HARTFORD, Conn., Sept. 17, 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 Ohio on behalf of all persons who purchased the common stock of LCA Vision Inc. ("LCA") (Nasdaq:LCAV) between February 12, 2007 and July 30, 2007, inclusive (the "Class Period").
The Complaint charges that LCA and certain of its officers and directors violated federal securities laws. Specifically, defendants concealed the following facts: (i) the Company lacked requisite internal controls, and, as a result, the LCA's projections and reported results issued during the Class Period were based upon defective assumptions about the Company's marketing budget and deferred revenue; and (ii) LCA knew that its revenues were driven almost entirely by the number of procedures performed in its vision centers during the first quarter of the year and that the Company's existing stores (in operation for over 12 months) were not showing growth and any overall growth was being derived from new store openings. On this news, LCA's stock collapsed to close at $35.51 per share, a decline of 17%. During the Class Period, LCA traded as high as $50.56 per share in July 2007.
On July 31, 2007, LCA announced its financial and operational results for the three months and six months ended June 30, 2007, and retracted the Company's statements through the first seven months of the year that it would earn $2.05 to $2.15 for the year, lowering it EPS guidance for 2007 to $1.90 to $2.00.
If you are a member of the class, you may, no later than November 12, 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@snilaw.com, or visit our website: www.snilaw.com.