Case Page

 

Case Status:    ONGOING    
On or around 09/25/2018 (Ongoing date of last review)

Filing Date: October 27, 2016

According to the law firm press release, Adeptus Health owns and operates a network of independent freestanding emergency rooms in the United States.

The complaint alleges that defendants misrepresented and failed to disclose material adverse facts regarding the Company's business and prospects, which were known to defendants or recklessly disregarded by them, including that: (a) Adeptus Health had been engaging in widespread predatory billing practices, particularly with respect to lower acuity level patients; (b) Adeptus Health's predatory billing practices subjected the Company to numerous known, but undisclosed, risks, including monetary risks, reputational risks, risks associated with improper financial reporting, civil or criminal sanctions, and even exclusion from federal and state healthcare programs; (c) the Company's financial statements had not been prepared in conformity with generally accepted accounting principles; (d) contrary to defendants' representations about the Company's practice of referring lower acuity patients to urgent care facilities, Adeptus Health routinely treated lower acuity patients and excessively billed them for the services it rendered; and (e) as a result of the foregoing, defendants lacked a reasonable basis for their positive statements about Adeptus Health's then-current business and future financial prospects.

On June 23, 2017, the Court granted the motion to consolidate cases and transfer this action to the Sherman Division, to be docketed under 17-cv-00449.

On August 31, 2017, the Court appointed Lead Plaintiff and Counsel. Lead Plaintiff filed a consolidated Complaint on November 21, 2017. On February 5, 2018, Defendants filed Motions to Dismiss the consolidated Complaint. On September 12, the Court issued an Order granting in part and denying in part Defendants' Motions to Dismiss. Lead Plaintiffs were given leave to amend the Complaint. Lead Plaintiffs filed an amended Complaint on September 25.

COMPANY INFORMATION:

Sector: Healthcare
Industry: Healthcare Facilities
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: ADPT
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: E.D. Texas
DOCKET #: 16-CV-01243
JUDGE: Hon. Robert W. Schroeder, III
DATE FILED: 10/27/2016
CLASS PERIOD START: 04/23/2015
CLASS PERIOD END: 11/16/2015
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Robbins Geller Rudman & Dowd LLP (Melville)
    58 South Service Road, Suite 200, Robbins Geller Rudman & Dowd LLP (Melville), NY 11747
    631.367.7100 631.367.1173 ·
  2. Ward, Smith & Hill, PLLC
    1507 Bill Owens Parkway , Ward, Smith & Hill, PLLC , TX 75604
    903-757-6400 903-757-2323 ·
No Document Title Filing Date
COURT: E.D. Texas
DOCKET #: 17-CV-00449
JUDGE: Hon. Robert W. Schroeder, III
DATE FILED: 09/25/2018
CLASS PERIOD START: 06/25/2014
CLASS PERIOD END: 03/01/2017
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bernstein Litowitz Berger & Grossmann LLP (New New York)
    1251 Avenue of the Americas, Bernstein Litowitz Berger & Grossmann LLP (New New York), NY 10020
    (212) 554-1400 (212) 554-1448 ·
  2. Kessler Topaz Meltzer & Check LLP (Pennsylvania)
    280 King of Prussia Road, Kessler Topaz Meltzer & Check LLP (Pennsylvania), PA 19087
    610.667.7706 610.667.7706 · info@ktmc.com
  3. Law Offices of George L. McWilliams, P.C.
    P.O. Box 58, Law Offices of George L. McWilliams, P.C., TX 75504
    (870) 772-2055 (870) 772-0513 ·
  4. Siebman Forrest Burg & Smith, LLP
    300 N. Travis Street, Siebman Forrest Burg & Smith, LLP, TX 75090
    903.870.0070 ·
No Document Title Filing Date