BOCA RATON, FL--(Marketwired - December 22, 2016) - Saxena White P.A. has filed a securities fraud class action lawsuit that is now pending in the Tyler Division of the United States District Court for the Eastern District of Texas against Adeptus Health Inc. ("Adeptus Health" or the "Company") (NYSE: ADPT) and certain of the Company's executive officers and/or directors and underwriters. The deadline to move for lead plaintiff appointment remains December 27, 2016.
This class action is filed on behalf of investors who purchased or otherwise acquired the Class A common shares of the Company during the period between June 25, 2014 and November 1, 2016, inclusive (the "Class Period). The complaint brings forth claims for violations of the Securities Exchange Act of 1934.
In addition, the class action complaint is also filed on behalf of investors who purchased Adeptus Health's common stock pursuant or traceable to the Company's initial public offering of its common stock (the "IPO") on or about June 25, 2014 and the Company's secondary public offerings on or about May 5, 2015, July 29, 2015, and June 2, 2016 (together with the IPO, the "Offerings"). The complaint brings forth claims for violations of the Securities Act of 1933.
Adeptus Health is one of the largest operators of independent freestanding emergency rooms in the United States and has a large network of partnerships with certain healthcare systems. The complaint alleges that, throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose to investors that: (i) Adeptus Health was engaged in the widespread overbilling of patients, including low-acuity patients; (ii) Adeptus Health's billing practices were causing decreases in patient volume and would subject it to decreased revenues; (iii) the Company's billing practices exposed it to major financial, reputational, legal and regulatory risks; (iv) the Company's financial statements were not compliant with Generally Accepted Accounting Principles ("GAAP"); and (v) as a result, the Company's statements were false and misleading at all relevant times.
You may obtain a copy of the Complaint and join the class action at www.saxenawhite.com.
If you purchased Adeptus Health common stock between June 25, 2014 and November 1, 2016, inclusive, and/or pursuant to one of the Company's public offerings during the Class Period, you may contact Lester Hooker (email@example.com) at Saxena White P.A. to discuss your rights and interests.
If you purchased Adeptus Health common stock during the expanded Class Period of June 25, 2014 through November 1, 2016, and/or pursuant to one of the Company's Offerings during the Class Period, and wish to apply to be the lead plaintiff in this action, a motion on your behalf must be filed with the Court by no later than December 27, 2016. You may contact Saxena White P.A. to discuss your rights regarding the appointment of lead plaintiff and your interest in the class action. Please note that you may also retain counsel of your choice and need not take any action at this time to be a class member. Saxena White's action was refiled in the Tyler Division of the United States District Court for the Eastern District of Texas because the first-filed related action against Adeptus Health is pending in that Division.
Saxena White P.A., located in Boca Raton, Florida, concentrates its practice on prosecuting securities fraud and complex class actions on behalf of institutions and individuals. Currently serving as lead counsel in numerous securities fraud class actions nationwide, the firm has recovered hundreds of millions of dollars on behalf of injured investors and is active in major litigation pending in federal and state courts throughout the United States.