American Dental Partners, Inc. - Securities Class Action

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Copyright (c) 2001
Stanford Law School

American Dental Partners, Inc. Summary: According to a press release dated January 29, 2008, ADPI is a leading provider of business services to multidisciplinary dental group practices in selected markets throughout the United States. Park Dental Group ("PDG") located in Minneapolis-St. Paul area, was one of the dental groups who had a long-term contract agreement with ADPI, and provided ADPI with significant revenue. Indeed, PDG accounted for 29 percent of ADPI's consolidated net revenue in 2006.

The business relationship between ADPI and PDG worked well for a number of years, but disputes arose in 2004. In February 2006, PDG sued ADPI and its subsidiary. On December 12, 2007, in connection with the lawsuit a jury found ADPI and/or its subsidiary liable for breach of contract, breach of implied covenants of good faith and fair dealing, breach of fiduciary duty, and tortious interference with contract and prospective advantage. The jury awarded PDG $88 million to compensate it for the injuries caused it by ADPI and its subsidiary and punitive damages of $42 million.

After the announcement of the jury verdict, ADPI's stock plummeted from $19.70 a share on December 11, 2007 to $14.34 on December 12, 2007, to $4.62 on December 13, 2007 after the announcement of the punitive damage award.

Specifically, the complaint charges ADPI and certain of its officers and directors with violations of the federal securities laws by issuing a series of material misrepresentations to the market during the Class Period thereby artificially inflating the price of ADPI shares. More specifically, the complaint alleges that ADPI financial statements throughout the Class Period were materially false and misleading because defendants knew that a substantial amount of ADPI's revenue and earnings were obtained by conduct, which was wrongful and tortuous as, found by a jury on December 12, 2007.

On May 28, 2008, a notice was filed by a certain individual in regards to the motion to consolidate cases and appoint lead plaintiff and lead counsel. Just as quickly, an order was entered by Judge Richard G. Stearns on May 29, 2008 granting a motion to consolidate cases and to appoint lead counsel and lead plaintiff. However, several motions were terminated in regards to the appointment of lead plaintiff and lead counsel on May 30, 2008. On June 02, 2008, an electronic notice to cancel hearing was filed. Lastly, an amended and consolidated complaint was filed on September 29, 2008.

On March 31, 2008, a motion to consolidate cases, to appoint lead plaintiff and counsel was filed by Operating Engineers Construction Industry and Miscellaneous Pension Fund.

On December 15, 2009, a settlement agreement by Operating Engineers Construction Industry and Miscellaneous Pension Fund was entered into the docket.

On December 22, 2009, an order of Preliminary Approval was entered in the docket.

INDUSTRY CLASSIFICATION:
SIC Code: 8090
Sector: Services
Industry: Business Services

COMPANY/ISSUER NAME:	American Dental Partners, Inc.
COMPANY/ISSUER TICKER:	ADPI
COMPANY WEBSITE:	http://www.amdpi.com

FIRST IDENTIFIED COMPLAINT IN THE DATABASE

Michael Oliphant, et al. v. American Dental Partners, Inc., et al.

