According to the docket posted on our site, on October 24, 2001, Judge Yohn approved the distribution of the settlement fund in the amount of $909,437.33 to members of the class. On February 4, 2003, the remaining balance of the settlement fund, $7,936.17, was authorized by Judge Yohn to be distributed to the federal judicial center foundation to be used for research and educational programs relating to class action litigation.
By the Order and Final Judgment, dated August 17, 2000, U.S. District Judge William H. Yohn, Jr. approved the proposed settlement as fair, reasonable and adequate. All claims in the consolidated and amended complaint against HHCA and the individual defendants were dismissed with prejudice in their entirety. The case was closed.
The class action complaint alleges the defendants engaged in a fraudulent scheme and deceptive course of conduct that injured purchasers of HHCA common stock. Throughout the Class Period, defendants falsely represented that HHCA, a provider of home health services, had successfully formulated and implemented a sound and effective strategy to minimize non-payments and delayed payments and disputed charges from its managed care organization clients. Moreover, HHCA represented that it was providing efficient and cost-effective service to its entire client base. These representations completely belied the truth which was that HHCA had been forced to terminate relationships with such managed care organizations clients because HHCA was unable to contain its clients continuing practices of disputing charges, making slow payments, or not paying at all.