DALLAS, Jan. 16, 2012 /PRNewswire/ -- Former United
States Securities and Exchange Commission attorney Willie Briscoe,
founder of The Briscoe Law Firm, PLLC, and the securities
litigation firm of Powers Taylor, LLP announce that the firms are
investigating legal claims against the officers and Board of
Directors of Chemed Corporation ("Chemed" or "CHE") (NYSE: CHE)
related to potential securities violations between February 15, 2010 and November 16, 2011 (the "Class Period").
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If you are an affected investor and you want to learn more about
the lawsuit or join the action, contact Patrick Powers at Powers Taylor, LLP, toll free
(877) 728-9607, via e-mail at patrick@powerstaylor.com, or
Willie Briscoe at The Briscoe Law
Firm, PLLC, (214) 706-9314, or via email at
WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to
you.
In a recently filed federal class action complaint, Chemed and
certain of its officers and directors were charged with violating
provisions of the Securities Exchange Act of 1934.
Specifically, the complaint alleges that defendants
misrepresented or failed to disclose the following facts during the
Class Period: (a) that Chemed engaged in a scheme to fraudulently
bill Medicare for hospice services for patients who did not qualify
for hospice and fraudulently shifted the costs of those patients
from health maintenance organizations that covered those patients
prior to enrollment in hospice to the U.S. government; (b) that a
significant portion of Chemed's hospice enrollments, revenues and
earnings were the direct result of defendants' scheme to enroll
ineligible patients in hospice and fraudulently bill Medicare for
hospice services; (c) that, in a complaint filed under seal, a
former VITAS manager had accused Chemed of engaging in a
company-wide scheme to enroll ineligible patients in hospice and
fraudulently bill Medicare; (d) that Chemed failed to maintain
adequate internal controls and procedures with respect to hospice
enrollments and Medicare billings; (e) that Chemed's financial
results were materially overstated as a result of defendants'
fraudulent scheme to enroll ineligible patients in hospice; and (f)
that, as a result of the foregoing, defendants lacked a reasonable
basis for their positive statements about Chemed and its
prospects.
"Because of the recent allegations of a fraudulent scheme to
defraud Medicare potentially involving the officers and directors
of Chemed, and other allegations, we are extremely concerned about
the damage to the company and its shareholders," said former SEC
attorney and shareholder advocate Willie
Briscoe.
The Briscoe Law Firm, PLLC is a full service business
litigation, commercial transaction, and public advocacy firm with
more than 20 years of experience in complex litigation and
transactional matters.
Powers Taylor, LLP is a boutique litigation law firm that
handles a variety of complex business litigation matters, including
claims of investor and stockholder fraud, shareholder oppression,
shareholder derivative suits, and security class actions.
SOURCE Powers Taylor, LLP