NEW YORK, May 25 /PRNewswire/ -- Wolf Haldenstein Adler Freeman & Herz LLP filed a class action lawsuit in the United States District Court for the Northern District of Texas, on behalf of all persons who purchased the securities of Odyssey Healthcare, Inc. (“Odyssey Healthcare” or the “Company”) between May 5, 2003 to February 23, 2004, inclusive, (the “Class Period”) against defendants Odyssey Healthcare and certain officers and directors of the Company.
The case name and index number are Schaufuss v. Odyssey Healthcare, 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/cases/odysseyhealthcare.htm.
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 the statements made by the defendants during the Class Period were materially false and misleading because they failed to disclose and misrepresented the following adverse facts: (a) that the Company’s strategy for increasing revenues was based on providing substandard care and services that fell below applicable guidelines;(b) that Odyssey Healthcare’s reported results included revenues from Medicare reimbursements that it could not retain because it had been billing Medicare in excess of their applicable spending caps; (c) that the Company was having material operation problems that they did not disclose, such as citing by health officials of their San Diego program for providing substandard service; (d) that, as a result of the foregoing, defendants lacked a reasonable basis for their positive statements about Odyssey Healthcare and their earnings projections.
If you purchased Odyssey Healthcare securities during the Class Period, you may request that the Court appoint you as lead plaintiff by June 21, 2004. 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 Taylor Isquith, Esq., Christopher S. Hinton, Esq., George Peters, 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 Odyssey Healthcare.
Wolf Haldenstein Adler Freeman & Herz LLP
CONTACT: Fred Taylor Isquith, Esq., Christopher S. Hinton, Esq., GeorgePeters, or Derek Behnke, all of Wolf Haldenstein Adler Freeman & Herz LLP,1-800-575-0735, classmember@whafh.com
