NEW YORK, Sept. 23, 2005 (PRIMEZONE) -- Abbey Gardy, LLP commenced a Class Action lawsuit in the United States District Court for the Western District of Pennsylvania on behalf of a class (the "Class") of all persons who purchased or acquired securities of World Health Alternatives, Inc. (OTCBB:WHAIE) ("World Health" or the "Company") between June 26, 2003 and August 19, 2005, inclusive (the "Class Period"). The Complaint alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by issuing a series of material misrepresentations to the market during the Class Period thereby artificially inflating the price of Symbol securities. A copy of the complaint can be viewed at www.abbeygardy.com
On August 16, 2005, World Health Alternatives announced that its then-Chief Executive Officer, Richard E. McDonald, had resigned, allegedly for family and health reasons. In fact, the company had misstated the academic credentials of defendant McDonald in various SEC filings during the Class Period, misleading investors as to the training and integrity of the Company's senior management. Three days later, on August 19, 2005, the Company announced that it expected to restate its prior financial statements, that an independent investigation had been commenced, and that it had terminated its engagement with Daszkal Bolton LLP, its outside auditors. The Company also revealed that, among other things, it had made irregular reports to its lenders, resulting in excess funding which may have resulted in breaches of its financing agreements, had underpaid certain tax liabilities, and had not properly reported and/or accounted for all of its outstanding shares. In response to this news, the Company's stock lost over 85% of its value in a three-day period, wiping out millions of dollars of market capitalization.
Plaintiff seeks to recover damages on behalf of all those who purchased or otherwise acquired World Health securities during the Class Period. If you purchased World Health securities during the Class Period, you may, no later than October 24, 2005 request that the Court appoint you as lead plaintiff. In order to serve as lead plaintiff, however, you must meet certain legal requirements.
The attorneys at Abbey Gardy, LLP have extensive experience in securities class action cases, and have played lead roles in major cases resulting in the recovery of billions of dollars to investors. If you would like to discuss this action or if you have any questions concerning this Notice or your rights as a potential class member or lead plaintiff, you may contact:
Susan Lee or Nancy Kaboolian, Esq. Abbey Gardy, LLP 212 East 39th Street New York, New York 10016 (212) 889-3700 (800) 889-3701 (Toll Free) Or e-mail Susan Lee at slee@abbeygardy.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca