NEW YORK, Sept. 9, 2005 (PRIMEZONE) -- Notice is hereby given that a class action lawsuit was commenced in the United States District Court for the Western District of Pennsylvania on behalf of all purchasers of World Health Alternatives, Inc. ("World Health" or the "Company") (OTCBB:WHAIE) securities between June 26, 2003 and August 19, 2005, inclusive (the "Class Period"). A copy of the complaint filed in this action can be viewed on the firm's website at www.faruqilaw.com
The complaint charges defendants with violations of federal securities laws by, among other things, issuing a series of materially false and misleading press releases concerning World Health's financial results and business prospects. Specifically, the complaint alleges that World Health failed to disclose that: (a) there were recording discrepancies in the amount of the Company's shares outstanding; (b) the Company was manipulating financial statement recognition of a convertible debenture and warrant agreement associated with the Company's preferred stock; (c) the Company had underpaid certain tax liabilities in excess of $4 million; (d) the Company was submitting irregular reports to the Company's lenders that resulted in excess funding under the Company's lending arrangements of approximately $6.5 million; and (e) therefore, defendants' opinions and statements concerning the Company's current and future earnings lacked a reasonable basis at all times. As a result, the price of the Company's common stock was artificially inflated throughout the Class Period.
Plaintiff seeks to recover damages on behalf of himself and all other individual and institutional investors who purchased or otherwise acquired World Health securities between June 26, 2003 and August 19, 2005, excluding defendants and their affiliates. Plaintiff is represented by Faruqi & Faruqi, LLP, a law firm with extensive experience in prosecuting class actions, and significant expertise in actions involving corporate fraud.
If you wish to obtain information concerning joining this action you can do so under the "Join Lawsuit" section of our website at www.faruqilaw.com
If you purchased World Health securities during the Class Period, you may, not later than October 24, 2005, move the court to serve as lead plaintiff of the class, if you so choose. In order 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, please contact:
Anthony Vozzolo, Esq. Beth A. Keller, Esq. Faruqi & Faruqi, LLP 320 East 39th Street New York, NY 10016 (877) 247-4292 or (212) 983-9330 Avozzolo@faruqilaw.com Bkeller@faruqilaw.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca