Case Page

 

Case Status:    SETTLED
On or around 03/11/2009 (Date of order of final judgment)

Filing Date: June 07, 2005

The original Complaint alleges that OCA and certain of its officers violated federal securities laws. Specifically, the Complaint alleges that certain of defendants' public statements during the Class Period were materially false and misleading because (i) defendants engaged in improper accounting practices (OCA, which has not yet filed its annual report for 2004, has announced that it will restate its financial results for the first three quarters of 2004); (ii) certain journal entries in OCA's general ledger were improperly recorded; (iii) certain data provided to OCA's accounting firm had been improperly changed; and (iv) OCA could not ascertain its true financial condition because it lacked adequate internal controls. As a result, OCA's patient receivables and patient revenue from its affiliated orthodontic and pediatric dental practices were materially overstated.

The complaint further alleges that on or around June 7, 2005, OCA announced that (i) it was further delaying the filing of its annual report; (ii) it intends to restate its financial results for the first three quarters of 2004; and (iii) its Chief Operating Officer had been placed on administrative leave. After this announcement, the stock plummeted over 38%.

NOTE: On March 14, 2006, OCA and its various subsidiaries filed a petition for voluntary bankruptcy protection.

On November 18, 2005, the Court entered the Order and Reasons granting the appointment of lead plaintiff in the securities action. On November 30, 2005, the Court entered the Order approving the selection of Kaplan Fox & Kilsheimer LLP as lead counsel and Neblett, Beard & Arsenault as liaison counsel. On February 1, 2006, the plaintiff filed a Consolidated Class Action Complaint, and the defendants filed motions to dismiss the Consolidated Class Action Complaint. After hearing oral arguments on the defendants' motion to dismiss, the judge entered his order dismissing one of the individual defendants but denying the motion to the two remaining individuals. Defendants have since filed their answer to the consolidated complaint and the discovery process has begun. On May 25, 2007 a derivative suit was filed for breach of fiduciary duties against certain individuals and third party companies on behalf of the OCA Chapter 11 Trust. The derivative claims were dismissed by the Order issued on December 4, 2007.

On August 25, 2008, a motion for preliminary approval of settlement and certification of settlement class was filed. According to the Stipulation and Agreement of Settlement dated August 21, 2008, the proposed settlement is in the amount of $6,500,000 in cash. On October 17, 2008, Chief Judge Sarah S. Vance granted the lead plaintiff’s motion for preliminary approval of settlement. The Settlement Fairness Hearing is set for February 10, 2009 before Chief Judge Vance.

On March 2, 2009, Chief Judge Sarah S. Vance granted the motion for final approval of the class action settlement and further approved the motion for attorney fees. According to the Order, Class Counsel is awarded 28.5% of the common fund and $179,466.05 in expenses. On March 10, 2009, Judge Vance signed the Order dismissing the Securities Cases with prejudice. On May 19, 2009, the Court further dismissed the Derivative cases.

COMPANY INFORMATION:

