COLCHESTER, Conn., May 12, 2006 (PRIMEZONE) -- Scott+Scott, LLC, reminds investors that four business days remain in which to request that the Court appoint them as lead plaintiff in a securities-fraud action against PainCare Holdings Inc. ("PainCare" or the "Company") (AMEX:PRZ) and certain officers. On April 3, 2006, Scott+Scott, LLC, filed a class action in the U.S. District Court for the Southern District of Florida on behalf of PainCare securities purchasers during the period August 27, 2002 through March 15, 2006, inclusive (the "Class Period").
If you purchased securities during the Class Period and wish to serve as a lead plaintiff in the action, you must move the Court no later than May 19, 2006. Any purported class member may move the Court to serve as lead plaintiff through counsel of its choice, or may choose to do nothing and remain an absent class member. If you wish to discuss this action or have questions concerning this notice or your rights, please contact Scott+Scott (scottlaw@scott-scott.com, 800/404-7770, 860/537-5537) or visit the Scott+Scott website, www.scott-scott.com, for more information. There is no cost or fee to you.
According to the complaint, prior to and during the Class Period, Defendants engaged in an aggressive growth strategy through rapid acquisition of medical facilities and providers. Unbeknownst to investors, however, Defendants were accounting improperly for certain expenses associated with these acquisitions in order to bolster the Company's stock price to facilitate these Class Period acquisitions. As a result of this improper accounting, PainCare announced it has lowered its previously announced 2006 earnings forecasts, must delay its 2005 earnings release and will restate its financial results for fiscal 2000 through 2004, and the first three quarters of 2005. The complaint also alleges that Defendants' false and misleading financial guidance artificially inflated PainCare's share prices, thereby harming investors who purchased their PainCare shares during the Class Period.
The plaintiff is represented by Scott+Scott, a firm with significant experience in prosecuting investor class actions. The firm dedicates itself to client communication and satisfaction and currently is litigating major securities, antitrust and employee retirement plan actions throughout the United States. The firm represents pension funds, charities, foundations, individuals and other entities worldwide.