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Oca (orthod. Centers): Il Silenzio Le Si Addice...
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Class action sul titolo; class period dal 18/05/2004 al 07/06/2005.
Scadenza per la domanda di partecipazione come Lead Plaintiff: 08/08/2005
The Complaint alleges that OCA, Bartholomew Palmisano, Sr., and David Verret violated federal securities laws. Specifically, the Complaint alleges that certain of defendants' public statements during the Class Period were materially false and misleading because (i) defendants engaged in improper accounting practices (OCA, which has not yet filed its annual report for 2004, has announced that it will restate its financial results for the first three quarters of 2004); (ii) certain journal entries in OCA's general ledger were improperly recorded; (iii) certain data provided to OCA's accounting firm had been improperly changed; and (iv) OCA could not ascertain its true financial condition because it lacked adequate internal controls. As a result, OCA's patient receivables and patient revenue from its affiliated orthodontic and pediatric dental practices were materially overstated.
On June 7, 2005, OCA announced that (i) it was further delaying the filing of its annual report; (ii) it intends to restate its financial results for the first three quarters of 2004; and (iii) Chief Operating Officer Bartholomew Palmisano, Jr. had been placed on administrative leave. After this announcement, the stock plummeted over 38%.