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Case Status:    SETTLED
On or around 03/05/2024 (Date of last review)

Filing Date: July 29, 2021

According to the Complaint, AdaptHealth Corp., f/k/a DFB Healthcare Acquisitions Corp. ("DFB"), provides home healthcare equipment, medical supplies, and home and related services in the U.S.

DFB was a SPAC, also known as a blank check company, incorporated for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization, or similar business combination with one or more businesses or entities.

On July 8, 2019, DFB announced that it had entered into a definitive agreement for a business combination with Legacy AdaptHealth, the third largest distributor of home medical equipment ("HME") in the U.S. Upon the closing of the Merger, DFB renamed itself “AdaptHealth Corp.” and its Class A common stock began trading on the NASDAQ under the ticker symbol “AHCO.”

The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, the Complaint alleges Defendants made false and/or misleading statements and/or failed to disclose that: (i) AdaptHealth had misrepresented its organic growth trajectory by retroactively inflating past organic growth numbers without disclosing the changes, in violation of SEC regulations; (ii) accordingly, the Company had materially overstated its financial prospects; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times.

On October 14, 2021, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed a consolidated Complaint on November 22. Defendants filed a Motion to Dismiss the consolidated Complaint on January 20, 2022. On June 9, the Court issued an Order denying Defendants' Motion to Dismiss.

On February 6, 2024, the parties entered into a Stipulation and Agreement of Settlement. The Court granted preliminary approval of the Settlement on March 5.

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