Case Page

 

Case Status:    SETTLED
On or around 03/20/2002 (Date of order of final judgment)

Filing Date: March 11, 1999

According to Pediatric Services of America, Inc.’s Form 10-K for the fiscal year ended September 30, 2003, the Company recorded a $3.0 million contribution to the settlement which was fully funded by its insurance carrier under its Directors and Officers insurance policy.

On January 6, 2004, the Court entered the Judgment for plaintiff in accordance with the Court’s Order, entered on December 1, 2003, granting the motion to approve the claims administration. Earlier, on March 20, 2002, the Court entered the Final Order and Judgment by U.S. District Judge Robert L. Vining, Jr., approving the settlement and terminating the case.

The complaint charges the defendants with violations of the federal securities laws (Sections 10(b) and 20 of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder), by, among other things, misrepresenting and/or omitting material information concerning Pediatric's accounts receivable, thereby artificially inflating the price of Pediatric shares during the Class Period. Specifically, far from having record revenue and earnings during the Class Period and strong internal controls for monitoring accounts receivable, the Company on or about July 29, 1998 admitted that it would be forced to dramatically increase reserves for accounts receivable primarily due to potentially higher uncollectible receivables.

COMPANY INFORMATION:

Sector: Healthcare
Industry: Healthcare Facilities
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: PSAI
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: N.D. Georgia
DOCKET #: 99-CV-00670
JUDGE: Hon. Julie E. Carnes
DATE FILED: 03/11/1999
CLASS PERIOD START: 12/23/1997
CLASS PERIOD END: 07/29/1998
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Carr, Tabb & Pope
    1355 Peachtree Street, N.E., Suite 2000, Carr, Tabb & Pope, GA 30309
    404.876.7790 ·
  2. Schoengold & Sporn PC (New York)
    19 Fulton Street, Schoengold & Sporn PC (New York), NY 10038
    212.964.0046 212.267.8130 · Shareholderrelations@spornlaw.com
No Document Title Filing Date
COURT: N.D. Georgia
DOCKET #: 99-CV-00670
JUDGE: Hon. Julie E. Carnes
DATE FILED: 07/22/1999
CLASS PERIOD START: 12/23/1997
CLASS PERIOD END: 07/29/1998
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Schoengold & Sporn PC (New York)
    19 Fulton Street, Schoengold & Sporn PC (New York), NY 10038
    212.964.0046 212.267.8130 · Shareholderrelations@spornlaw.com
No Document Title Filing Date