INVESTOR ALERT: Brower Piven Encourages Shareholders Who Have Losses In Excess Of $100,000 From Investment In American Renal ...
September 15 2016 - 2:36PM
Business Wire
The securities litigation law firm of Brower Piven, A
Professional Corporation, announces that a class action lawsuit has
been commenced in the United States District Court for the Southern
District of New York on behalf of purchasers of American Renal
Associates Holdings, Inc. (NYSE: ARA) (“ARA” or the “Company”)
securities pursuant and/or traceable to the Company’s Registration
Statement and Prospectus issued in connection with its initial
public offering on or about April 21, 2016 and/or on the open
market between April 21, 2016 and August 18, 2016, inclusive (the
“Class Period”). Investors who wish to become proactively involved
in the litigation have until October 31, 2016 to seek appointment
as lead plaintiff.
If you wish to choose counsel to represent you and the Class,
you must apply to be appointed lead plaintiff and be selected by
the Court. The lead plaintiff will direct the litigation and
participate in important decisions including whether to accept a
settlement for the Class in the action. The lead plaintiff will be
selected from among applicants claiming the largest loss from
investment in ARA securities during the Class Period. Members of
the Class will be represented by the lead plaintiff and counsel
chosen by the lead plaintiff. No class has yet been certified in
the above action.
The complaint accuses the defendants of violations of the
Securities Exchange Act of 1934 and the Securities Act of 1933 by
virtue of the defendants’ failure to disclose in the Registration
Statement and Prospectus, issued in connection with the Company’s
initial public offering on or about April 21, 2016, and during the
Class Period that ARA was engaged in a fraudulent scheme to steer
patients away from qualified-for Medicare and Medicaid plans into
more expensive Affordable Care Act (“ACA”) plans to obtain greater
reimbursement for the Company’s dialysis services, which was in
violation of federal and state laws.
According to the complaint, following a July 1, 2016 filing of a
lawsuit by three insurance companies against ARA and an affiliated
entity alleging that ARA was engaged in a “fraudulent and illegal
scheme” that involved persuading patients who qualified for
Medicare or Medicaid coverage to enroll in commercial healthcare
plans and then putting those patients in touch with an
ARA-patronized charity that would pay the patients’ insurance
premiums in full or in part, and an August 18, 2016 announcement by
the Centers for Medicare and Medicaid Services that it had sent
warning letters to all dialysis centers that participate in the
federal Medicare program that it was weighing financial penalties
on providers found to have directed people eligible for Medicare
into ACA plans instead, the value of ARA shares declined
significantly.
If you have suffered a loss in excess of $100,000 from
investment in ARA securities purchased on or after April 21, 2016
and held through the revelation of negative information during
and/or at the end of the Class Period and would like to learn more
about this lawsuit and your ability to participate as a lead
plaintiff, without cost or obligation to you, please visit our
website at http://www.browerpiven.com/currentsecuritiescases.html.
You may also request more information by contacting Brower Piven
either by email at hoffman@browerpiven.com or by telephone at (410)
415-6616. Brower Piven also encourages anyone with information
regarding the Company’s conduct during the period in question to
contact the firm, including whistleblowers, former employees,
shareholders and others.
Attorneys at Brower Piven have extensive experience in
litigating securities and other class action cases and have been
advocating for the rights of shareholders since the 1980s. If you
choose to retain counsel, you may retain Brower Piven without
financial obligation or cost to you, or you may retain other
counsel of your choice. You need take no action at this time to be
a member of the class.
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version on businesswire.com: http://www.businesswire.com/news/home/20160915006372/en/
Brower Piven, A Professional CorporationCharles J. Piven,
410-415-66161925 Old Valley RoadStevenson, Maryland
21153hoffman@browerpiven.com
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