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Case Status:    ONGOING    
On or around 08/09/2019 (Ongoing date of last review)

Filing Date: August 08, 2019

According to the Complaint, through its "end-to-end, built-for-purpose, technology enabled platform," Evolent aligns or partners up with health systems and physicians organizations and provides "integrated, technology-enabled services" and third-party administration ("TPA") to partners "to transition their organization and business model to succeed in value-based payment models."

The Complaint alleges that during the Class Period, Defendants issued a series of false and/or misleading statements and failed to disclose material adverse facts about Evolent’s business, operations, and prospects, including Evolent’s “partnership” with Passport specifically. Among other things, the Complaint alleges Defendants mispresented and failed to disclose that: (1) Evolent’s partnership model did not align the Company’s interests with those of its partners, as the model was designed to inflate the Company’s revenue by extracting enormous administrative and management fees at the expense of its operating partners such as Passport; (2) Passport was struggling financially, particularly after Kentucky cut its reimbursement rates, and the partnership between Evolent and Passport was becoming increasingly unsustainable; (3) Evolent was draining Passport of functions, employees and money, to such an extent that Passport was left on the verge of insolvency; (4) Passport was conducting a bidding process for several months to sell itself to prevent liquidation; and (5) as a result of the foregoing, Defendants’ public statements were materially false and/or misleading and/or lacked a reasonable basis.

COMPANY INFORMATION:

Sector: Services
Industry: Business Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: EVH
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. Virginia
DOCKET #: 19-CV-01031
JUDGE: Hon. Rossie D. Alston, Jr
DATE FILED: 08/08/2019
CLASS PERIOD START: 03/03/2017
CLASS PERIOD END: 05/28/2019
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Cohen Milstein Sellers & Toll PLLC (Washington DC)
  2. Saxena White PA (Boca Raton)
No Document Title Filing Date
—Reference Complaint Complaint Related Data is not available
—Related District Court Filings Data is not available