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| 2002 News and Press Releases |
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HEADLINE ARCHIVED:
Orthodontic Centers Of America Wins Dismissal Of Securities Fraud Class Action Lawsuit
By: Staff Writer
PR Newswire. October 29, 2002
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EXCERPT: Orthodontic Centers of America, Inc. (NYSE: OCA) today announced that the U.S. District Court for the Eastern District of Louisiana has ordered the dismissal of the class action lawsuit alleging securities fraud filed against OCA and certain members of its senior management. In its ruling, the Court found that the plaintiffs had failed to allege sufficient facts to support their claim that the Company or its officers and directors violated federal securities laws. The Court also ruled that the plaintiffs will not be permitted to amend the lawsuit and stated that "the Court dismisses plaintiffs' Amended Complaint with prejudice because 'another pleading attempt would be an inefficient use of the parties' and the Court's resources, would cause unnecessary and undue delay, and would be futile.'" The ruling is subject to the possibility of an appeal by plaintiffs. "We are extremely pleased that the Court has dismissed the lawsuit, which we have always believed to be without merit," said Bartholomew F. Palmisano, Sr., OCA's Chairman, President and Chief Executive Officer. "Our focus has been and will continue to be on building our business and providing high quality services to our affiliated practices."
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