Three stockholder class-action lawsuits have been filed against PhyCor, alleging that the physician practice management company artificially inflated its stock price by making false and misleading statements regarding its financial condition and operational abilities.
Lawsuits were filed in U.S. District Courts in New York and in Nashville, where PhyCor is based, by the law firms Stull, Stull & Brody, New York; Steven E. Cauley, Little Rock, Ark.; and Milberg Weiss, San Diego.
PhyCor stock traded at $5.31 on Sept. 11, down from a 52-week high of $33.25 in October 1997.
A PhyCor spokesman said its lawyers were reviewing the suits and that it has complied with all Securities and Exchange Commission regulations.