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You must submit the settlement Proof form attached below, in order to participate in this settlement. There is a strict deadline of June 8, 2020 by which all claims must be submitted. The instructions for submitting are included in the Proof and the Notice files attached below for your download. DO NOT SEND THE FORMS TO THE SHAREHOLDERS FOUNDATION, INC.
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To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Lawsuit Overview
Settlement Overview
You must register to view and download the Settlement Notice and Settlement Proof.
January 9, 2020 - The court preliminarily approved the settlement.
November 26, 2019 - A stipulation of settlement was filed by the parties.
February 5, 2018 - A motion to dismiss the amended consolidated complaint was filed.
November 21, 2017 - An amended consolidated complaint was filed.
October 27, 2016 - An investor in shares of Adeptus Health Inc (NYSE: ADPT) filed a lawsuit in the U.S. District Court for the Eastern District of Texas over alleged violations of Federal Securities Laws by Adeptus Health Inc in connection with certain allegedly false and misleading statements made between April 23, 2015 and November 16, 2015.
According to the complaint the plaintiff was filed on behalf of purchasers of Adeptus Health Inc (NYSE: ADPT) Class A common shares pursuant and/or traceable to the Company's secondary public offering (the SPO ) on or about July 31, 2015, seeking to pursue remedies under the Securities Act of 1933 (the Securities Act ), as well as purchasers of Adeptus Health Inc (NYSE: ADPT) shares between April 23, 2015 and November 16, 2015, seeking to pursue remedies under the Securities Exchange Act of 1934.
More specifically, the plaintiff claims that the 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 Adeptus Health had been engaging in widespread predatory billing practices, particularly with respect to lower acuity level patients, that Adeptus Health Inc'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, that the Company's financial statements had not been prepared in conformity with generally accepted accounting principles, that contrary to defendants' representations about the Company's practice of referring lower acuity patients to urgent care facilities, Adeptus Health Inc routinely treated lower acuity patients and excessively billed them for the services it rendered, and that as a result of the foregoing, defendants lacked a reasonable basis for their positive statements about Adeptus Health Inc's then-current business and future financial prospects.
Adeptus Health Inc reported that its annual Total Revenue rose from $102.88 million in 2013 to $209.79 million in 2014. Shares of Adeptus Health Inc (NYSE: ADPT) grew from $31.20 per share in January 2015 to as high as $120.88 per share in August 2015.
On November 17, 2015, KUSA, an NBC-affiliated television station located in Denver, Colorado, aired a 9WANTS To Know investigative report about the billing practices at Adeptus Health Inc's Colorado First Choice emergency rooms ( ERs ).
According to the report, which had been based on months of investigation, the Company's First Choice ERs engaged in a pattern and practice of predatory overbilling.
Shares of Adeptus Health Inc (NYSE: ADPT) declined to as low as $45.50 per share on November 17, 2015.