Len Gengel, whose daughter Britney was one of the students believed to have been located but then was determined to still be unaccounted for, had thought he'd seen his daughter in a photograph.
"She's alive," the thrilled father gushed to reporters.
Gengel then traveled to Florida to meet his daughter, but instead got the news no parents want to hear: His daughter was still missing.
Lynn's Hughes said late last night that Gengel is "devastated," but still "hopeful" that they will eventually find his daughter.
Besides those three students, Lynn University is also searching for a fourth missing student and four faculty members.
It is believed that the students who are still missing were in rooms on the first and second floors of the Hotel Montana when the earthquake struck and that the two faculty advisors were in the hotel's fitness center.
ABC News' Kate Snow contributed to this report.