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
    230 South Broad Street, Suite 404 , Brian Felgoise, PA 19102
    215.735.6810 215/735.5185. ·
  2. Federman & Sherwood (Oklahoma City)
    120 North Robinson, Suite 2720, Federman & Sherwood (Oklahoma City), OK 73102
    405-235-1560 · wfederman@aol.com
  3. Glancy Binkow & GoldBerg LLP
    1925 Century Park East, Suite 2100, Glancy Binkow & GoldBerg LLP, CA 90067
    310-201-9150 · info@glancylaw.com
  4. Law Offices of Charles J. Piven, P.A.
    World Trade Center-Baltimore,401 East Pratt Suite 2525, Law Offices of Charles J. Piven, P.A., MD 21202
    410.332.0030 · pivenlaw@erols.com
  5. Lerach Coughlin Stoia Geller Rudman & Robbins LLP (Boca Raton)
    197 South Federal Highway, Suite 200, Lerach Coughlin Stoia Geller Rudman & Robbins LLP (Boca Raton), FL 33432
    561.750.3000 56.750.3364 · info@lerachlaw.com
  6. Miller Shea, P.C.
    1301 W Long Lake Rd, Ste 135, Miller Shea, P.C., MI 48098
    248.267.8200 248.267.8200 · info@millershea.com
  7. Murray, Frank & Sailer LLP
    275 Madison Ave 34th Flr, Murray, Frank & Sailer LLP, NY 10016
    212.682.1818 212.682.1892 · email@murrayfrank.com
  8. Schatz & Nobel, P.C.
    330 Main Street, Schatz & Nobel, P.C., CT 06106
    800.797.5499 860.493.6290 · sn06106@AOL.com
  9. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
  10. The Emerson Firm
    2228 Cottondale Avenue, Suite 100, The Emerson Firm, AR 72202
    800.663.9817 501.907.2556 · epllp@emersonpoynter.com
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