San Diego, CA -- (SBWIRE) -- 03/13/2012 -- A deadline is coming up on March 26, 2012 in the lawsuit filed for investors of Health Management Associates, Inc. (NYSE:HMA) against over alleged Securities Laws Violations in connection with a subpoena by U.S. Department of Health and Human Services.
Investors with a substantial investment in Health Management Associates, Inc. (NYSE:HMA) shares between July 27, 2009 and January 9, 2012, should get active before the Deadline that is coming up on March 26, 2012 and contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint filed in the U.S. District Court for the Middle District of Florida the plaintiff alleges on behalf of purchasers of Health Management Associates, Inc. (NYSE:HMA) securities during the period July 27, 2009 through January 9, 2012, that Health Management Associates,, its Chief Executive Officer, and its current and former Chief Financial Officers violated the Securities Exchange Act of 1934 by issuing allegedly materially false and misleading statements between July 27, 2009 through January 9, 2012.
On August 3, 2011, Health Management Associates, Inc. announced that the U.S. Department of Health and Human Services had issued a subpoena requesting "information on [Health Management Associates'] physician referrals as well as ownership and management at our whole-hospital physician joint ventures, among other items."
Then on January 9, 2012 a media report said that an analyst made comments that a former compliance director at Health Management Associates filed a whistleblower lawsuit against the Company.
The whistleblower lawsuit reportedly claims that he was wrongly terminated after uncovering serious Medicare compliance issues at Health Management Associates facilities. Specifically, the whistleblower alleges that several of Health Management Associates' hospitals had a practice of submitting inflated and "fraudulent billing" to Medicare through the improper admission of elderly and disabled patients as inpatients even though such patients clearly did not meet Medicare standards for inpatient treatment.
On January 10, 2012, Health Management announced that its Senior Vice President, General Counsel and Secretary of the Company had resigned effective immediately.
NYSE HMA dropped from as high as $11.30 in May 2011 to under $5 per share during January 10, 2012 and closed on March 9, 2012 at $6.73 per share.
Those who purchased shares of Health Management Associates, Inc. (NYSE:HMA) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego