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Case ID: 4454 | Stocks | 10/03/2005
A class action has been filed against World Health Alternatives, Inc. (WHAIE.OB), certain of its officers and directors by stockholders who purchased the company's common stock between October 7, 2003 and August 18, 2005. 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. The stockholders seek to recover compensatory damages for the loss of value of their stock.
Several purported shareholder class action lawsuits have been filed against World Health Alternatives, its certain of its former officers and its former auditor with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. Specifically, the complaint alleges that throughout the Class Period, Defendants made false and misleading statements to artificially inflate the value of World Health stock, statements which the Company now admits require restatement. On August 19, 2005, the Company announced that it had commenced an investigation into a series of manipulations of the Company's published financial statements and operating results. The Company identified at least four major discrepancies: (1) misstatements of the amount of the Company's outstanding shares; (2) its failure to properly account for convertible debt and warrant agreements; (3) its underpayment of tax liabilities in the amount of $4 million; and (4) misstatements to Company lenders resulting in $6.5 million in excess funding under the loan agreements. As a result of this activity, the Company has terminated its outside auditor, Daszkal Bolton LLP, the Company's CEO resigned, it has retained outside counsel and the Board of Directors has retained special counsel to assist it with its investigation. The Company will be restating its prior financial statements due to the material misstatements outlined above and has warned investors not to rely on the information contained therein. The complaint further alleges that the Company's restatement announcement shocked the market and the price of its common stock plummeted an astonishing 86% on August 19, 2005, trading as low as $0.25 per share after closing on August 18, 2005 at $1.85 per share. Trading on a volume 15 times greater than its average, on August 19, 2005, 32 million shares changed hands. A similar, purported class action lawsuit has also been filed in the United States District Court for the Southern District of Florida. If you bought World Health Alternatives, Inc. securities between October 7, 2003 and August 18, 2005, inclusive, and would like to obtain information about the World Health Alternatives, Inc. lawsuit, then you are invited to call (866) 467-1400 to speak with an attorney. At Lawcash.com, it is our goal to keep you informed about important legal cases, class actions and settlements. Our lawyers offer free legal evaluations in tort cases, class actions, personal injury, and other lawsuits because we are dedicated to helping you resolve your legal complaints. Other Stocks Cases of Interest A class action has been filed against IT Group, Inc.(ITXG.PK), and certain of its officers and directors by stockholders who purchased the company's common stock between October 21, 1998 and December 23, 2000. 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. The stockholders seek to recover compensatory damages for the loss of value of their stock. A class action has been filed against Boston Communications Group, Inc. (Nasdaq: BCGI) and certain of its officers and directors by stockholders who purchased the company's common stock between June 12 and July 16, 2003. 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. Companies that have allowed market timing trading have been in the news lately. Several class actions have been filed against global professional services firm Marsh & McLennan Companies, Inc. (NYSE: MMC) and certain of its officers and directors by stockholders who purchased the company's common stock between January 3, 2000, through November 3, 2003. The actions claim 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. The stockholders seek to recover compensatory damages for the loss of value of their stock. The parties have reached a $110 million settlement in several administrative proceedings filed against Putnam Investment Management, LLC, on behalf of shareholders and the investing public. The proceedings alleged that Putnam violated state and federal securities law by failing to disclose improper market timing trading by Putnam portfolio managers and certain clients from 2000 until September 2003. Persons eligible to take part in the settlement should contact the attorneys who prosecuted the action for more information. A class action lawsuit has been filed on behalf of all persons who on or about August 1, 2002, tendered for redemption their 8 1/4% Senior Debentures Due August 1, 2022, pursuant to a Notice of Redemption sent by The Bank of New York and dated July 1, 2002. The Debentures were originally issued in 1986 by Gulf + Western, Inc. and, at the time of the purported redemption, were the obligation of Viacom International, Inc. Several class actions have been filed against grocery store operator Winn Dixie Stores, Inc. (NYSE: WIN) and certain of its officers and directors by stockholders who purchased the company's common stock between October 9, 2002, and January 30, 2004. The actions claim 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. |
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