Dynacq (NASDAQ:DYIIE)
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Scott + Scott, LLC Announces Final Days to Move Against Dynacq Healthcare, Inc.
as Texas Attorney General Investigates; Suit Filed on December 29, 2003
Its Auditor, Ernst & Young, resigned as the SEC began an informal probe while
its Chief Operating Officer Resigns
SAN DIEGO, Feb. 16 /PRNewswire/ -- Scott + Scott, LLC announces that any member
of the purported class in the securities action against Dynacq and certain of
its officers and directors must move the Court for appointment as "Lead
Plaintiff" no later than February 24, 2004. A class action was commenced on
December 29, 2003, in the United States District Court for the Southern District
of Texas (H 03-5868) on behalf of all persons who purchased the securities of
Dynacq Healthcare, Inc.or ("Dynacq") between January 14, 2003 and December
16, 2003 inclusive (the "Class Period"). Plaintiff seeks to pursue all remedies
available under the United States securities laws.
On February 13, 2004, Dynacq announced that Executive Vice President and Chief
Operating Officer Sarah C. Garvin resigned from these positions with the
Company. The Company is on notice from the Texas Attorney General's Office that
it is under investigation for possible violations of state statutes governing
patientsolicitations and it has previously received requests from the Texas
Attorney General's Office for documentation related to instances of death in the
last five years.
Dynacq develops and operates hospitals focusing on certain surgical specialties.
The complaint charges certain of its officers and directors with violations of
the federal securities laws (Securities Exchange Act of 1934). On December 2,
2003, the company announced that, as part of the SEC's routine review of public
companies, a division of the SEC had "commented upon" the company's public
filings. As a result, Dynacq asked for an automatic 15-day extension to file
its 10-K for its fiscal year which ended August 31, 2003.
Two weeks later, Dynacq announced it would further postponeits filing. Ten days
later, its auditor, Ernst & Young, resigned and the SEC began an informal
inquiry of the company's accounting. Also that day, Dynacq revealed that it
would be delisted from NASDAQ due to untimely filed yearly reports. The stock
collapsed from $8.95 on December 18 to $4.09 the next day.
If you would like to discuss this matter, or any related matter with an
attorney, you can contact Neil Rothstein, Esq. at (619) 251-0887 or e-mail him
at . You can reach our firm in California at (800) 332-2259 or in Connecticut
at (800) 404-7770. A copy of this complaint can be obtained from the Court or
can be obtained by calling Scott + Scott, LLC. This complaint can also be viewed
at the firm's website at http://www.scott-scott.com/ and clicking on "IN THE
NEWS."
Scott + Scott, LLC is engaged in the representation of funds, foundations,
endowments, institutions, pension funds, corporations and individuals throughout
the world in securities, antitrust and other complex class and non- class action
litigation. The firm maintains the highest standards for client satisfaction
and communication and its attorneys litigate cases in both state and federal
courts throughout the nation. It has recovered hundreds of millions of dollars
for itsclients and absent class members in numerous cases. It has been
appointed "Lead Counsel" in many prominent class action cases. Scott + Scott,
LLC issues this release in accordance with the applicable federal securities
laws. If you wish to discuss this action with an attorney, the information
contained in this notice or any other securities fraud matter, please contact
Neil Rothstein at () or call 800/332-2259. You can write Scott + Scott at 108
Norwich Avenue, Colchester, CT 06415 or fax at 860/537-4432. Scott + Scott can
be directly called at 619/233-0076 in CA or 860/537-3818 in CT.
DATASOURCE: Scott + Scott, LLC
CONTACT: Neil Rothstein of Scott + Scott, LLC, +1-800-332-2259,