Scott + Scott, LLC Announces Final Days to Move Against Dynacq Healthcare, Inc. as Texas Attorney General Investigates; Suit Fil
16 Février 2004 - 6:22PM
PR Newswire (US)
Scott + Scott, LLC Announces Final Days to Move Against Dynacq
Healthcare, Inc. as Texas Attorney General Investigates; Suit Filed
on December 29, 2003 Its Auditor, Ernst & Young, resigned as
the SEC began an informal probe while its Chief Operating Officer
Resigns SAN DIEGO, Feb. 16 /PRNewswire/ -- Scott + Scott, LLC
announces that any member of the purported class in the securities
action against Dynacq and certain of its officers and directors
must move the Court for appointment as "Lead Plaintiff" no later
than February 24, 2004. A class action was commenced on December
29, 2003, in the United States District Court for the Southern
District of Texas (H 03-5868) on behalf of all persons who
purchased the securities of Dynacq Healthcare, Inc.or ("Dynacq")
between January 14, 2003 and December 16, 2003 inclusive (the
"Class Period"). Plaintiff seeks to pursue all remedies available
under the United States securities laws. On February 13, 2004,
Dynacq announced that Executive Vice President and Chief Operating
Officer Sarah C. Garvin resigned from these positions with the
Company. The Company is on notice from the Texas Attorney General's
Office that it is under investigation for possible violations of
state statutes governing patientsolicitations and it has previously
received requests from the Texas Attorney General's Office for
documentation related to instances of death in the last five years.
Dynacq develops and operates hospitals focusing on certain surgical
specialties. The complaint charges certain of its officers and
directors with violations of the federal securities laws
(Securities Exchange Act of 1934). On December 2, 2003, the company
announced that, as part of the SEC's routine review of public
companies, a division of the SEC had "commented upon" the company's
public filings. As a result, Dynacq asked for an automatic 15-day
extension to file its 10-K for its fiscal year which ended August
31, 2003. Two weeks later, Dynacq announced it would further
postponeits filing. Ten days later, its auditor, Ernst & Young,
resigned and the SEC began an informal inquiry of the company's
accounting. Also that day, Dynacq revealed that it would be
delisted from NASDAQ due to untimely filed yearly reports. The
stock collapsed from $8.95 on December 18 to $4.09 the next day. If
you would like to discuss this matter, or any related matter with
an attorney, you can contact Neil Rothstein, Esq. at (619) 251-0887
or e-mail him at . You can reach our firm in California at (800)
332-2259 or in Connecticut at (800) 404-7770. A copy of this
complaint can be obtained from the Court or can be obtained by
calling Scott + Scott, LLC. This complaint can also be viewed at
the firm's website at http://www.scott-scott.com/ and clicking on
"IN THE NEWS." Scott + Scott, LLC is engaged in the representation
of funds, foundations, endowments, institutions, pension funds,
corporations and individuals throughout the world in securities,
antitrust and other complex class and non- class action litigation.
The firm maintains the highest standards for client satisfaction
and communication and its attorneys litigate cases in both state
and federal courts throughout the nation. It has recovered hundreds
of millions of dollars for itsclients and absent class members in
numerous cases. It has been appointed "Lead Counsel" in many
prominent class action cases. Scott + Scott, LLC issues this
release in accordance with the applicable federal securities laws.
If you wish to discuss this action with an attorney, the
information contained in this notice or any other securities fraud
matter, please contact Neil Rothstein at () or call 800/332-2259.
You can write Scott + Scott at 108 Norwich Avenue, Colchester, CT
06415 or fax at 860/537-4432. Scott + Scott can be directly called
at 619/233-0076 in CA or 860/537-3818 in CT. DATASOURCE: Scott +
Scott, LLC CONTACT: Neil Rothstein of Scott + Scott, LLC,
+1-800-332-2259,
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