Adeptus Health investors may receive additional information about the case by clicking the link "Join this Class Action" above.
According to the complaint, Adeptus Health is a patient-centered healthcare organization that provides emergency medical care through, what it claims to be, the largest network of independent freestanding emergency rooms in the United States.
The complaint alleges that throughout the Class Period, the defendants misrepresented and failed to disclose the following adverse facts which were known to the defendants, or recklessly disregarded by them as follows: (a) that Adeptus Health has been engaging in widespread predatory billing practices, particularly with respect to low acuity level patients; (b) that Adeptus Health’s predatory billing practices subjected the company to numerous known, but undisclosed, risks, including monetary risks, reputational risks, risks associated with improper financial reporting, civil or criminal sanctions, and even exclusion from federal and state healthcare programs; (c) that the company’s financial statements had not been prepared in conformity with GAAP; (d) that, contrary to defendant Hall’s representations about the company’s practice of referring lower acuity patients to urgent care facilities, Adeptus Health routinely treated low acuity patients and excessively billed them for the services it rendered; and (e) as a result of the foregoing, the defendants lacked a reasonable basis for their positive statements about Adeptus Health’s then-current business and future financial prospects.
According to the complaint, on November 17, 2015, KUSA, an NBC-affiliated television station located in Denver, Colorado, aired a 9WANTS To Know investigative report about the billing practices at Adeptus Health’s Colorado First Choice ERs. According to the report, which had been based on “months” of investigation, the company’s First Choice ERs engaged in a pattern and practice of predatory overbilling.
Following this news, the price of Adeptus Health common stock fell more than 22% on very heavy trading volume falling from $59.87 per share on November 16, 2015 to $46.50 per share on November 17, 2015.
If you are a member of the class described above, you may no later than December 27, 2016 move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. 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 Kessler Topaz Meltzer & Check, LLP toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at info@ktmc.com.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq. or Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087 1-888-299-7706 (toll free) or 1-610-667-7706
Or by e-mail at info@ktmc.com