Barrack Rodos Files Suit Against Dynacq Healthcare, Inc. (DYII or DYIIE), and its Officers and Directors Alleging Misrepresentat
30 December 2003 - 9:49AM
PR Newswire (US)
Barrack Rodos Files Suit Against Dynacq Healthcare, Inc. (DYII or
DYIIE), and its Officers and Directors Alleging Misrepresentations
PHILADELPHIA, Dec. 29 /PRNewswire/ -- Counsel for Class Plaintiff,
Barrack, Rodos & Bacine, today issued the following: A class
action has been commenced in the United States District Court for
the Southern District of Texas on behalf of all persons who
purchased the securities of Dynacq Healthcare, Inc. (NASDAQ:DYII)
or (NASDAQ:DYIIE) ("Dynacq" or the "Company") between January 14,
2003, and December 18, 2003, inclusive (the "Class Period"). The
complaint charges Dynacq, which develops and operates surgical
hospitals focusing on certain surgical specialties, and certain of
its officers and directors with violations of the Securities
Exchange Act of 1934. On December 2, 2003, the company announced
that, as part of the Securities and Exchange Commission's routine
review of filings of public companies, the SEC's Division of
Corporation Finance had "commented upon" the company's public
filings and, as a result, the company had requested an automatic
15-day extension to file its 10-K for its fiscal year ended August
31, 2003. Two weeks later, the company announced it would further
postpone the filing. Two days later, the company announced that its
auditor, Ernst & Young, had resigned and that the SEC had begun
an informal probe of the company's accounting. According to news
reports, the resignation was due to the company's lack of internal
controls necessary to develop reliable financial statements. On the
same day, the company also revealed that it had received a NASDAQ
determination that, because it had not filed a timely 10-K, the
stock would be delisted. The news caused Dynacq's stock price to
tumble from a close of $8.95 on December 18, 2003, to $4.09 the
following day. The plaintiff seeks to recover damages on behalf of
all purchasers of Dynacq securities during the Class Period. He is
represented by the law firm of Barrack, Rodos & Bacine, which
has extensive experience in prosecuting investor class actions
involving financial fraud. Barrack, Rodos & Bacine has
prosecuted securities, antitrust and consumer class actions for
over 25 years. The firm has offices in Philadelphia, San Diego, New
York and New Jersey and has been designated lead counsel by federal
and state courts across the country in large, complex cases. For
more information about Barrack, Rodos & Bacine, please visit
their website at http://www.barrack.com/. If you are a member of
the Class described above, you may, no 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. If you wish to discuss this
action or have any questions concerning this case or your rights or
interests, please contact Maxine S. Goldman, Shareholder Relations
Manager, at Barrack, Rodos & Bacine, 3300 Two Commerce Square,
2001 Market Street, Philadelphia, PA 19103, at 215- 963-0600; fax
number 215-963-0838 or by e-mail at . CONTACT: Counsel for Class
Plaintiffs, Barrack, Rodos & Bacine, Shareholder Relations
Manager, 215-963-0600; or fax 215-963-0838; or e-mail, .
DATASOURCE: Barrack, Rodos & Bacine CONTACT: Counsel for Class
Plaintiffs, Barrack, Rodos & Bacine, Shareholder Relations
Manager, +1-215-963-0600, or fax: +1-215-963-0838, Web site:
http://www.barrack.com/
Copyright
Dynacq (NASDAQ:DYIIE)
Historical Stock Chart
From Aug 2024 to Sep 2024
Dynacq (NASDAQ:DYIIE)
Historical Stock Chart
From Sep 2023 to Sep 2024