A lawsuit was filed on behalf of investors in Adeptus Health Inc (NYSE:ADPT) shares over alleged securities laws violations. Deadline: December 26, 2016. NYSE:ADPT investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 11/01/2016 -- An investor, who purchased shares of Adeptus Health Inc (NYSE:ADPT), filed a lawsuit in Texas over alleged violations of Federal Securities Laws by Adeptus Health Inc in connection with certain allegedly false and misleading statements.
Investors who purchased shares of Adeptus Health Inc. (NYSE: ADPT) have certain options and for certain investors are short and strict deadlines running. Deadline: December 26, 2016. NYSE:ADPT investors should contact the Shareholders Foundation at firstname.lastname@example.org or call 858-779-1554.
The plaintiff was filed on behalf of purchasers of Adeptus Health Inc. (NYSE: ADPT) Class A common shares pursuant and/or traceable to the Company's secondary public offering (the "SPO") on or about July 31, 2015, seeking to pursue remedies under the Securities Act of 1933 (the "Securities Act"), as well as purchasers of Adeptus Health Inc. (NYSE: ADPT) shares between April 23, 2015 and November 16, 2015, seeking to pursue remedies under the Securities Exchange Act of 1934.
More specifically, the plaintiff claims that the defendants misrepresented and failed to disclose material adverse facts regarding the Company's business and prospects, which were known to defendants or recklessly disregarded by them, including thatAdeptus Health had been engaging in widespread predatory billing practices, particularly with respect to lower acuity level patients, that Adeptus Health's predatory billing practices subjected the Company to numerous known, but undisclosed, risks, including monetary risks, reputational risks, risks associated with improper financial reporting, civil or criminal sanctions, and even exclusion from federal and state healthcare programs, that the Company's financial statements had not been prepared in conformity with generally accepted accounting principles, that contrary to defendants' representations about the Company's practice of referring lower acuity patients to urgent care facilities, Adeptus Health routinely treated lower acuity patients and excessively billed them for the services it rendered, and that as a result of the foregoing, defendants lacked a reasonable basis for their positive statements about Adeptus Health's then-current business and future financial prospects.
Adeptus Health Inc reported that its annual Total Revenue rose from $102.88 million in 2013 to $209.79 million in 2014.
On November 17, 2015, KUSA, an NBC-affiliated television station located in Denver, Colorado, aired a 9WANTS To Know investigative report about the billing practices at Adeptus Health's Colorado First Choice emergency rooms ("ERs"). According to the report, which had been based on "months" of investigation, the Company's First Choice ERs engaged in a pattern and practice of predatory overbilling. Shares of Adeptus Health Inc (NYSE:ADPT) declined to as low as $45.50 per share on November 17, 2015.
Those who purchased shares of Adeptus Health Inc have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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