Case Page

 

Case Status:    DISMISSED    
On or around 07/17/2009 (Date of order of final judgment)

Filing Date: August 02, 2007

The original Complaint alleges that defendants violated the federal securities laws, by issuing a series of material misrepresentations during the Class Period thereby artificially inflating the price of Health Management securities. The Complaint alleges, among other things, that defendants engaged in a scheme to manipulate Health Management's policies in order to create the impression that the Company had its "bad debt expenses" under control in order to borrow additional money, and to get the Board to approve of their recapitalization plan. On January 17, 2007, Health Management announced a major recapitalization which was completed in March 2007 and which required the company to borrow $3.25 billion of new debt to refinance existing debt and pay shareholders a special one-time cash dividend of $10.00. The Individual Defendants benefited substantially from this one time dividend, given that they were major shareholders and each defendant received large sums of money.

On May 14, 2008, Judge Marcia Morales Howard granted the motion to consolidate the cases, granted City of Ann Arbor Employees' Retirement System’s motion for lead plaintiff and approved Ann Arbor's selection of counsel. Coughlin Stoia Geller Rudman & Robbins LLP was appointed lead counsel. On July 31, 2008, the lead plaintiff filed a Consolidated Class Action Complaint. On October 16, 2008, the defendants filed a motion to dismiss the Consolidated Class Action Complaint. On July 18, 2009, the Court entered the Opinion and Order signed by Judge William O. Bertelsman granting the defendants’ motion to dismiss with prejudice. Judgment was further entered that day and the case is now closed.

COMPANY INFORMATION:

Sector: Healthcare
Industry: Healthcare Facilities
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: HMA
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: M.D. Florida
DOCKET #: 07-CV-00484
JUDGE: Hon. Marcia Morales Howard
DATE FILED: 08/02/2007
CLASS PERIOD START: 01/17/2007
CLASS PERIOD END: 07/30/2007
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Abbey Spanier Rodd Abrams & Paradis, LLP (New York)
    212 East 39th Street, Abbey Spanier Rodd Abrams & Paradis, LLP (New York), NY 10016
    212-889-3700 212-684-519 · info@abbeyspanier.com
  2. Paskowitz & Associates
    60 East 42nd Street, 46th Floor, Paskowitz & Associates, NY 10165
    212.685.0969 212.685.2306 · classattorney@aol.com
  3. Roy Jacobs & Associates (New York)
    350 Fifth Avenue Suite 3000 , Roy Jacobs & Associates (New York), NY 10118
    · classattorney@pipeline.com
  4. Saxena White PA (Boca Raton)
    2424 North Federal Highway, Suite 307, Saxena White PA (Boca Raton), FL 33431
    800.361.5096 888.782.3081 · info@saxenawhite.com
No Document Title Filing Date
COURT: M.D. Florida
DOCKET #: 07-CV-00484
JUDGE: Hon. Marcia Morales Howard
DATE FILED: 07/31/2008
CLASS PERIOD START: 01/17/2007
CLASS PERIOD END: 08/01/2007
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Coughlin Stoia Geller Rudman & Robbins LLP (Boca Raton)
    120 East Palmetto Park Road, Suite 500, Coughlin Stoia Geller Rudman & Robbins LLP (Boca Raton), FL 33432
    561.750.3000 561.750.3000 ·
No Document Title Filing Date
No Document Title Filing Date