SOURCE: Brower Piven, A Professional Corporation

April 12, 2010 12:15 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $100,000 From Investment in Addus HomeCare Corporation to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the May 25, 2010 Lead Plaintiff Deadline

STEVENSON, MD--(Marketwire - April 12, 2010) -  Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of Illinois on behalf of a class consisting of all persons or entities who purchased or otherwise acquired Addus HomeCare Corporation ("Addus" or the "Company") (NASDAQ: ADUS) common stock pursuant and/or traceable to the Registration Statement and Prospectus issued in connection with the Company's October 27, 2009 initial public offering (the "IPO").

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than May 25, 2010 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff. You may contact Brower Piven (through hoffman@browerpiven.com or 410/415-6616) to answer any questions you may have in that regard.

The complaint accuses the defendants of violations of the Securities Act of 1933 by virtue of the Company's failure to disclose in its Registration Statement and Prospectus for its October 27, 2009 initial public offering ("Offering Documents") that the Company's accounts receivables included at least $1.5 million in aging receivables that should have been, but were not, reserved for and that the Company's Home Health revenues were falling short of internal forecasts due to a slowdown in admissions from the Company's Integrated Services program due to the State of Illinois' effort to develop new procedures for integrating care. According to the complaint, after the Company, on March 18, 2010, disclosed the foregoing information and reported its financial results for the 2009 fiscal fourth quarter and year ending December 31, 2009, and reported a net loss of $3.7 million, or a loss of $0.48 per share for the fourth quarter, the value of Addus's stock declined significantly.

If you have suffered a net loss for all transactions in Addus HomeCare Corporation common stock issued in connection with the Company's October 27, 2009 IPO, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 40 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

  • CONTACT:
    Charles J. Piven
    Brower Piven, A Professional Corporation
    Stevenson, Maryland
    410/415-6616
    Email Contact