PHILADELPHIA, April 25, 2003 (PRIMEZONE) -- The law firm of Spector,Roseman & Kodroff, P.C. announces that a securities class action lawsuit was commenced in the United States District Court for the Western District of Tennessee, on behalf of purchasers of the common stock of Accredo Health, Inc. ("Accredo Health" or the "Company") (Nasdaq:ACDO) between June 16, 2002 through April 7, 2003, inclusive (the "Class Period").
The Complaint alleges that defendants violated the federal securities laws by issuing materially false and misleading statements contained in press releases and filings with the Securities and Exchange Commission during the Class Period thereby artificially inflating the price of the common stock. Specifically, the Complaint alleges that the Company failed to timely record an impairment in the value of certain receivables that it had acquired in a recent acquisition, and as a result of the foregoing, the Company's financial statements published during the Class Period were not prepared in accordance with Generally Accepted Accounting Principles ("GAAP"). Additionally, during the Class Period, Accredo insiders sold more than $12 million worth of their Accredo stock while in possession of the true facts about the Company.
On April 8, 2003, prior to the opening of the market, Accredo announced that it was reducing its previously issued earning guidance and that it was examining the adequacy of reserves for accounts receivables that it acquired in a recent acquisition. On this news, the price of Accredo common stock dropped over 43%, to close at $14.29, down from $25.40.
If you purchased Accredo Health securities during the Class Period, you may, no later than June 9, 2003, move to be appointed as a Lead Plaintiff in this class action. A Lead Plaintiff is a representative, chosen by the Court, that acts on behalf of other class members in directing the litigation. The Private Securities Litigation Reform Act of 1995 directs Courts to assume that the class member(s) with the "largest financial interest" in the outcome of the case will best serve the class in this capacity. Courts have discretion in determining which class member(s) have the "largest financial interest," and have appointed Lead Plaintiffs with substantial losses in both absolute terms and as a percentage of their net worth.
If you have sustained substantial losses in Accredo Health securities during the Class Period, please contact Spector, Roseman & Kodroff, P.C. at classaction@srk-law.com for a more thorough explanation of the Lead Plaintiff selection process. If you have relatively small losses, your ability to participate in any recovery will be protected by the Lead Plaintiff(s), and you need take no affirmative steps at this time.
If you wish to join this action, please visit http://www.srk-law.com/dbjoinaclassaction.asp. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel Robert M. Roseman toll-free at 888-844-5862 or via e-mail at classaction@srk-law.com. For more detailed information about the firm please visit its website at http://www.srk-law.com.
Spector, Roseman & Kodroff, P.C., located in Philadelphia, Pennsylvania and San Diego, California, concentrates its practice in complex litigation including actions dealing with securities laws, antitrust, contract and commercial claims. The firm is active in major litigation pending in federal and state courts throughout the United States. The firm's reputation for excellence has been recognized on repeated occasions by courts which have appointed the firm as lead counsel in numerous major class actions involving violations of the federal securities laws and the federal antitrust laws, and consumer fraud. As a result of the efforts of the firm, and its members, hundreds of millions of dollars have been recovered on behalf of thousands of defrauded shareholders and companies.
More information on this and other class actions can be found on the Class Action Newsline at http://www.primezone.com/ca