HARTFORD, Conn., Aug. 25, 2005 (PRIMEZONE) -- The law firm of Schatz & Nobel, P.C., which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Western District of Pennsylvania on behalf of all persons who purchased the common stock of World Health Alternatives, Inc. (OTCBB:WHAIE) ("the Company") between October 7, 2003 and August 18, 2005 (the "Class Period").
The Complaint alleges that the Company violated federal securities laws by filing materially false or misleading financial statements. Specifically, the Complaint alleges that: (1) the Company underpaid more than $4 million in taxes; (2) it was in breach of lending agreements with its lenders; (3) it misstated the amount of debenture and warrants associated with its preferred stock; and (4) it misstated the academic credentials of the Company's senior management. When the true facts were disclosed, the Company's stock fell from a close of $1.85 per share on August 18, 2005, to $0.49 per share on August 19, 2005, when trading in the stock was suspended.
If you are a member of the class, you may, no later than October 24, 2005, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions, which could affect the overall recovery for class members, including decisions concerning settlement. The securities laws require the Court to consider the class member(s) with the largest financial interest as presumptively the most adequate lead plaintiff(s).
While Schatz & Nobel has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, class action cases in general, and your rights, please contact Schatz & Nobel toll-free at (800) 797-5499, or by e-mail at sn06106@aol.com, or visit our website: www.snlaw.net.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca