stock and other securities of Pediatrix Medical Group, Inc. ("Pediatrix" or the "Company") (NYSE:PDX) between April 17, 2002 and June 23, 2003 inclusive (the "Class Period"). The class action lawsuit was filed in the United States District Court for the Southern District of Florida, Miami Division.
The Complaint alleges that defendants violated federal securities laws by issuing a series of material misrepresentations to the market during the Class Period, thereby artificially inflating the price of Pediatrix securities. Significantly, on June 24, 2003, Pediatrix announced that it had been advised that the U.S. Attorney's Office is conducting a civil investigation into Pediatrix's Medicaid billing practices and that the investigation would include a document and information request, informally or by subpoena, within the next few weeks. On this news, Pediatrix's shares fell 24% or $9.90 per share, on unusually high trading volume, to close at $32.20 per share.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased Pediatrix stock between April 17, 2002 and June 23, 2003, you have certain rights. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you want to discuss your legal rights, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions.
You may contact Marc L. Ackerman, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at clients@brodsky-smith.com, or by calling toll free 877-LEGAL-90.
More information on this and other class actions may be found on the Class Action Newsline at www.primezone.com/ca