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Am I being sued? |
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No, you are not being sued.
You have been identified as a potential claimant in a lawsuit and may be entitled to a portion of settlement proceeds. |
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What is this litigation about? |
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This lawsuit alleges that press releases and SEC filings of OCA announcing financial results during the first three quarters of 2004 were false when issued because Defendants knowingly or recklessly misstated, among other things, revenues and receivables, and accordingly, issued financial results not prepared in accordance with Generally Accepted Accounting Principles.
The Defendants deny every claim and contention alleged by Lead Plaintiff. The proposed settlement is not an admission of wrongdoing or an indication that any law was violated. The Defendants entered into the proposed settlement to avoid further expense, inconvenience, or uncertainty from proceeding to trial on this matter.
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How do I know if I am a Class Member? |
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Included in the Class are all persons who purchased the publicly traded common stock or sold put options of OCA during the period from May 18, 2004 through June 6, 2005, inclusive. Excluded from the Class are the Defendants, former defendant Bartholomew F. Palmisano, Jr. ("Palmisano, Jr."), any members of Defendants’ or Palmisano, Jr.’s immediate families, any entity in which any Defendant or former defendant has a controlling interest, and the affiliates, legal representatives, heirs, predecessors, successors and assigns of any such excluded party. |
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Why is this case a Class Action? |
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In a class action, one or more people, called Class Representatives sue on behalf of all people who have similar claims. In this case, the Class Representative is Samuel Boodman. All of the people who were similarly treated are known as a Class, or as Class Members. One court resolves all issues for the Class, and protects the interest of Class Members while preserving court resources.
In this case, the Court has preliminarily accepted the proposed terms for the Settlement and Plan of Allocation offered by attorneys representing the Class and Defendants.
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What does the settlement provide? |
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The Settlement creates a fund in the amount of $6,500,000 plus interest. Based on Lead Counsel’s estimates, the average recovery per damaged share of common stock, before expenses and fees, is $0.28. Your actual recovery will depend on a number of factors, such as, among other things, the number of shares purchased or sold, options sold, the timing of your transactions, expense of administering the claims process and attorney’s fees and expenses awarded, as well as the number of eligible shares purchased by class members who elect to participate in the claims process. |
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Do I have a lawyer in this case? |
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The Court appointed Kaplan Fox & Kilsheimer LLP as “Class Counsel” to represent the Lead Plaintiff and all class members. |
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How can I contact the Class Counsel? |
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You may contact Class Counsel in writing at:
Joel B Strauss
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, NY 10022. |
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Should I get my own lawyer? |
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You do not need to retain your own lawyer because Class Counsel is acting on behalf of the entire Class. If you wish to retain your own lawyer, you may do so at your own expense. |
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When will I get my payment? |
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No payments will be made prior to the Fairness Hearing, scheduled for February 10, 2009 at the United States District Court of the Eastern District of Louisiana, in New Orleans.
Claims processing takes significant time, thank you for your patience. |
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When and where is the Final Settlement Hearing? |
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The hearing was held February 10, 2009, at the United States District Court of the Eastern District of Louisiana, 500 Poydras Street, New Orleans, LA 70130, before Chief Judge Sarah Vance.
On March 2, 2009, the Court issued an order approving the settlement and awarding attorneys’ fees and costs to Lead Counsel.
The District Court may adjourn or continue the Settlement Hearing without further notice to the class. |
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Do I have to attend the Final Settlement Hearing? |
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No you do not have to attend the Settlement Hearing, even if you properly mailed a written response. If you or your personal attorney wants to attend the hearing, you or your attorney is welcome to do so at your expense. |
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