NEW YORK, Sept. 14, 2005 (PRIMEZONE) -- Pomerantz Haudek Block Grossman & Gross LLP (www.pomerantzlaw.com) has filed a class action lawsuit in the United States District Court, District of Minnesota, against Patterson Companies, Inc. ("Patterson" or the "Company") (Nasdaq:PDCO) and certain of its officers and directors, on behalf of purchasers of the common stock of Patterson during the period from February 24, 2005 to May 25, 2005, inclusive (the "Class Period").
Patterson Companies, Inc. distributes dental, companion-pet veterinary, and rehabilitation supplies. The company is based in St. Paul, Minnesota.
The Complaint alleges that throughout the Class Period, Patterson consistently reported record results quarterly that were purportedly achieved as a result of the successful execution of the Company's business strategy, which included acquiring numerous companies over the past several years. The Complaint continues to allege that defendants knew that the publicly issued estimates for the fourth quarter of 2005 were impossible to meet due to the Company's inability to successfully integrate these acquisitions, and increased costs such as previously undisclosed personnel incentive programs needed to boost lagging sales. During the class period and before the true facts were revealed, Company insiders, including Peter L. Frechette, Chairman of the Board and CEO, Jeffrey H. Webster, President, Webster Veterinary Supply, and Ronald E. Ezerski, Director at Patterson Companies, sold over $44 million worth of Patterson Stock.
On May 26, 2005, defendants reported that the Company had missed its fourth quarter 2005 earnings projections, and that it would need to dramatically reduce its expectations for first quarter 2006. In response to this announcement, the price of Patterson stock dropped from $52.96 per share on May 25, 2005 to $45.46 per share on May 26, 2005.
If you purchased the securities of Patterson during the Class Period, you have until October 11, 2005 to ask the Court to appoint you as lead plaintiff for the Class. Lead plaintiffs must meet certain legal requirements. Shareholders outside the United States may also join the action, regardless of where they live or which exchange was used to purchase the securities. If you wish to review a copy of the Complaint, to discuss this action, or have any questions, please contact Teresa L. Webb (tlwebb@pomlaw.com) or Carolyn S. Moskowitz (csmoskowitz@pomlaw.com) of the Pomerantz Firm at 888.476.6529 (or 888.4-POMLAW), toll free. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
The Pomerantz Firm, which has offices in New York, Chicago and Washington, D.C., is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 50 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca