TORRANCE, Calif.--(BUSINESS WIRE)--March 5, 1999--Total Renal Care Holdings, Inc. (NYSE:TRL) today announced that it has been served with complaints in class action securities lawsuits naming the Company and certain officers and directors as defendants. The Company has reviewed the complaints and believes that the claims stated therein are without merit. Total Renal Care intends to vigorously defend itself against the claims in the lawsuits.
In response to investor inquiries and several inaccurate news articles, Total Renal Care also reiterated its previous announcement that it has received a comment letter from the SEC concerning the registration statement filed with respect to resales of the Company's outstanding 7% Convertible Subordinated Notes. The SEC reviews many filings under the Securities Act of 1933, such as the registration statement. Contrary to several published assertions, such review does not constitute an SEC "investigation" of the Company. The Company responded to the SEC's comment letter on February 16, 1999.
Torrance-based Total Renal Care Holdings, Inc. is the second largest domestic and the largest independent worldwide provider of integrated dialysis services for patients suffering from chronic kidney failure. The Company owns and operates high-quality, free-standing kidney dialysis centers and home peritoneal dialysis programs in 34 states, as well as Washington, D.C., Puerto Rico, Guam, Argentina and Europe, and also provides high-quality acute hemodialysis services to inpatients at approximately 290 hospitals. As of February 1, TRL had 522 outpatient dialysis facilities and provided services to approximately 40,500 patients. The Company additionally operates ESRD laboratory and pharmacy facilities, as well as vascular access management, transplant services and ESRD clinical research programs.
For information on Total Renal Care Holdings, Inc., via facsimile at no cost, call 800/PRO-INFO and dial company code TRL.
This release contains forward-looking statements which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements regarding business trends, projections and market opportunities and involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors which could cause or contribute to such differences include, but are not limited to, the uncertainties associated with governmental regulation, general economic and other market conditions, and the "risk factors" set forth in the Company's filings with the Securities and Exchange Commission. The forward-looking statements should be considered in light of these risks and uncertainties.
CONTACT: Total Renal Care Holdings, Inc. Rich Lester, 212/794-9348 (investor relations) John E. King, 310/792-2600 or Financial Relations Board 310/442-0599 Haris Tajyar (general information) Moira Conlon (investor contact) Marjorie Ornston (media contact) Kathy Brunson, 312/266-7800 (investor contact)