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Biotech / Medical : Oxford Health Plan (OXHP) -- Ignore unavailable to you. Want to Upgrade?

To: Buzz Mills who wrote (221)	11/19/1997 1:03:00 PM
From: Buzz Mills	Read Replies (1) \| Respond to of 2068

Wolf Haldenstein Adler Freeman & Herz LLP Announce Notice of Pendency of Class Action on Behalf of Purchasers of the Common Stock of Oxford Health Plans Inc. NEW YORK--(BUSINESS WIRE)--Nov. 19, 1997--Wolf Haldenstein Adler Freeman & Herz LLP filed a class action lawsuit on Nov. 18, 1997 in the United States District Court for the District of Connecticut on behalf of purchasers of the common stock of Oxford Health Plans Inc. (Nasdaq:OXHP - news; ''Oxford'' or the ''Company'') between March 19, 1997 and Oct. 27, 1997 and were damaged thereby. The complaint alleges that Oxford and certain of its officers and directors violated Section 10(b) and 20(a) of the Securities Exchange Act of 1934, artificially inflating the price of Oxford common stock, by making misrepresentations and omissions of material fact about the Company's financial condition and operations. As alleged in the Complaint, throughout the Class Period, defendants knew yet failed to disclose, and materially misrepresented, problems that Oxford was experiencing with the Company's computerized billing and payment system, which resulted in overestimates of membership enrollment and accounts receivable. Defendants are alleged, due to the deficiencies with the computer system, to have issued financial statements which had no basis to be presented as accurate or as in accordance with Generally Accepted Accounting Principle, and, further, to have failed to caution or advise investors that there was extensive potential for error in the financial statements. At various times throughout the Class Period, defendants falsely represented that the computer problems were being and/or had been resolved, and that they would not seriously impact the Company's operations. On Oct. 27, 1997, Oxford announced that it expected to report a charge to net earnings of between $47 million to $53 million in the third quarter of 1997 and that the Company would be reporting lower than expected revenues for the third quarter, anticipating having to report a loss of between 83 cents and 88 cents per share for the quarter. In a press release, Oxford blamed problems with the Company's computer system for the disastrous results. Upon this announcement, Oxford's common stock price plummeted more than 62%, closing down $42.875, at $25.875. Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Wolf Haldenstein Adler Freeman & Herz LLP. The Wolf Haldenstein firm has a full service commercial practice consisting of more than 35 attorneys based in New York City and San Diego. The firm's litigation department has been recognized by courts throughout the country as highly experienced and skilled in complex litigation, particularly with respect to federal securities laws, class actions, and shareholder litigation. The firm's qualifications have repeatedly received very favorable judicial recognition. Additionally, the firm has achieved recoveries of more that one billion of dollars for defrauded investors and shareholders. If you are a member of the class described above, you may, on or before Dec. 27, 1997, move the court to serve as lead plaintiff of the class, if you so choose. In order 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 Wolf Haldenstein Adler Freeman & Herz LLP at 270 Madison Ave., New York, NY 10016, by telephone at 800/575-0735 or via e-mail at classmember@whafh.com .