Shareholder Class Action Filed Against Dynacq Healthcare, Inc. by the Law Firm of Schiffrin & Barroway, LLP
2004年1月3日 - 6:39AM
PRニュース・ワイアー (英語)
Shareholder Class Action Filed Against Dynacq Healthcare, Inc. by
the Law Firm of Schiffrin & Barroway, LLP BALA CYNWYD, Pa.,
Jan. 2 /PRNewswire/ -- The following statement was issued today by
the law firm of Schiffrin & Barroway, LLP: Notice is hereby
given that a class action lawsuit was filed in the United States
District Court for the Southern District of Texas, Houston
Division, on behalf of all purchasers of the common stock of Dynacq
Healthcare, Inc. (NASDAQ:DYIIE) ("Dynacq" or the "Company") from
January 14, 2003 through December 18, 2003, inclusive (the "Class
Period"). If you wish to discuss this action or have any questions
concerning this notice or your rights or interests with respect to
these matters, please contact Schiffrin & Barroway, LLP (Marc
A. Topaz, Esq. or Stuart L. Berman, Esq.) toll free at
1-888-299-7706 or 1-610-667-7706, or via e-mail at . The complaint
charges that defendants Dynacq, Philip S. Chan, and Chiu M. Chan
violated Sections 10(b) and 20(a) of the Securities Exchange Act of
1934, and Rule 10b-5 promulgated thereunder, by issuing a series of
material misrepresentations to the market between January 14, 2003
and December 18, 2003. More specifically, the complaint alleges
that the defendants' statements were materially false and
misleading because they failed to disclose and/or misrepresented
the following adverse facts: (1) that the Company had materially
overstated its earnings, revenues, net income, and earnings per
share; (2) that the Company was improperly accounting for its costs
and revenue in violation of Generally Accepted Accounting
Principals ("GAAP"); (3) that the Company lacked adequate internal
controls and was therefore unable to ascertain the true financial
condition of the Company; and (4) that as a result, the value of
the Company's net income and financial results were materially
overstated at all relevant times. On December 1, 2003, the Company
announced that it was requesting an automatic extension of up to 15
days for filing its 2003 Form 10-K. The Company stated that
recently the Division of Corporation Finance of the United States
Securities and Exchange Commission ("SEC") commented upon Dynacq's
periodic filings. On December 16, 2003, the Company announced that
it would further postpone the filing of its 2003 Form 10-K until
the SEC completed its review of Dynacq's periodic filings and its
independent auditors have completed their audit of the Company's
Aug. 31, 2003 financial statements. On December 18, 2003, the
Company announced that Ernst & Young, LLP ("E&Y") resigned
late on December 17, 2003 as the Company's independent auditor
effective immediately. E&Y verbally advised the Company that
E&Y resigned due to the Company's lack of internal controls
necessary to develop reliable financial statements. News of this
shocked the market with shares of Dynacq falling 18.56 percent or
$2.04 per share to close at $8.95 per share on December 18, 2003.
The Company further shocked the market when it announced, after the
markets had closed on December 18, 2003, that had received a NASDAQ
Staff Determination stating that because Dynacq failed to comply
with the requirement of NASD Marketplace Rule 4310 (c) (14), that
it file a copy of its Form 10-K Annual Report to the Securities and
Exchange Commission ("SEC") in a timely fashion, that its common
stock would be delisted from the NASDAQ on December 30, 2003,
unless Dynacq requested a hearing. Additionally, the Company
disclosed that it had received a notice from the Ft. Worth, Texas
office of the SEC that it was conducting an informal investigation
pertaining to Dynacq's reporting of its financial statements, its
recognition of costs and revenue, its allowances for doubtful
accounts, and its internal controls. News of this shocked the
market. Shares of Dynacq plummeted 54% or $4.86 per share to close
at $4.09 per share on December 19, 2003. Plaintiff seeks to recover
damages on behalf of class members and is represented by the law
firm of Schiffrin & Barroway, which prosecutes class actions in
both state and federal courts throughout the country. Schiffrin
& Barroway is a driving force behind corporate governance
reform, and has recovered in excess of a billion dollars on behalf
of institutional and high net worth individual investors. For more
information about Schiffrin & Barroway, or to sign up to
participate in this action online, please visit
http://www.sbclasslaw.com/. If you are a member of the class
described above, you may, not later than February 24, 2004, move
the Court to serve as lead plaintiff of the class, if you so
choose. In order to serve as lead plaintiff, however, you must meet
certain legal requirements. You may retain Schiffrin &
Barroway, or other counsel of your choice, to serve as your counsel
in this action. CONTACT: Schiffrin & Barroway, LLP Marc A.
Topaz, Esq. Stuart L. Berman, Esq. Three Bala Plaza East, Suite
400, Bala Cynwyd, PA 19004 1-888-299-7706 (toll free) or
1-610-667-7706 Or by e-mail at DATASOURCE: Schiffrin &
Barroway, LLP CONTACT: Marc A. Topaz, Esq., or Stuart L. Berman,
Esq. of Schiffrin & Barroway, LLP, 888-299-7706, or
+1-610-667-7706, or Web site: http://www.sbclasslaw.com/
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