RADNOR, Pa., Oct. 1 /PRNewswire-FirstCall/ -- The following statement was issued today by the law firm of Schiffrin Barroway Topaz & Kessler, LLP:
Notice is hereby given that a class action lawsuit was filed in the United States District Court for the Southern District of Ohio on behalf of all purchasers of securities of LCA-Vision, Inc. (Nasdaq: LCAV) ("LCA" or the "Company") from February 12, 2007 through July 30, 2007, inclusive (the "Class Period").
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 Schiffrin Barroway Topaz & Kessler, LLP (Darren J. Check, Esq. or Richard A. Maniskas, Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at email@example.com.
The Complaint charges LCA and certain of its officers and directors with violations of the Securities Exchange Act of 1934. LCA is engaged in the provision of fixed-site laser vision correction services at its LasikPlus vision centers. More specifically, the Complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that procedure volume at existing stores had significantly declined; (2) that overall growth was solely coming from new store openings; (3) that the Company was operating under defective assumptions about its marketing budget and deferred revenue; (4) that the Company lacked adequate internal and financial controls; and (5) that, as a result of the foregoing, the Company's statements about its financial well-being and future business prospects were lacking in a reasonable basis when made.
On July 31, 2007 the Company shocked investors when it reported abysmal second quarter 2007 financial and operational results, which included a decline in same-store procedure volume and a substantial rise in patient acquisition costs. Additionally, the Company reported lowering operating income, net income, and earnings per share ("EPS") than in the comparable 2006 quarter. As a result, the Company significantly lowered its EPS guidance from between $2.05 to $2.15 for full-year 2007 down to between $1.90 to $2.00 for full-year 2007.
On this news, the Company's shares declined $7.48 per share, or 17.4 percent, to close on July 31, 2007 at $35.51 per share, on unusually heavy trading volume. The following day, the Company's shares declined an additional $2.11 per share, or almost 6 percent, to close on August 1, 2007 at $33.40 per share, again on heavy trading volume.
Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin Barroway Topaz & Kessler which prosecutes class actions in both state and federal courts throughout the country. Schiffrin Barroway Topaz & Kessler is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world.
For more information about Schiffrin Barroway Topaz & Kessler or to sign up to participate in this action online, please visit http://www.sbtklaw.com
If you are a member of the class described above, you may, not later than November 13, 2007, move the Court to serve as lead plaintiff of the class, if you so choose. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Schiffrin Barroway Topaz & Kessler or other counsel of your choice, to serve as your counsel in this action.
CONTACT: Schiffrin Barroway Topaz & Kessler, LLP
Darren J. Check, Esq.
Richard A. Maniskas, Esq.
280 King of Prussia Road
Radnor, PA 19087
1-888-299-7706 (toll free) or 1-610-667-7706
Or by e-mail at firstname.lastname@example.org
|SOURCE Schiffrin Barroway Topaz & Kessler, LLP|
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