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Case Status:    DISMISSED    
On or around 09/13/2011 (Court's order of dismissal)

Filing Date: May 28, 2010

According to the complaint filed May 28, 2010, the Individual Defendants contemplated the sale of the Company as early as fall 2009. In fact, in early 2010, the Individual Defendants worked on a management-led buyout of the Company.

In February 2010, while the Individual Defendants were secretly negotiating the sale of the Company, members of the Compensation Committee approved the increase of the equity awards to senior executives for performance during the 2009 fiscal year to more than five times the previous year’s level. Importantly, the Compensation Committee approved the Grants despite the Company’s slew of negative publicity and performance concerns in the previous years, particularly the significant loss of stock value in 2009. Pursuant to the Grants, the Compensation Committee authorized the Company to issue to PSI’s five highest paid executives a combined 621,000 stock options and 688,000 shares of restricted stock. In contrast, during the 2009 fiscal year, the Compensation Committee awarded PSI’s five highest-paid executives a combined 120,000 stock options and 135,000 shares of restricted stock for their performance during 2008.

On June 14, 2010, an Individual and Amended Class Action Complaint was filed by the plaintiffs against the defendants.

On July 20, 2010, another Individual and Second Amended Class Action Complaint was filed by against the plaintiffs against all Defendants.

On August 23, 2010, The Court issued an Agreed Order Staying this case pending further Order of the Court.

On September 13, 2001, pursuant to Rule 41(a)(2) of the Federal Rules of Civil Procedure, the Court dismissed this action with prejudice.

COMPANY INFORMATION:

Sector: Healthcare
Industry: Healthcare Facilities
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: PSYS
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: M.D. Tennessee
DOCKET #: 10-CV-00534
JUDGE: Hon. Robert Echols
DATE FILED: 05/28/2010
CLASS PERIOD START: 05/17/2010
CLASS PERIOD END: 05/28/2010
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Branstetter, Stranch & Jennings, PLLC
    227 2nd Avenue North, Branstetter, Stranch & Jennings, PLLC, TN 37201-1684
    615.254.8801 615.254.8801 ·
  2. Faruqi & Faruqi LLP (New York)
    685 3rd Avenue 26th Floor, Faruqi & Faruqi LLP (New York), NY
    212..983.9330 212..983.9331 ·
  3. Gardy & Notis, LLP (NJ)
    440 Sylvan Avenue, Gardy & Notis, LLP (NJ), NJ 07632
    201-567-7377 201-567-7337 · info@gardylaw.com
No Document Title Filing Date
COURT: M.D. Tennessee
DOCKET #: 10-CV-00534
JUDGE: Hon. Robert Echols
DATE FILED: 07/20/2010
CLASS PERIOD START: 05/17/2010
CLASS PERIOD END: 05/28/2010
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Branstetter, Stranch & Jennings, PLLC
    227 2nd Avenue North, Branstetter, Stranch & Jennings, PLLC, TN 37201-1684
    615.254.8801 615.254.8801 ·
  2. Faruqi & Faruqi LLP (New York)
    685 3rd Avenue 26th Floor, Faruqi & Faruqi LLP (New York), NY
    212..983.9330 212..983.9331 ·
  3. Gardy & Notis, LLP (NJ)
    440 Sylvan Avenue, Gardy & Notis, LLP (NJ), NJ 07632
    201-567-7377 201-567-7337 · info@gardylaw.com
No Document Title Filing Date