March 10, 2017 (Shareholders Foundation) - An investor in shares of Adeptus Health Inc (NYSE:ADPT) filed a lawsuit in the U.S. District Court for the Southern 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 29, 2016 and March 1, 2017.

According to the complaint the plaintiff alleges on behalf of purchasers of Adeptus Health Inc (NYSE:ADPT) common shares between April 29, 2016 and March 1, 2017, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between April 29, 2016 and March 1, 2017, the defendants made false and/or misleading statements and/or failed to disclose that Adeptus Health Inc had material weaknesses in its internal control over financial reporting in the areas of revenue recognition, accounts receivable, accounting for a contribution to an unconsolidated joint venture, and accounting for equity in (loss) earnings of unconsolidated joint ventures, and that as a result, defendants’ statements about Adeptus’ business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.

On March 2, 2017 Adeptus Health Inc revealed that it identified material weaknesses in its internal control over financial reporting related to revenue recognition, accounts receivable, accounting for a contribution to an unconsolidated joint venture, and accounting for equity in (loss) earnings of unconsolidated joint ventures. As a result, Adeptus Health Inc is evaluating the effect of these errors in its financial statements for prior periods.

Shares of Adeptus Health Inc (NYSE:ADPT) declined to as low as $2.25 per share on March 10, 2017.