According to the Complaint, American Renal purports to operate as a dialysis services provider in the United States.

The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) issues with American Renal’s accounting process for revenue recognition, collections, and related matters would give rise to a U.S. Securities and Exchange Commission (“SEC”) investigation into the same, and increased regulatory scrutiny by the SEC; (2) American Renal’s financial statements for the fiscal years 2014, 2015, 2016 and 2017 contained in its Annual Reports for the years ended December 31, 2016 and 2017, and its condensed consolidated financial statements in quarterly reports from 2016 through 2018 were false and could not be relied upon; (3) American Renal had material weaknesses in its internal control over financial reporting; and (4) as a result, Defendants’ public statements were materially false and misleading at all relevant times.

On July 3, 2019, the Court issued an order consolidating cases and appointing Lead Plaintiff and Counsel. Lead Plaintiff filed a consolidated amended Complaint on November 11.

On June 25, 2020, the parties entered into a Stipulation and Agreement of Settlement. The Court granted preliminary approval of the Settlement on September 3.