San Diego, CA -- (SBWIRE) -- 02/21/2012 -- The Shareholders Foundation announces that certain directors and officers of Health Management Associates, Inc. (NYSE:HMA) are under the investigation for potentially breaching their fiduciary duties owed to NYSE:HMA investors in connection with Medicare issues surrounding a subpoena by U.S. Department of Health and Human Services.
Investors who are current long term investors in Health Management Associates, Inc. (NYSE:HMA) shares, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain Health Management Associates, Inc. (NYSE:HMA) officers and directors caused the company to issue allegedly false and misleading statements.
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 Health Management Associates, Inc..
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.
Shortly after that an investor filed a lawsuit in the U.S. District Court for the Middle District of Florida alleging Health Management Associates, Inc violated Federal Securities Laws by allegedly issuing materially false and misleading statements between July 27, 2009 through January 9, 2012.
While the lawsuit against Health Management Associates, Inc was filed only for investors who purchased their NYSE: HMA shares between July 27, 2009 through January 9, 2012, the investigation of certain directors and officers for potential breaches of fiduciary duties by the law firm also includes investors that their purchased within that time frame or prior to July 2009 and currently still hold their NYSE: HMA shares.
NYSE HMA share dropped from as high as $11.30 in May 2011 to under $6 per share during January 2012. Since then HMA shares have gained slightly value and closed on February 16, 2012 at $7.10 per share
Those who are current long term investors in Health Management Associates, Inc. (NYSE:HMA) shares, have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
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