COURT: D. Massachusetts	DOCKET NUMBER: 08-CV-10119
JUDGE NAME: Hon. Richard G. Stearns
DATE FILED: 01/25/2008	SOURCE: Notice of Filing
CLASS PERIOD START: 08/10/2005	CLASS PERIOD END: 12/13/2007
TYPE OF COMPLAINT: Complaint (Unamended and Unconsolidated)
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Abbey Spanier Rodd Abrams & Paradis, LLP (New York) 212 East 39th Street, New York, NY, 10016 (voice) 212-889-3700, (fax) 212-684-519, info@abbeyspanier.com Gilman & Pastor LLP (Saugus) Stonehill Corporate Center 999 Broadway Suite 500, Saugus, MA, 01906 (voice) 781.231.7850, (fax) 781.231.7840, Law Office of Peter A. Lagorio 63 Atlantic Avenue, Boston, MA, 02110 (voice) 617-367-4200, (fax) 617-227-3384, plagorio@conversent.net Lieff, Cabraser, Heimann & Bernstein LLP Embarcadero Center West 275 Battery Street, Suite 3000, San Francisco, CA, 94111-3339 (voice) 415.956.1000, (fax) 415.956.1008, Paskowitz & Associates 60 East 42nd Street, 46th Floor, New York, NY, 10165 (voice) 212.685.0969, (fax) 212.685.2306, classattorney@aol.com Roy Jacobs & Associates (New York) 350 Fifth Avenue Suite 3000 , New York, NY, 10118 (voice) , (fax) , classattorney@pipeline.com Schiffrin Barroway Topaz & Kessler, LLP (Radnor) 280 King of Prussia Road, Radnor, PA, 19087 (voice) 610.667.7706, (fax) 610.667.7056, info@sbtklaw.com Shapiro Haber & Urmy LLP (Boston) 75 State Street, Boston, MA, 02109 (voice) 617.439.3939, (fax) 617.439.0134, info@shulaw.com _____________________________________________ TOTAL NUMBER OF PLAINTIFF FIRMS: 8

DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT
Complaint
Type: Complaint		Date on the document: 01/25/2008
Notice Of Motion Of Frederick J. Johnston For Consolidation Of Related Actions, Appointment As Lead Plaintiff And Approval Of Lead Plaintiff’s Selection Of Lead Counsel
Type: Notice		Date on the document: 3/31/2008
US District Court Civil Docket
Type: Docket		Date on the document: 5/28/2008
Order Consolidating Cases And Appointing Lead Plaintiff And Lead Counsel
Type: Order Appointing LP/LC		Date on the document: 5/29/2008

REFERENCE COMPLAINT

In Re American Dental Partners, Inc. Securities Litigation

COURT: D. Massachusetts	DOCKET NUMBER: 08-CV-10119
JUDGE NAME: Hon. Richard G. Stearns
DATE FILED: 09/26/2008	SOURCE: Docket
CLASS PERIOD START: 02/25/2004	CLASS PERIOD END: 12/13/2007
TYPE OF COMPLAINT: First Consolidated
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Grant & Eisenhofer (New York) 485 Lexington Avenue, 29th Floor, New York, NY, (voice) 646.722.8500, (fax) 646.722.8500, lawyers@gelaw.com Kaplan Fox & Kilsheimer, LLP (New York) 850 Third Avenue, 14th Floor, New York, NY, 10022 (voice) 212.687.1980, (fax) 212.687.1980, Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY) One Pennsylvania Plaza, New York, NY, 10119-1065 (voice) 212.594.5300, (fax) , _____________________________________________ TOTAL NUMBER OF PLAINTIFF FIRMS: 3

DOCUMENTS FOR THE REFERENCE COMPLAINT
Consolidated Class Action Complaint
Type: Complaint		Date on the document: 9/26/2008
US District Court Civil Docket
Type: Docket		Date on the document: 9/29/2008
Defendants' Motion To Dismiss The Consolidated Class Action Complaint
Type: Motion		Date on the document: 12/05/2008
Class Action Settlement Agreement
Type: Settlement		Date on the document: 12/15/2009
Order Of Preliminary Approval
Type: Order		Date on the document: 12/22/2009
U.S. District Court Civil Docket
Type: Docket		Date on the document: 12/23/2009

OTHER DOCUMENTS
Class Action Complaint - Jury Trial Demanded
Case Name and/or Number: W.K. Downey, et al. v. American Dental Partners, Inc., et al.
Type: Complaint		Date on the document: 02/04/2008
Class Action Complaint for Violations of Federal Securities Laws - Jury Trial Demanded
Case Name and/or Number: Frederick J. Johnston, et al. v. American Dental Partners, Inc., et al.
Type: Complaint		Date on the document: 02/12/2008

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