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 - EconoTimes)
NEW YORK, Oct. 28, 2016 -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Adeptus Health Inc. (“Adeptus” or the “Company”) (NYSE:ADPT) in the United States District Court for the Eastern District of Texas on behalf of purchasers of common stock of Adeptus pursuant and/or traceable to the Company’s secondary public offering (the “SPO”) on or about July 31, 2015, or purchasers of common shares between April 23, 2015 and November 16, 2015, inclusive (the “Class Period”).
According to the Complaint, Defendants made material false and/or misleading information and/or failed to disclose that (1) the Company engaged in widespread predatory billing practices, particularly with respect to lower acuity level patients; (2) Adeptus’ predatory billing practices subjected the Company to numerous known but undisclosed risks, such as financial risks, reputational risks, risks associated with improper financial reporting, civil or criminal sanctions, and even exclusion from federal and state healthcare programs; (3) the Company’s financial statements were not prepared in conformity with Generally Accepted Accounting Principles; (4) contrary to the Company’s representations about its practice of referring lower acuity patients to urgent care facilities, Adeptus routinely treated lower acuity patients and excessively billed them for services; and (5) as a result of the above, Adeptus lacked a reasonable basis for its statements about its business and future financial prospects at all relevant times.
On November 17, 2015, KUSA, an NBC-affiliated television station located in Denver, Colorado, aired an investigative report about the predatory billing practices at Adeptus’ Colorado First Choice emergency rooms. When this news was announced, shares of Adeptus fell in value, causing investors harm.
Investors who purchased or otherwise acquired shares on or about July 31, 2015 when the secondary public offering was made or purchased or otherwise acquired shares during the Class Period should contact the Firm prior to the December 27, 2016 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at [email protected] or [email protected].
Please visit our website at http://www.gme-law.com for more information about the firm.
