WASHINGTON, Nov. 19, 2002 (PRIMEZONE) -- The Law Office of Mark McNair has brought a securities class action lawsuit against Tenet Healthcare Corporation (NYSE:THC). The complaint is on behalf of, and seeks damages for, shareholders who purchased the stock from October 3, 2001 through October 31, 2002, inclusive (the "Class Period").
Yesterday, Tenet informed its shareholders that the SEC has opened an informal file on the company. This is in addition to an ongoing FBI investigation that two doctors at a hospital owned by Tenet performed unnecessary surgeries. At the end of yesterday's session, Tenet closed at $18.75, a substantial drop from its October 3, 2002 high of $52.50.
The deadline for filing a lead plaintiff motion is December 31, 2002. To serve as lead plaintiff, you must meet certain legal requirements. The lead plaintiff is a person or institution who acts on behalf of other class members in directing the litigation. The Law Office of Mark McNair recognizes that investors with significant losses often are uncertain about the class action process and are unclear whether they should take an active role in a case. The Law Office of Mark McNair would be happy to review your options with you.
If you have any questions, please contact Mark McNair at 1101 30th Street N.W., Suite 500, Washington, D.C, 20007 by telephone at (877) 511.4717 or (202) 872.4717, via e-mail at wmmcnair@justice4investors.com or visit our website www.justice4investors.com.
The lawsuit alleges that during the Class Period defendants misrepresented that THC's financial results were due to the Company's commitment to quality and cost-effective care. Throughout the Class Period, defendants repeatedly stated that Tenet's financials were strong, that the Company's stellar bottom line was attributed to its state-of-the-art facilities and high-quality patient care, and that Tenet was consistently achieving record results. In reality, however, the complaint claims that defendants actually knew that the quality of Tenet's profits were inflated by, among other things, a scheme to wrongfully induce patients to undergo unnecessary and invasive surgeries and coronary procedures. The scheme included unnecessary heart catheterization, including angiogram and intravascular ultrasound, stent placement, angioplasty, coronary artery bypass surgery and heart valve replacement surgery.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca