LOS ANGELES, Aug. 31, 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 District of Minnesota on behalf of a class (the "Class") consisting of all persons or entities who purchased or otherwise acquired securities of Patterson Companies, Inc. ("Patterson" or the "Company") (Nasdaq:PDCO), between February 24, 2005 and May 25, 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 to 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 Patterson and certain of the Company's executive officers with violations of federal securities laws. Patterson distributes dental, companion-pet veterinary and rehabilitation supplies, and offers, among other things, consumable dental supplies, infection control products and dental accessories for dentists and other healthcare professionals. The Complaint alleges defendants' Class Period representations concerning Patterson's operations and performance were materially false and misleading when made for the following reasons: (1) demand for the Company's dental products, consumable dental supplies and printed office products had significantly declined; (2) due to a decline in overall sales, Patterson had offered incentives to its dental segment personnel to push sales, which resulted in higher expenses for the Company; (3) the Company's Canadian dental operations were experiencing a steep decline in equipment sales caused by severe operational difficulties within the dental supply division; (4) the Company experienced difficulties in integrating its multiple recent acquisitions; and (5) as a consequence of the foregoing, defendants' positive statements concerning Patterson's growth and progress were lacking in any reasonable basis when made.
On May 26, 2005, the Company reported that Patterson had missed its fourth quarter 2005 earnings projections, and that it would need to dramatically reduce its expectations for the first quarter of 2006. This news shocked the market, causing the price of Patterson shares to fall $7.50 per share, or 14.16 percent, to close on May 26, 2005 at $45.46 per share.
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 10, 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 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