LOS ANGELES, June 22, 2005 (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 Eastern District of Louisiana on behalf of a class (the "Class") consisting of all persons or entities who purchased or otherwise acquired securities of OCA, Inc. ("OCA" or the "Company") (NYSE:OCA), between May 18, 2004 and June 7, 2005, 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 OCA and certain of the Company's executive officers with violations of federal securities laws. Plaintiff claims defendants' omissions and material misrepresentations during the Class Period artificially inflated OCA's stock price, inflicting damages on investors. OCA provides business services to orthodontic and pediatric dental practices in the United States. The Complaint alleges defendants knew or recklessly disregarded and failed to disclose material adverse facts concerning the Company's financial results, including that: (i) defendants had engaged in improper accounting practices. The Complaint further alleges OCA has admitted that its prior financial reports are materially false and misleading, as it announced that it is going to restate its results for the first three quarters of 2004 and potentially prior periods; (ii) certain journal entries in the Company's general ledger were improperly recorded; (iii) certain data provided to the Company's independent accounting firm had been improperly changed; (iv) the Company lacked adequate internal controls and was therefore unable to ascertain its true financial condition; and (v) as a result of the foregoing, the values of the Company's patient receivables and patient revenue were materially overstated at all relevant times.
On June 7, 2005, the Company shocked the market when it issued a press release announcing that it was further delaying the filing of its annual report, that it intended to restate its quarterly financial statements for 2004, and that it had placed the Company's Chief Operating Officer, Bartholomew E. Palmisano Jr., on administrative leave. As a result of this news, shares of the Company's stock fell $1.55 per share -- a 38% drop in one day -- to close on June 7, 2005, at $2.48 per share, on unusually heavy trading volume.
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 August 8, 2005, 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 Mark Labaton, 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.