Cohen, Milstein, Hausfeld & Toll, P.L.L.C. Announces Lawsuit on Behalf of Investors of World Health Alternatives, Inc.WASHINGTON -- The law firm of Cohen cohen or kohen (Hebrew: “priest”) Jewish priest descended from Zadok (a descendant of Aaron), priest at the First Temple of Jerusalem. The biblical priesthood was hereditary and male. , Milstein, Hausfeld & Toll, P.L.L.C. has filed a lawsuit on behalf of its client and a proposed class of purchasers of the securities of World Health Alternatives, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :WHAIE) ("World Health" or the "Company") between June 26, 2003 and August 18, 2005, inclusive (the "Class Period") in the United States District Court for the Western District of Pennsylvania The United States District Court for the Western District of Pennsylvania sits in Pittsburgh, Erie, and Johnstown, Pennsylvania. It is composed of ten judges as authorized by federal law. Chief Judge Donetta W. Ambrose presides. . The complaint charges World Health, Daszkal Bolton LLP LLP - Lower Layer Protocol (World Health's recently terminated outside auditor), Richard E. McDonald (the Company's former Chairman, Chief Executive Officer, President, Principle Financial Officer, and Principle Accounting Officer), Mark D. Roup roup any disease of poultry manifested by signs of coryza and involvement of the nasal chambers. See also avian trichomoniasis. nutritional roup see vitamin A. (Chief Executive Officer), and John C. Sercu (Acting President and Interim Chief Executive Officer, and previously Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. ) with violations of the Securities Exchange Act of 1934. According to the complaint, the defendants allegedly knowingly or recklessly issued false and misleading statements that materially misrepresented World Health's financial results, business condition, and internal controls, causing the Company's stock price to be artificially inflated. On August 16, 2005, World Health announced that its then Chief Executive Officer, Richard E. McDonald had resigned, and claimed the resignation was for family and health reasons. Three days later, on August 19, 2005, the Company announced that it expected to restate its prior financial statements. World Health also announced that an independent investigation had been commenced, and that its outside auditors, Daszkal Bolton LLP, would be terminated. The Company revealed, among other things, that the investigation targeted apparent discrepancies in the amount of the Company's shares outstanding, financial statement recognition of a convertible debenture Convertible Debenture Any type of debenture that can be converted into some other security. Notes: For example, a convertible bond can be converted into stock. and warrant agreement associated with the Company's preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. , the underpayment of certain tax liabilities in excess of $4 million, and irregular reports to the Company's lenders that resulted in excess funding under the Company's lending arrangements of approximately $6.5 million. 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 Market Capitalization A measure of a public company's size. Market capitalization is the total dollar value of all outstanding shares. It's calculated by multiplying the number of shares times the current market price. This term is often referred to as market cap. . World Health stock has continued to fall, now trading below 30 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. . If you purchased or acquired World Health securities during the Class Period, you may, no later than October 24, 2005, move the court to be appointed as Lead Plaintiff. There are certain legal requirements to serve as Lead Plaintiff. Any member of the purported class may move the court to serve as Lead Plaintiff through counsel of their choice or may choose to remain an absent class member. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as Lead Plaintiff. To be a member of the class, you need not take any action at this time. Cohen, Milstein, Hausfeld & Toll, P.L.L.C. has significant experience in prosecuting investor class actions and actions involving securities fraud. The firm has offices in Washington, D.C., New York, Philadelphia and Chicago, and is active in major litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. pending in federal and state courts throughout the nation. You may visit the firm's website at www.cmht.com. The firm's reputation for excellence has been recognized on repeated occasions by courts which have appointed the firm to lead positions in complex multi-district or consolidated litigation. Cohen, Milstein, Hausfeld & Toll, P.L.L.C. has taken a lead role in numerous important cases on behalf of defrauded investors, and has been responsible for a number of outstanding recoveries which, in the aggregate, total in the billions of dollars. If you have any questions about this notice or the action, or with regard to your rights, please contact either of the following:
Steven J. Toll, Esq.
Emilie Schulz
Cohen, Milstein, Hausfeld & Toll, P.L.L.C.
1100 New York Avenue, N.W.
West Tower - Suite 500
Washington, D.C. 20005
Telephone: 888-240-0775 or 202-408-4600
E-mail: stoll@cmht.com or eschulz@cmht.com
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