NEW YORK, Sept. 30, 2005 (PRIMEZONE) -- Murray, Frank & Sailer LLP has filed a class action lawsuit in the United States District Court for the District of Minnesota on behalf of shareholders who purchased or otherwise acquired the securities of Patterson Companies, Inc. ("Patterson" or the "Company") (Nasdaq:PDCO) between February 24, 2005 and May 25, 2005, inclusive (the "Class Period").
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.
Murray, Frank & Sailer LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than fifteen years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States.
If you purchased or otherwise acquired Patterson securities on any exchange between February 24, 2005 and May 25, 2005, and sustained damages, you may, no later than October 10, 2005, move the Court to serve as lead plaintiff. Shareholders outside the United States may also join the action, regardless of which exchange was used to purchase the securities. To serve as lead plaintiff, however, you must meet certain legal requirements. You can join this class action as lead plaintiff online at http://www.murrayfrank.com/CM/NewCases/NewCases.asp. If you would like to discuss this action, this announcement, or your rights and interests, please contact plaintiff's counsel Eric J. Belfi, Christopher S. Hinton or Bradley P. Dyer of Murray, Frank & Sailer LLP.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.