Schatz Nobel Izard, P.C. Announces Class Action Lawsuit Against Quanta Capital Holdings -- QNTA


HARTFORD, Conn., Feb. 14, 2007 (PRIME NEWSWIRE) -- The law firm of Schatz Nobel Izard, P.C., which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Southern District of New York on behalf of all persons who purchased or otherwise acquired the publicly traded securities of Quanta Capital Holdings ("Quanta" or the "Company") (Nasdaq:QNTA) between December 14, 2005 and March 2, 2006, inclusive, (the "Class Period"). Also included are all those who purchased in the Secondary Offering on or around December 14, 2005.

The Complaint alleges that Quanta and certain of its officers and directors violated Federal Securities laws by making misleading statements in two prospectuses (the "Prospectuses") issued in connection with the December 14, 2005 offering of 11,423,340 common shares at $4.75 per share and 3,000,000 10.25% Series A preferred shares at $25 per share.

Just prior to the end the fourth quarter, the Prospectuses stated that Quanta's estimated net losses for 2005 were $68.5 million. However, on March 2, 2006, the last day of the Class Period, it was revealed that net losses were $78.7 million -- 15% higher than stated by the Company. On this news, Quanta common stock plunged from $4.73 per share to $2.83 per share, a decline of approximately 40%.

If you are a member of the class, you may, no later than April 6, 2007, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members, including decisions concerning settlement. The securities laws require the Court to consider the class member(s) with the largest financial interest as presumptively the most adequate lead plaintiff(s).

While Schatz Nobel Izard, P.C. has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, class action cases in general, and your rights, please contact Schatz Nobel Izard, P.C. toll-free at (800) 797-5499, or by e-mail at firm@snlaw.net, or visit our website: www.snlaw.net.



            

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