LOS ANGELES, Sept. 22, 2005 (PRIMEZONE) -- Notice is hereby given by Glancy Binkow & Goldberg LLP that a Class Action lawsuit was filed in the United States District Court for the Western District of Pennsylvania on behalf of a class (the "Class") consisting of all persons or entities who purchased or otherwise acquired securities of World Health Alternatives, Inc. ("World Health Alternatives" or the "Company'')(OTCBB:WHAIE), between June 26, 2003 and August 18, 2005, inclusive (the "Class Period").
A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action, or to obtain a copy of the Complaint, at (310) 201-9150 or Toll Free at (888) 773-9224, by email at info@glancylaw.com, or visit our website at www.glancylaw.com.
The Complaint charges World Health Alternatives and certain of the Company's executive officers with violations of federal securities laws. World Health Alternatives is a medical staffing company that provides medical, professional and administrative staffing services to the healthcare industry. The Complaint alleges defendants' Class Period representations concerning World Health Alternatives' financial condition and results of operations were materially false and misleading when made for the following reasons: (1) the Company lacked internal controls and its financial statements were materially incorrect; (2) the Company did not account properly for its shares outstanding and underpaid its tax liability; (3) Defendants' representations in certain financial statements and in the Sarbanes-Oxley certifications attesting to the financial statements' accuracy and the adequacy of World Health Alternatives' internal controls were false and misleading when made; and (5) as a consequence of the foregoing, defendants' statements concerning the Company's financial condition were materially misleading and the Company has to restate certain of its previously issued financial statements.
On August 16, 2005, World Health Alternatives announced that its then-Chief Executive Officer, Richard E. McDonald, had resigned, allegedly for family and health reasons. Three days later, on August 19, 2005, the Company announced that it expected to restate its prior financial statements, that an independent investigation had been commenced, and that it had terminated its engagement with Daszkal Bolton LLP, its outside auditors. The Company also revealed that, among other things, it had made irregular reports to its lenders, resulting in excess funding which may have resulted in breaches of its financing agreements, had underpaid certain tax liabilities, and had not properly reported and/or accounted for all of its outstanding shares. In response to this news, the Company's stock lost over 85% of its value in a three day period, wiping out millions of dollars of market capitalization.
Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy Binkow & Goldberg LLP, a law firm with significant experience in prosecuting class actions, and substantial expertise in actions involving corporate fraud.
If you are a member of the Class described above, you may move the Court, not later than October 24, 2005, to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224 or by e-mail to info@glancylaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca