Scott + Scott, LLC Files Suit Against Dynacq Healthcare, Inc. (DYII or DYIIE), and its Officers and Directors
January 05 2004 - 11:08AM
PR Newswire (US)
Scott + Scott, LLC Files Suit Against Dynacq Healthcare, Inc. (DYII
or DYIIE), and its Officers and Directors Its Auditor, Ernst &
Young, resigned as the SEC began an informal probe CHAGRIN FALLS,
Ohio, Jan. 5 /PRNewswire/ -- Scott + Scott, LLC announces that a
class action was commenced on December 29, 2003, in the United
States District Court for the Southern District of Texas (H
03-5868) on behalf of all persons who purchased the securities of
Dynacq Healthcare, Inc. or (Nasdaq: DYIIE ("Dynacq") between
January 14, 2003 and December 16, 2003 inclusive (the "Class
Period"). Plaintiff seeks to pursue all remedies available under
the United States securities laws. Dynacq develops and operates
hospitals focusing on certain surgical specialties. The complaint
charges certain of its officers and directors with violations of
the federal securities laws (Securities Exchange Act of 1934). On
December 2, 2003, the company announced that, as part of the SEC's
routine review of public companies, a division of the SEC had
"commented upon" the company's public filings. As a result, Dynacq
asked for an automatic 15-day extension to file its 10-K for its
fiscal year which ended August 31, 2003. Two weeks later, Dynacq
announced it would further postpone its filing. Ten days later, its
auditor, Ernst & Young, resigned and the SEC began an informal
inquiry of the company's accounting. Also that day, Dynacq revealed
that it would be delisted from NASDAQ due to untimely filed yearly
reports. The stock collapsed from $8.95 on December 18 to $4.09 the
next day. If you would like to discuss this matter, or any related
matter with an attorney, you can contact Neil Rothstein, Esq. at
(619) 251-0887 or e-mail him at . You can reach our firm in
California at (800) 332-2259 or in Connecticut at (800) 404-7770.
Scott + Scott, LLC, a Connecticut-based law firm with offices in
Chagrin Falls, Ohio (Cleveland-Akron) and San Diego, California, is
a law firm with a national practice and reputation. The firm is
currently litigating major securities, antitrust and employee
retirement plan cases throughout the United States and represents
funds, charities, foundations, individuals and other entities
nationwide both as class cases and non-class cases. DATASOURCE:
Scott + Scott, LLC CONTACT: Neil Rothstein of Scott + Scott, LLC,
+1-619-251-0887,
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