Settlement Hearing for In Re PainCare Holdings, Inc. ("PRZ") Securities Litigation

Class Action To Be Held on September 15, 2008 at 9:30 a.m.

PHILADELPHIA, June 30 /PRNewswire/ -- Plaintiffs' counsel in the
PainCare Holdings, Inc. Securities Litigation class action today announced
the following:



United States District Court
Middle District of Florida -- Orlando Division
In re PainCare Holdings, Inc. Securities Litigation
6:06-cv-362-Orl-28DAB

Summary Notice of Pendency of Class Action,
Proposed Settlement, Motion for Final Approval
of Settlement and Attorneys' Fees
If you purchased or otherwise acquired PainCare Holdings, Inc.
("PainCare") common stock during the period between March 24, 2003 and
March 15, 2006, inclusive (the "Class Period") and were damaged thereby,
and are not otherwise excluded from the settlement class, then you could
receive a payment from the proposed settlement of a securities class
action.

A settlement has been proposed in a class action about the alleged
inflation of the price of PainCare common stock during the Class Period.
The settlement will provide a settlement fund of two million dollars
($2,000,000) for the benefit of investors who purchased PainCare common
stock during the Class Period. If you qualify, you may send in a claim form
to get benefits, you can exclude yourself from the settlement, or you can
object to the settlement.

The United States District Court for the Middle District of Florida,
Orlando Division, authorized this Summary Notice. Before any money is paid,
the Court will hold a hearing to decide whether to approve the settlement.

Who is included?

You are a Class Member if you purchased PainCare publicly-traded common
stock during the period between March 24, 2003 and March 15, 2006,
inclusive, and were damaged thereby. If you still are unsure whether you
are included you can ask for help. You can call 1-800-252-5745, toll free,
or visit http://www.hrsclaimsadministration.com.

What is this lawsuit about?

This action involves allegations that Defendants issued material
misstatements and statements which failed to state material facts
concerning PainCare's financial results, including misstatements and
omissions about PainCare's accounting for the company's stock option plans,
certain acquisitions, and certain derivative financial instruments issued
in connection with private placement transactions. PainCare's public
statements, press releases and filings with the Securities and Exchange
Commission touted the company's rapid growth and its financial results as
an indicator of the successful implementation of its acquisition strategy.
Lead Plaintiff alleged that PainCare's reported financial results before
and during the Class Period were not presented fairly and in accordance
with generally accepted accounting principles. The Amended Complaint
alleges that the investing public was unaware of PainCare's purported
accounting improprieties until March 15, 2006, when the company announced
that it was restating its financial results for the years 2000 through
2004, and for the first three quarters of 2005. Lead Plaintiff alleged that
the restatement lowered net income by approximately $12.7 million for 2003;
approximately $7.2 million for 2004; and approximately $16.3 million for
the first three quarters of 2005. Defendants have denied doing anything
wrong and deny that anyone lost any money because of the restatement.

What does the settlement provide?

Defendants have agreed to pay two million dollars ($2,000,000) in cash
in settlement of this case. These funds will be distributed to eligible
members of the Class who send in valid claim forms, after the payment of
court-approved legal fees and Lead Counsel's expenses and the costs of
claims administration, including the costs of printing and mailing the
Notice and the cost of publishing the newspaper notice. The Stipulation of
Settlement, available at http://www.hrsclaimsadministration.com, describes all of
the details about the settlement.

Your recovery will depend on the net number of PainCare common stock
shares you purchased during the Class Period. It will also depend on the
number of valid claims that members of the Class submit and the number of
shares represented by those claims. Assuming that all purchasers of
PainCare common stock during the Class Period who suffered damages
participate in this settlement, Lead Counsel estimates that the average
distribution per share of PainCare common stock will be approximately $.048
before the deduction of court-approved fees and expenses.

How do you ask for a payment?

To qualify for a payment, you must send in a claim form. A detailed
notice and claim form package contains everything you need. Call
1-800-252-5745 toll free or visit http://www.hrsclaimsadministration.com to get
one. Claim forms are due by October 14, 2008.

What are your other options?

You can exclude yourself from the settlement. If you do not want a
payment from the settlement, but you want to keep the right to sue or
continue to sue the Defendants about the claims you would otherwise be
releasing in this settlement, then you must take steps to exclude yourself
from the settlement. If you stay in the settlement, you may object to it.
The detailed Notice explains how to exclude yourself or object.

The Court will hold a hearing at 9:30 a.m. on September 15, 2008, at
the United States District Court for the Middle District of Florida,
Orlando Division, located at United States Courthouse, 401 West Central
Blvd., Courtroom 6B, Orlando, FL 32801-0120. At this hearing, the Court
will consider whether the settlement is fair, reasonable and adequate. If
there are objections, the Court will consider them at the hearing. The
Court will listen to people who have asked to speak at the hearing. The
Court will also decide whether to approve the payment of fees, costs and
expenses to Lead Counsel. We do not know how long the hearing will take or
whether the Court will make its decision about the settlement on that day
or sometime later. You may ask to appear at the hearing, but you don't have
to. For more information visit http://www.hrsclaimsadministration.com or call toll
free 1-800-252-5745.

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[Via Healthcare]