LOS ANGELES, Aug. 6, 2004 (PRIMEZONE) -- Notice is hereby given by Glancy Binkow & Goldberg LLP that a Class Action lawsuit was filed in the United States District Court for the Southern District of Florida on behalf of a class (the "Class") consisting of all persons who purchased or otherwise acquired securities of Cross Country Healthcare, Inc. ("Cross Country" or the "Company") (Nasdaq:CCRN) between October 25, 2001 and August 6, 2002, inclusive (the "Class Period").
A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or obtain a copy of the Complaint at (310) 201-9150 or Toll Free at (888) 773-9224, by email at info@glancylaw.com, or visit our website at www.glancylaw.com.
The Complaint charges Cross Country and certain of the Company's executive officers with violations of federal securities laws. Plaintiff claims that defendants' omissions and material misrepresentations concerning Cross Country's business operations and prospects artificially inflated the Company's stock price, inflicting damages on investors. Cross Country provides healthcare staffing services to hospitals, pharmaceutical companies and other healthcare providers across all 50 states. The complaint alleges that defendants knew or recklessly disregarded that: (1) contrary to defendants' upbeat statements, hospitals actually were hiring fewer of the Company's nurses; (2) the nursing shortage, which the Company previously had touted as creating a favorable business environment, was no longer creating the demand for temporary nurses that Cross Country represented to the investing public; and (3) Cross Country had problems with staffing orders being received from hospitals and then abruptly canceled -- a problem which also hurt the Company's stock and spread to the rest of the industry, but which defendants never disclosed to the investing public.
On August 7, 2002, following news of the decline in demand and a drop in the number of the Company's full-time nurses, Cross Country shares fell below the Company's IPO price for the first time in its history, closing 45% below the previous day's close.
Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy Binkow & Goldberg LLP, a law firm with significant experience in prosecuting class actions, and substantial expertise in actions involving corporate fraud.
If you are a member of the Class described above, you may move the Court, not later than October 5, 2004, to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224 or by e-mail to info@glancylaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.