HARTFORD, Conn., March 31 /PRNewswire/ -- The law firm of Schatz & Nobel, P.C., which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Eastern District of Pennsylvania on behalf of all persons who purchased the publicly traded securities of Universal Health Services (“Universal”) from July 21, 2003 through February 27, 2004, inclusive (the “Class Period”).
The Complaint alleges that Defendants issued materially false statements concerning the Company’s business condition. Specifically, Defendants failed to disclose that Universal was unable to compete effectively in two key markets; that Universal’s market share had eroded; that poor case management had resulted in an increase of patient stays beyond the period reimbursable by Medicaid or Medicare; and that there was a pronounced increase in bad debt from uninsured patients.
On March 1, 2004, Universal withdrew its guidance for 2004 and announced that earnings per diluted share for the quarter ended March 31, 2004 could be as much as 25% lower than for the same period in the prior year. On this news, Universal fell $9.05 or 17% to $44.88.
If you are a member of the class, you may, no later than May 21, 2004 request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members, including decisions concerning settlement. The securities laws require the Court to consider the class member(s) with the largest financial interest as presumptively the most adequate lead plaintiff(s). Therefore, if you believe that you have a large loss, you may wish to seek to be a lead plaintiff.
For more information about the case, its claims, and your rights, please contact Schatz & Nobel toll-free;(800) 797-5499, or by e-mail; sn06106@aol.com. To view a copy of the lawsuit initiating the class action, or for more information about class action cases and Schatz & Nobel, please visit our website: http://www.snlaw.net/.
CONTACT: Nancy A. Kulesa
Tel.: (800) 797-5499
Schatz & Nobel, P.C.
CONTACT: Nancy A. Kulesa of Schatz & Nobel, +1-800-797-5499,sn06106@aol.com
Web site: http://www.snlaw.net/