Sector: Healthcare
Industry: Healthcare Facilities
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: OCA
Company Market: New York SE
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: E.D. Louisiana
DOCKET #: 05-CV-02165
JUDGE: Hon. Sarah S. Vance
DATE FILED: 06/07/2005
CLASS PERIOD START: 05/18/2004
CLASS PERIOD END: 06/07/2005
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Allan Kanner & Associates, PLLC.
    701 Camp Street, Allan Kanner & Associates, PLLC., LA 70130
    504.524.5777 504.524-5763 · info@kanner-law.com
  2. Berman DeValerio Pease Tabacco Burt & Pucillo (FL)
    515 North Flagler Drive - Suite 1701, Berman DeValerio Pease Tabacco Burt & Pucillo (FL), FL 33401
    561.835.9400 ·
  3. Brodsky & Smith, LLC (former Pennysylvania)
    11 Bala Avenue, Suite 39, Brodsky & Smith, LLC (former Pennysylvania), PA 19004
    610.668.7987 610.660.0450 · esmith@Brodsky-Smith.com
  4. Chitwood Harley Harnes LLP (Atlanta)
    2300 Promenade II; 1230 Peachtree Street, N.E., Chitwood Harley Harnes LLP (Atlanta), GA 30309
    888.873.3999 404.876.4476 · info@chitwoodlaw.com
  5. Cohen, Milstein, Hausfeld & Toll, P.L.L.C. (Washington, DC)
    1100 New York Avenue, N.W., Suite 500, West Tower, Cohen, Milstein, Hausfeld & Toll, P.L.L.C. (Washington, DC), DC 20005
    202.408.4600 202.408.4699 · lawinfo@cmht.com
  6. Dyer & Shuman, LLP
    801 East 17th Avenue, Dyer & Shuman, LLP, CO 80218-1417
    303.861.3003 800.711.6483 · info@dyershuman.com
  7. Federman & Sherwood (Oklahoma City)
    120 North Robinson, Suite 2720, Federman & Sherwood (Oklahoma City), OK 73102
    405-235-1560 · wfederman@aol.com
  8. Glancy Binkow & Goldberg LLP (Los Angeles)
    1801 Ave. of the Stars, Suite 311, Glancy Binkow & Goldberg LLP (Los Angeles), CA 90067
    310.201.915 310. 201-916 · info@glancylaw.com
  9. Kahn Gauthier Law Group, LLC
    650 Poydras St., Suite 2150, Kahn Gauthier Law Group, LLC, LA 70130
    504-455-1400 ·
  10. Law Offices of Brian M. Felgoise, P.C.
    Esquire at 261 Old York Road, Suite 423, Law Offices of Brian M. Felgoise, P.C., PA 19046
    215.886.1900 · securitiesfraud@comcast.net
  11. 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
  12. Leo W. Desmond
    2161 Palm Beach Lakes Boulevard, Suite 204, Leo W. Desmond, FL 33409
    561.712.8000 561.712.8000 · stocklaw@bellsouth.net
  13. Lockridge, Grindal, Nauen P.L.L.P.
    Suite 301, 660 Pennsylvania Avenue Southeast, Lockridge, Grindal, Nauen P.L.L.P., DC 20003-4335
    202.544.9840 202.544.9850 ·
  14. Mager White & Goldstein, LLP
    2825 University Drive, Suite 350, Mager White & Goldstein, LLP, FL 33065
    954.341.0844 954.341.0855 · info@mwglawfirm.com
  15. Milberg Weiss Bershad & Schulman LLP (Boca Raton)
    5355 Town Center Road, Suite 900, Milberg Weiss Bershad & Schulman LLP (Boca Raton), FL 33486
    561.361.5000 561.367.8400 · info@milbergweiss.com
  16. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
  17. Schatz & Nobel, P.C.
    330 Main Street, Schatz & Nobel, P.C., CT 06106
    800.797.5499 860.493.6290 · sn06106@AOL.com
  18. Spector, Roseman & Kodroff (Philadelphia)
    1818 Market Street; Suite 2500, Spector, Roseman & Kodroff (Philadelphia), PA 19103
    215.496.0300 215.496.6610 · classaction@srk-law.com
  19. Wechsler Harwood, LLP.
    488 Madison Avenue 8th Floor, Wechsler Harwood, LLP., NY 10022
    212.935.7400 212.753.3630 · info@whesq.com
  20. Wolf Haldenstein Adler Freeman & Herz LLP (New York)
    270 Madison Avenue, Wolf Haldenstein Adler Freeman & Herz LLP (New York), NY 10016
    212.545.4600 212.686.0114 · newyork@whafh.com
No Document Title Filing Date
COURT: E.D. Louisiana
DOCKET #: 05-CV-02165
JUDGE: Hon. Sarah S. Vance
DATE FILED: 02/01/2006
CLASS PERIOD START: 05/18/2004
CLASS PERIOD END: 06/06/2005
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Kaplan Fox & Kilsheimer, LLP (former New York, NY)
    805 Third Avenue, 22nd Floor, Kaplan Fox & Kilsheimer, LLP (former New York, NY), NY 10022
    212.687.1980 212.687.7714 · info@kaplanfox.com
No Document Title Filing Date
No Document Title Filing Date