Abbey Spanier Rodd & Abrams, LLP Files Class Action Lawsuit on Behalf of Purchasers of American Dental Partners, Inc. Securities
29 Januar 2008 - 4:14PM
PR Newswire (US)
NEW YORK, Jan. 29 /PRNewswire-USNewswire/ -- Abbey Spanier Rodd
& Abrams, LLP announces that it has commenced a Class Action
lawsuit in the United States District Court for the District of
Massachusetts on behalf of a class (the "Class") of all persons who
purchased or acquired securities of American Dental Partners, Inc.
("ADPI" or the "Company") (NASDAQ:ADPI) between August 10, 2005 and
December 13, 2007 inclusive (the "Class Period"). For further
information, please contact Nancy Kaboolian, Esq. toll-free at
1-800-889-3701, or by e-mail to . ADPI is a leading provider of
business services to multidisciplinary dental group practices in
selected markets throughout the United States. Park Dental Group
("PDG") located in Minneapolis-St. Paul area, was one of the dental
groups who had a long-term contract agreement with ADPI, and
provided ADPI with significant revenue. Indeed, PDG accounted for
29 percent of ADPI's consolidated net revenue in 2006. The business
relationship between ADPI and PDG worked well for a number of
years, but disputes arose in 2004. In February 2006, PDG sued ADPI
and its subsidiary. On December 12, 2007, in connection with the
lawsuit a jury found ADPI and/or its subsidiary liable for breach
of contract, breach of implied covenants of good faith and fair
dealing, breach of fiduciary duty, and tortious interference with
contract and prospective advantage. The jury awarded PDG $88
million to compensate it for the injuries caused it by ADPI and its
subsidiary and punitive damages of $42 million. After the
announcement of the jury verdict, ADPI's stock plummeted from
$19.70 a share on December 11, 2007 to $14.34 on December 12, 2007,
to $4.62 on December 13, 2007 after the announcement of the
punitive damage award. The complaint charges ADPI and certain of
its officers and directors with violations of the federal
securities laws by issuing a series of material misrepresentations
to the market during the Class Period thereby artificially
inflating the price of ADPI shares. More specifically, the
complaint alleges that ADPI financial statements throughout the
Class Period were materially false and misleading because
defendants knew that a substantial amount of ADPI's revenue and
earnings were obtained by conduct, which was wrongful and tortuous
as, found by a jury on December 12, 2007. Plaintiff seeks to
recover damages on behalf of all those who purchased or otherwise
acquired ADPI securities during the Class Period. If you purchased
or otherwise acquired ADPI securities during the Class Period, and
either lost money on the transaction or still hold the shares, you
may wish to join in the action to serve as lead plaintiff. You do
not have to have sold your securities to serve in this role. All
motions for lead plaintiff must be made no later than March 31,
2008. A lead plaintiff is a representative party that acts on
behalf of other class members in directing the litigation. In order
to be appointed lead plaintiff, the Court must determine that the
class member's claim is typical of the claims of the other class
members, and that the class member will adequately represent the
class. Under certain circumstances, one or more class members may
together serve as "lead plaintiffs." The attorneys at Abbey Spanier
have extensive experience in securities class action cases, and
have played lead roles in major cases resulting in the recovery of
hundreds of billions of dollars to investors. If you would like to
discuss this action or if you have any questions concerning this
Notice or your rights as a potential class member or lead
plaintiff, you may contact: Nancy Kaboolian, Esq. or Susan Lee
Abbey Spanier Rodd & Abrams, LLP 212 East 39th Street New York,
New York 10016 (212) 889-3700 1-800-889-3701 (Toll Free) Or e-mail
them at or DATASOURCE: Abbey Spanier Rodd & Abrams, LLP
CONTACT: Nancy Kaboolian, Esq. or Susan Lee, +1-212-889-3700, , ,
both of Abbey Spanier Rodd & Abrams, LLP Web Site:
http://www.abbeygardy.com/
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