A settlement was reached in the lawsuit filed on behalf of certain investors of LHC Group Inc (NASDAQ: LHCG) over alleged securities laws violations and a deadline to submit the settlement claim is upcoming on: January 9, 2015. NASDAQ: LHCG investors should contact the Shareholders Foundation or send an email to firstname.lastname@example.org
San Diego, CA -- (SBWIRE) -- 11/17/2014 -- A deadline is coming up on January 9, 2015 in the settlement reached in the securities class action lawsuit filed on behalf of investors who purchased shares of LHC Group Inc (NASDAQ: LHCG) between July 30, 2008 and October 26, 2011.
If you invested a significant amount of LHC Group Inc (NASDAQ: LHCG) between July 30, 2008 through October 26, 2011, you have certain options and you should contact the Shareholders Foundation by email at email@example.com or call +1(858) 779 - 1554.
The settlement proof of claim form or detailed settlement notice for the settlement in the LHC Group Inc (NASDAQ: LHCG) Investor Securities Class Action Lawsuit can be downloaded at: http://shareholdersfoundation.com/case/lhc-group-inc-nasdaq-lhcg-investor-securities-class-action-lawsuit-06132012
In order to submit a claim an investor has to submit the claim proof to the class action claim administrator in a timely manner. The deadline to submit the proof with the class administrator is January 9, 2014. The class action administrator for this case is The Garden City Group, Inc.
The lawsuit was originally filed in in the U.S. District Court for the Western District of Louisiana against LHC Group Inc over alleged Violations of Federal Securities Laws in connection with its Medicare practices.
According to the complaint the plaintiff alleges on behalf of purchasers of LHC Group Inc (NASDAQ: LHCG) common stock during the period between July 30, 2008 and October 26, 2011, that LHC Group Inc and certain of its officers and directors violated the Securities Exchange Act of 1934 by issuing allegedly materially false and misleading statements regarding the Company's business and prospects.
Specifically, the plaintiff alleges that the Defendants allegedly failed to disclose that the reported growth in LHC Group Inc's home-based healthcare segment between July 30, 2008 and October 26, 2011, was created, in large part, by LHC Group Inc engaging in a pattern of practice designed to achieve the most profitable number of therapy visits under the Medicare home health program, manipulating the number of patient visits, regardless of patient need, to maximize revenue.
In May 2010, the LHC Group Inc received a letter from the U.S. Senate Finance Committee in connection with a media report with the title“ Home Care Yields Medicare Bounty.” LHC Group Inc said in June 2010 it completed its response to the Senate Finance Committee’s letter. Then in July 2010, LHC Group Inc received a subpoena from the U.S. Securities and Exchange Commission (“SEC”) that included a request for documents related to LHC Group Inc’s participation in the Medicare Home Health Prospective Payment System, as well as the documents and information produced in response to the Senate Finance Committee’s investigation. LHC Group Inc said it produced the documents requested by the initial subpoena and produced additional documents requested by the SEC as part of its review.
In October 2011, LHC Group Inc received a subpoena from the Department of Health and Human Services Office of Inspector General related to patients who received service from two of LHC Group’s locations in the State of Oregon and some additional documents related to it agencies in Oregon, Washington and Idaho. Also in October the Senate Committee released a report on its investigation that found that LHC Group Inc and two other home health care companies engaged in practices that "at best represent abuses of the Medicare home program" and "[a]t worst, they may be examples of for-profit companies defrauding the Medicare home health program at the expense of taxpayers."
Then on October 26, 2011, LHC Group Inc disclosed that it was lowering its earnings forecast. Within less than one year NASDAQ: LHCG shares fell from almost $30 in April 2011 to as low as $12.92 per share in November 2011.
Those who purchased shares of LHC Group Inc (NASDAQ: LHCG) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego