Processing your request


please wait...

Case Page

 

Case Status:    DISMISSED    
On or around 01/27/2005 (Date of order of final judgment)

Filing Date: August 05, 2004

According to a press release dated March 21, 2005, Cross Country Healthcare, Inc. reported that the securities class action lawsuits and the stockholder derivative lawsuits previously filed in the United States District Court for the Southern District Court of Florida in West Palm Beach against the Company, certain executive officers and Board of Directors have all been voluntary dismissed without prejudice by the respective plaintiffs. No consideration was paid by the Company.

The original complaint charges Cross Country and certain of its officers and directors with violations of the Securities Exchange Act of 1934. According to the complaint, during the Class Period, defendants knew but concealed from the investing public that: (i) the demand for the Company's short-term, temporary nursing contracts, Cross Country's core business was not as great as represented by defendants, and (ii) the Company was experiencing problems with staffing orders for temporary nurses being received and then abruptly cancelled by hospitals, a problem which, if disclosed to the market, would have a materially negative impact on the Company's stock price.

On the news of the decline in demand and drop in the number of its full-time nurses, Cross Country shares fell to a then all-time low of $13.06 in intra-day trading, a decline of more than 50% from the previous day's closing price of $26.19. Cross Country's share price closed below the IPO price for the first time in its history, and it did so definitively at $14.34, or 15% below the IPO price and 45% below the previous day's close.

Note: Cross Country provides healthcare staffing services in the United States with a client base of approximately 3,000 hospitals, pharmaceuticals companies and other healthcare providers across all 50 states. Cross Country provides travel nurse staffing services and per diem nurse staffing services.

COMPANY INFORMATION:

Sector: Services
Industry: Business Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: CCRN
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: S.D. Florida
DOCKET #: 04-CV-80728
JUDGE: Hon. Kenneth L. Ryskamp
DATE FILED: 08/05/2004
CLASS PERIOD START: 10/25/2001
CLASS PERIOD END: 08/06/2002
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Brian Felgoise
  2. Federman & Sherwood (Oklahoma City)
  3. Glancy Binkow & GoldBerg LLP
  4. Law Offices of Charles J. Piven, P.A.
  5. Lerach Coughlin Stoia Geller Rudman & Robbins LLP (Boca Raton)
  6. Miller Shea, P.C.
  7. Murray, Frank & Sailer LLP
  8. Schatz & Nobel, P.C.
  9. Schiffrin & Barroway LLP
  10. The Emerson Firm
No Document Title Filing Date
—Reference Complaint Complaint Related Data is not available
No Document Title Filing Date