NEW YORK, Oct. 21, 2016 /PRNewswire/ -- Pomerantz LLP
announces that a class action lawsuit has been filed against Tenet
Healthcare Corporation ("Tenet" or the "Company") (NYSE: THC)
and certain of its officers. The class action, filed in
United States District Court, Northern District of Texas, and docketed under 16-cv-02848, is on
behalf of a class consisting of all persons or entities who
purchased or otherwise acquired Tenet securities between
February 26, 2013 and September 30, 2016 inclusive (the "Class
Period"). This class action seeks to recover damages against
Defendants for alleged violations of the federal securities laws
under the Securities Exchange Act of 1934 (the "Exchange
Act").
If you are a shareholder who purchased Tenet securities during
the Class Period, you have until December 6,
2016 to ask the Court to appoint you as Lead Plaintiff for
the class. A copy of the Complaint can be obtained at
www.pomerantzlaw.com. To discuss this action, contact
Robert S. Willoughby at
rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll
free, ext. 9980. Those who inquire by e-mail are encouraged to
include their mailing address, telephone number, and number of
shares purchased.
[Click here to join this class action]
Tenet, together with its subsidiaries, primarily operates acute
care hospitals and related healthcare facilities. The Company
operates through three segments: Hospital Operations and Other,
Ambulatory Care, and Conifer. As of December
31, 2015, the Company operated 86 hospitals, 20 short-stay
surgical hospitals, approximately 475 outpatient centers, and 9
private hospitals and clinics, as well as 249 ambulatory surgery
centers, 20 imaging centers, and 35 urgent care centers in the
United Kingdom.
The Complaint alleges that throughout the Class Period,
Defendants made materially false and/or misleading statements, as
well as failed to disclose material adverse facts about the
Company's business, operations, and prospects. Specifically,
Defendants made false and/or misleading statements and/or failed to
disclose that: (i) certain of Tenet's hospitals had paid
kickbacks for obstetric referrals; (ii) these kickbacks were in
violation of federal law; (iii) these kickbacks subjected Tenet to
the risk of heightened regulatory scrutiny, as well as substantial
fines; and (iv) as a result of the foregoing, Tenet's public
statements were materially false and misleading at all relevant
times.
On August 1, 2016, post-market,
Tenet announced that the Company had reached an agreement in
principle with federal and state authorities pursuant to which the
Company would pay nearly $514 million
to settle allegations that four Tenet hospitals in Georgia and South
Carolina paid kickbacks for obstetric referrals. Under
the settlement, two Tenet subsidiaries would plead guilty to one
count of conspiracy to violate federal kickback laws.
On this news, Tenet's share price fell $1.34, or 4.64%, to close at $27.57 on August 2,
2016.
On October 3, 2016, Tenet issued a
press release and filed a Current Report on Form 8-K with the SEC,
announcing that the Company had finalized the agreement in
principle announced on August 1,
2016.
On this news, Tenet's share price fell $0.91, or 4.02%, to close at $21.75 on October 3,
2016.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los
Angeles, is acknowledged as one of the premier firms in the
areas of corporate, securities, and antitrust class litigation.
Founded by the late Abraham L.
Pomerantz, known as the dean of the class action bar, the
Pomerantz Firm pioneered the field of securities class actions.
Today, more than 80 years later, the Pomerantz Firm continues in
the tradition he established, fighting for the rights of the
victims of securities fraud, breaches of fiduciary duty, and
corporate misconduct. The Firm has recovered numerous
multimillion-dollar damages awards on behalf of class members. See
www.pomerantzlaw.com
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
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SOURCE Pomerantz LLP