CORAL SPRINGS, Fla., July 7, 2005 (PRIMEZONE) -- The law firm of Mager White & Goldstein, LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Eastern District of Louisiana on behalf of all purchasers of securities of OCA, Inc. ("OCA" or the "Company")(NYSE:OCA) between May 18, 2004 and June 6, 2005, inclusive (the "Class Period").
The Complaint alleges that OCA and certain of its officers violated the Securities Exchange Act of 1934 by issuing materially false and misleading statements during the Class Period which resulted in artificially inflating the value of OCA stock. Specifically, on June 7, 2005, defendants disclosed that they had overstated patient receivables in the 2004 Form 10-Q filings for the quarters ending March 31, June 30, and September 30, 2004. The extent of restatement for these periods has yet to be revealed by the Company. Additionally, defendants knew or recklessly failed to disclose that: (1) they were involved in improper accounting practices; (2) the Company had improperly changed some of the data supplied to its independent accountants; (3) certain journal entries in OCA's general ledger were improperly recorded; and (4) the Company lacked the necessary internal controls to accurately determine its financial condition. The market reacted to these disclosures and on June 7, 2005, OCA's stock fell nearly 40%, closing at $2.58 per share.
If you bought OCA securities between May 18, 2004 and June 6, 2005 and sustained damages, you may, no later than August 8, 2005, request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative who acts on behalf of other class members in directing the litigation. Under certain circumstances, several class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by whether or not you serve as lead plaintiff. You may retain Mager White & Goldstein, LLP, or other counsel, to represent you in this action.
Mager White & Goldstein has offices in Pennsylvania and Florida. The firm's attorneys have been litigating complex commercial matters for over 20 years. Please visit the Mager White & Goldstein website (http://www.mwglawfirm.com) for additional information about the firm.
If you wish to discuss the lawsuit against OCA, Inc. with us or have any questions about this notice or your legal rights with regard to this case, please contact the following attorney:
Jayne Arnold Goldstein
2825 University Drive, Suite 350 Coral Springs, Florida 33065; 954-341-0844 Telephone; 866-274-8258 Toll Free; 954-341-0855 Fax.
E-mail: jgoldstein@mwg-law.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca