HARTFORD, Conn., Aug. 17 /PRNewswire/ -- The law firm of Schatz & Nobel, P.C., which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the District of Arizona on behalf of all persons who purchased the publicly traded securities of VistaCare, Inc. (“VistaCare”) between April 28, 2003, and August 5, 2004 (the “Class Period”).
The complaint alleges that throughout the Class Period, VistaCare -- a provider of hospice services -- was able to report impressive financial growth by failing to properly reserve its Medicare reimbursements. On August 5, 2004, VistaCare issued a press release announcing second quarter financial results for the quarter ending June 30, 2004, stating that the results were impacted by the decision to accrue $6.2 million in the quarter for its Medicare cap reserve. This news caused a dramatic decline in VistaCare’s share price from a closing price of $18.72 on August 5, 2004, to $15.28 on August 6, 2004, a one day decline of over 18%.
If you are a member of the class, you may, no later than October 11, 2004, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members, including decisions concerning settlement. The securities laws require the Court to consider the class member(s) with the largest financial interest as presumptively the most adequate lead plaintiff(s).
For more information about the case, its claims, and your rights, please contact Schatz & Nobel toll-free at (800) 797-5499, or by e-mail at sn06106@aol.com. To view a copy of the lawsuit initiating the class action, or for more information about class action cases and Schatz & Nobel, please visit our website: http://www.snlaw.net/.
CONTACT: Wayne T. Boulton Tel.: (800) 797-5499 Website: http://www.snlaw.net/ e-mail: sn06106@aol.com
Schatz & Nobel, P.C.
CONTACT: Wayne T. Boulton of Schatz & Nobel, P.C., +1-800-797-5499,sn06106@aol.com
Web site: http://www.snlaw.net/
