| Company: | Dynacq Healthcare, Inc. |
| Ticker Symbol: | NASD: DYIIE |
| Class Period: | January 14, 2003 through December 18, 2003 |
| Court: | Southern District, TX |
| Date Filed: | Dec-26-03 |
| Lead Plaintiff Deadline: | Feb-24-04 |
| Allegations: |
A securities fraud class action complaint has been filed against Dynacq Healthcare, Inc. ((Nasdaq:DYIIE) and formerly (Nasdaq:DYII)) and two of its senior officers on behalf of purchasers of Dynacq common stock from January 14, 2003 through December 18, 2003, inclusive.
The Complaint alleges that Defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder. Plaintiff charges, inter alia, that the defendants fraudulently certified that Dynacq's financial statements for the first three quarters of fiscal 2003 were compiled in compliance with Generally Accepted Accounting Principles ("GAAP"). On December 2, 2003, the Company announced that it was requesting an automatic extension of up to 15 days to file its Form 10-K for fiscal year ended August 31, 2003 with the SEC. On December 18, 2003, the Company announced that its independent auditor, Ernst & Young LLP, had resigned due to the Company's "lack of internal controls necessary to develop reliable financial statements." Also on December 18, 2003, the Company announced that it had received a Nasdaq Staff Determination stating that Dynacq's stock could be delisted on December 30, 2003 due to Dynacq's failure to file its fiscal year 2003 10-K in a timely manner. Finally, on December 18, 2003, the Company announced that it had received notice that the SEC was conducting an investigation into Dynacq's reporting of its financial statements, revenue and cost recognition, allowances for doubtful accounts, and internal financial and accounting controls.
The market reacted negatively to these disclosures. Dynacq shares, after trading during the Class Period at a high of $27.37 per share, plummeted to a low of just $4.09 per share on December 19, 2003.
If you acquired the securities of the defendants during the Class Period you may, no later than Feb-24-04, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
The Complaint alleges that Defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder. Plaintiff charges, inter alia, that the defendants fraudulently certified that Dynacq's financial statements for the first three quarters of fiscal 2003 were compiled in compliance with Generally Accepted Accounting Principles ("GAAP"). On December 2, 2003, the Company announced that it was requesting an automatic extension of up to 15 days to file its Form 10-K for fiscal year ended August 31, 2003 with the SEC. On December 18, 2003, the Company announced that its independent auditor, Ernst & Young LLP, had resigned due to the Company's "lack of internal controls necessary to develop reliable financial statements." Also on December 18, 2003, the Company announced that it had received a Nasdaq Staff Determination stating that Dynacq's stock could be delisted on December 30, 2003 due to Dynacq's failure to file its fiscal year 2003 10-K in a timely manner. Finally, on December 18, 2003, the Company announced that it had received notice that the SEC was conducting an investigation into Dynacq's reporting of its financial statements, revenue and cost recognition, allowances for doubtful accounts, and internal financial and accounting controls.
The market reacted negatively to these disclosures. Dynacq shares, after trading during the Class Period at a high of $27.37 per share, plummeted to a low of just $4.09 per share on December 19, 2003.
If you acquired the securities of the defendants during the Class Period you may, no later than Feb-24-04, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
If you feel you qualify for damages or remedies that might be awarded in this class action please fill in our form on the right to submit your complaint.
If your injustice does not match the complaint described above, please use this form to register your complaint. Thank you.
