Lieff Cabraser Heimann & Bernstein, LLP Announces Class Action Lawsuits Have Been Filed Against American Dental Partners, Inc.
15 Februar 2008 - 3:00PM
PR Newswire (US)
SAN FRANCISCO, Calif., Feb. 15 /PRNewswire/ -- The law firm of
Lieff Cabraser Heimann & Bernstein, LLP announces that class
action lawsuits have been brought on behalf of purchasers of the
securities of American Dental Partners, Inc. ("American Dental")
(NASDAQ:ADPI) between August 10, 2005 and December 13, 2007,
inclusive (the "Class Period"). If you purchased American Dental
securities during the Class Period, you may move the Court for
appointment as lead plaintiff by no later than March 31, 2008. A
lead plaintiff is a representative party who acts on behalf of
other class members in directing the litigation. Your share of any
recovery in this action will not be affected by your decision of
whether to seek appointment as lead plaintiff. You may retain Lieff
Cabraser, or other attorneys, as your counsel in this action.
American Dental Partners shareholders that wish to learn more about
this action and how to seek appointment as lead plaintiff should
visit Lieff Cabraser's website
http://www.lieffcabrasersecurities.com/cases/americandentalpartners.htm
or contact Meagan Sullivan toll free at (800) 541-7358. Background
on American Dental Securities Class Litigation The actions, pending
in the United States District Court for the District of
Massachusetts, were brought against American Dental and certain of
its officers and directors for violations of the Securities
Exchange Act of 1934. American Dental's primary business is
providing administrative services to dental group practices in the
United States. The complaints in the above-mentioned actions allege
that during the Class Period, defendants failed to disclose that
American Dental engaged in tortious and otherwise unlawful conduct
in connection with providing, through a subsidiary company, PDHC,
Ltd., administrative services to a Minnesota-based dental practice,
Park Dental Group ("PDG"). In addition, American Dental failed to
disclose that a significant portion of its reported earnings during
the Class Period were allegedly derived from its wrongful conduct.
Rather, American Dental allegedly falsely assured the public that a
lawsuit brought by PDG against American Dental and PDHC for breach
of a services agreement, among other claims, was "baseless and
without merit." According to the complaints, defendants were
motivated to engage in the wrongful and illegal conduct so that
American Dental insiders, including certain defendants, could sell
more than $20 million of their personally held American Dental
stock at artificially inflated prices. On December 12, 2007, a jury
found American Dental or PDHC liable for breach of the service
agreement with PDG, breach of implied covenant of good faith and
fair dealing, breach of fiduciary duty, tortious interference with
contract or prospective advantage, and defamation. The jury awarded
PDG total compensatory damages of more than $88 million. On this
news, the price of American Dental stock fell $5.36 per share, or
27.2 percent, from its closing price on December 11, 2007 to close
at $14.34 per share on December 12, 2007. On the following day,
December 13, 2007, American Dental reported that the jury also
awarded PDG punitive damages of more than $42 million. In reaction
to this news, American Dental stock fell another $9.72 per share,
or 67.7 percent, to close at $4.62 per share on December 13, 2007.
About Lieff Cabraser Lieff Cabraser Heimann & Bernstein, LLP,
with offices in San Francisco, New York and Nashville, is a
nationally recognized law firm committed to advancing the rights of
investors and promoting corporate responsibility. In the 2007
edition of its annual list of the plaintiffs' law firms "doing the
most to shape the law," The National Law Journal selected Lieff
Cabraser as one of the nation's top plaintiffs' firms. Lieff
Cabraser was also a member of The National Law Journal's
Plaintiffs' "Hot List" from 2003 through 2006. The firm is one of
only two plaintiffs' law firms in the nation to receive this award
the last five years. For more information about Lieff Cabraser and
the firm's representation of investors, please visit
http://www.lieffcabrasersecurities.com/. This press release may be
considered Attorney Advertising in some jurisdictions under the
applicable law and ethical rules. Source/Contact for Media
Inquiries Only: Sharon Lee Lieff Cabraser Heimann & Bernstein,
LLP Telephone: (415) 956-1000 DATASOURCE: Cabraser Heimann &
Bernstein, LLP CONTACT: Sharon Lee of Lieff Cabraser Heimann &
Bernstein, LLP, +1-415-956-1000 Web site:
http://www.lieffcabraser.com/
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