NEW YORK, Aug. 30 /PRNewswire/ -- Wolf Haldenstein Adler Freeman & Herz LLP filed a class action lawsuit in the United States District Court for the Southern District of Florida, on behalf of all persons who purchased the securities of World Health Alternatives, Inc. (“World Health” or the “Company”) [OTC Bulletin Board: WHAIE] between May 17, 2004 and August 18, 2005, inclusive, (the “Class Period”) against defendants World Health Alternatives, Inc, certain officers of the Company, and its former auditor.
The case name is Blum v. World Health Alternatives, Inc., et al. A copy of the complaint filed in this action is available from the Court, or can be viewed on the Wolf Haldenstein Adler Freeman & Herz LLP website at http://www.whafh.com.
The complaint alleges that defendants violated the federal securities laws by issuing materially false and misleading statements throughout the Class Period that had the effect of artificially inflating the market price of the Company’s securities.
The complaint alleges that throughout the Class Period, Defendants made statements that were materially false and misleading which artificially inflated the value of World Health and which the Company now admits require restatement. These statements failed to disclose and misrepresented the following adverse facts, among others: (a) that there were apparent discrepancies in the amount of the Company’s shares outstanding; (b) that there were apparent discrepancies in the financial statement recognition of a convertible debenture and warrant agreement associated with the Company’s preferred stock; (c) that there was underpayment of certain tax liabilities in excess of $4 million; (d) irregular reports to the Company’s lenders resulted in excess funding under the Company’s lending arrangements of approximately $6.5 million; (e) the Company is in breach of existing financing documents; (f) that the Company lacked adequate internal controls and was therefore unable to ascertain its true financial condition; and (g) that as a result of the foregoing, the defendants had engaged in improper accounting practices.
If you purchased World Health securities during the Class Period, you may request that the Court appoint you as lead plaintiff by October 24, 2005. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as “lead plaintiff.” Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Wolf Haldenstein, or other counsel of your choice, to serve as your counsel in this action.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has approximately 60 attorneys in various practice areas; and offices in Chicago, New York City, San Diego, and West Palm Beach. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions, please contact Wolf Haldenstein Adler Freeman & Herz LLP at 270 Madison Avenue, New York, New York 10016, by telephone at (800) 575-0735 (Fred Isquith, Esq., Gustavo Bruckner, Esq., or Derek Behnke), via e-mail at classmember@whafh.com or visit our website at http://www.whafh.com. All e-mail correspondence should make reference to World Health.
Wolf Haldenstein Adler Freeman & Herz LLP
CONTACT: Fred Isquith, Esq., Gustavo Bruckner, Esq., or Derek Behnke,+1-800-575-0735, classmember@whafh.com, both of Wolf Haldenstein AdlerFreeman & Herz LLP
Web site: http://www.whafh.com/
