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Physician Corporation of America Stockholders Recover $10.2 Million

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Case ID: 2732 | Stocks | 12/08/2003

The parties have reached a tentative $10.2 million settlement of a class action filed against managed healthcare company Physician Corporation of America (Nasdaq: PCAM) and certain of its officers and directors by stockholders who purchased the company's common stock between March 31, 1996, and March 31, 1997, and still owned the stock on the latter date. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. To recover under the settlement, a completed proof of claim postmarked no later than December 22, 2003, must be mailed to the claims administrator.

Physician Corporation of America was later acquired by Humana Inc. (NYSE: HUM) and its stock is no longer traded.

The settlement will not be effective until the court grants it final approval. The court has scheduled a hearing on the matter for November 17, 2003.


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