Glancy Prongay & Murray Announces the Filing of a Securities Class Action on Behalf of Adeptus Health Inc. Investors & Encour...
December 02 2016 - 10:30AM
Business Wire
Investors with losses over $500,000 are encouraged to contact
the Firm
Glancy Prongay & Murray LLP (“GPM”) announces that a
class action lawsuit has been filed on behalf of investors who
purchased Adeptus Health Inc. (“Adeptus Health” or the “Company”)
(NYSE: ADPT) securities pursuant and/or traceable to one of the
Company's public offerings (the "Offerings" including the June
2014 Initial Public Offering, the May 2015 Secondary Offering, the
July 2015 Secondary Offering, and the June 2016 Secondary
Offering), or between June 25, 2014 and November 1, 2016,
inclusive (the “Class Period”). Adeptus investors have
until December 27, 2016 to file a lead plaintiff
motion.
Investors suffering losses on their Adeptus investments are
encouraged to contact Lesley Portnoy of GPM to discuss their legal
rights in this class action at 310-201-9150 or by email to
shareholders@glancylaw.com.
The Complaint filed in this lawsuit alleges that throughout the
Class Period, Defendants made materially false and/or misleading
statements, as well as failed to disclose: (1) that Adeptus engaged
in an extensive predatory billing practice, predominantly in
connection with lower acuity level patients; (2) that the Company's
predatory billing practices subjected the Company to several known
and undisclosed risks, including financial risks, reputational
risks, risks associated with improper financial reporting, civil or
criminal sanctions, and exclusion from federal and state healthcare
programs; (3) that Adeptus' financial statements were inadequate
with Generally Accepted Accounting Principles; (4) contrary to
Adeptus' statements about its practice of referring lower acuity
patients to urgent care facilities, Adeptus regularly treated lower
acuity patients and unreasonably billed for services; (5)
consequently, Adeptus lacked a reasonable basis for its statements
about its business and future financial prospects at all relevant
times.
On November 1, 2016, after hours, the company reported 3rd
quarter earnings, and reported revenues that fell below estimates,
and lowered its 2016 full year revenue guidance. Adeptus CEO Thomas
Hall stated that results “were disappointing due to weaker than
expected volumes in non-HOPD markets, collection issues associated
with our third party billing agent and higher costs associated with
the opening of three hospitals in the second half of the year, in
Denver, Houston and Colorado Springs.” The company also announced
that CEO Thomas Hall will retire as chairman. On this news Adeptus
shares dropped in value thereby injuring investors.
If you purchased shares of Adeptus during the Class Period or
pursuant and/or traceable to the Company's SPO you may move the
Court no later than December 27, 2016 to ask the
Court to appoint you as lead plaintiff if you meet certain legal
requirements. To be a member of the Class you need not take any
action at this time; you may retain counsel of your choice or take
no action and remain an absent member of the Class. If you wish
to learn more about this action, or if you have any
questions concerning this announcement or your rights or interests
with respect to these matters, please contact Lesley Portnoy,
Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles
California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by
email to shareholders@glancylaw.com, or visit our website at
http://glancylaw.com. If you inquire by email please include your
mailing address, telephone number and number of shares
purchased.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20161202005158/en/
Glancy Prongay & Murray LLP, Los AngelesLesley Portnoy,
310-201-9150 or
888-773-9224shareholders@glancylaw.comhttps://www.glancylaw.com