Health Management Associates, Inc. (NYSE:HMA) Investor Lawsuit over Alleged Medicare Compliance Issues
A lawsuit was filed for investors in shares of Health Management Associates, Inc. (NYSE:HMA) over alleged securities laws violations and all NYSE: HMA stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWire) -- 02/07/2012 --The Shareholders Foundation announces that an investor in shares of Health Management Associates, Inc. (NYSE:HMA) filed a lawsuit in the U.S. District Court for the Middle District of Florida against Health Management Associates over alleged Securities Laws Violations in connection with a subpoena by U.S. Department of Health and Human Services over Health Management Associates’ physician referrals as well as ownership and management at our whole-hospital physician joint ventures.
Investors who purchased shares of Health Management Associates, Inc. (NYSE:HMA) have certain options and there are strict and short deadlines running for certain NYSE:HMA investors. Deadline: March 26, 2012. NYSE:HMA stockholders should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint the plaintiff alleges that Health Management Associates,, its Chief Executive Officer, and its current and former Chief Financial Officers violated the Securities Exchange Act of 1934
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 $11.30in May 2011 to under $5 per share during January 10, 2012.
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
Media Relations Contact
Shareholders Foundation, Inc.
View this press release online at: http://rwire.com/125735