SOURCE: Brower Piven, A Professional Corporation

January 25, 2012 14:55 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $1,000,000 From Investment in Chemed Corporation to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the March 12, 2012 Lead Plaintiff Deadline

STEVENSON, MD--(Marketwire - Jan 25, 2012) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of Ohio on behalf of purchasers of the common stock of Chemed Corporation ("Chemed" or the "Company") (NYSE: CHE) during the period between February 15, 2010 and November 16, 2011, inclusive (the "Class Period").

If you have suffered a net loss for all transactions in Chemed Corporation common stock during the Class Period, 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 60 years.

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 March 12, 2012 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.

The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that the Company engaged in a scheme to fraudulently bill Medicare for hospice services for patients who did not qualify for hospice and fraudulently shifted the costs of those patients from health maintenance organizations that covered those patients prior to enrollment in hospice to the U.S. government and that a significant portion of the Company's hospice enrollments, revenues and earnings were the direct result of defendants' scheme to enroll ineligible patients in hospice and fraudulently bill Medicare for hospice services. According to the complaint, after, on November 16, 2011, a Bloomberg article entitled "Whistleblower Accuses Chemed Unit of Medicare HMO Conspiracy" disclosed that a former VITAS manager had accused Chemed of defrauding the federal government by conspiring with health insurers to enroll Medicare patients into hospice who were not dying, the value of Chemed shares declined significantly.

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