Lieff Cabraser Heimann & Bernstein, LLP Reminds Investors of Upcoming Deadline in Class Action Lawsuit Against Chemed Corpora...
February 28 2012 - 1:32PM
Business Wire
The law firm of Lieff Cabraser Heimann & Bernstein, LLP
reminds investors of the upcoming March 12, 2012 deadline to move
for appointment as lead plaintiff in the securities class action
lawsuit against Chemed Corporation (“Chemed” or the “Company”)
(NYSE:CHE), brought on behalf of purchasers of Chemed common stock
between February 15, 2010 and November 16, 2011 (the “Class
Period”).
If you purchased Chemed common stock during the Class Period,
you may move the Court for appointment as lead plaintiff no later
than March 12, 2012. A lead plaintiff is a representative party
acting on behalf of other class members in directing the
litigation. Your share of any recovery in the action will not be
affected by your decision of whether to seek appointment as lead
plaintiff. You may retain Lieff Cabraser, or other attorneys, as
your counsel in the action.
Chemed shareholders who wish to learn more about the action and
how to seek appointment as lead plaintiff should click here or
contact Sharon Lee of Lieff Cabraser toll free at (800)
541-7358.
Chemed provides hospice care services through its VITAS
Innovative Hospice Care (“VITAS”) business segment. The complaint
alleges that during the Class Period, defendants issued materially
false and misleading statements concerning the Company’s business
and prospects. Specifically, defendants failed to disclose, among
other things, that: (a) Chemed engaged in a scheme to fraudulently
bill Medicare for hospice services for patients ineligible for
hospice and fraudulently shifted the costs of those patients to the
U.S. government; (b) in a whistleblower complaint filed under seal,
a former manager of VITAS had accused VITAS of engaging in similar
misconduct; and (c) the Company failed to maintain adequate
internal controls in its hospice enrollments and Medicare
billings.
On November 16, 2011, Bloomberg published an article concerning
a whistleblower action brought against Chemed. According to the
article, the U.S. Department of Justice told the court it suspects
VITAS of “an extensive scheme” to defraud Medicare and Medicaid of
“hundreds of millions of dollars” by falsifying records and hospice
certifications. Following this news, the price of Chemed shares
fell $6.87 per share to close at $50.65 per share on November 16,
2011.
Lieff Cabraser, with offices in San Francisco, New
York and Nashville, is a nationally recognized law firm
committed to advancing the rights of investors and promoting
corporate responsibility.
For more information about Lieff Cabraser and the firm’s
representation of investors, please
visit http://www.lieffcabraser.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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