Lawsuit Overview
June 20, 2014 - The lead plaintiffs filed a notice of appeal.
May 21, 2014 - The court granted the defendants' motion to dismiss.
March 4, 2013 - The court denied the defendants’ motion to dismiss.
February 25, 2013 - The lead plaintiffs filed a second amended consolidated complaint.
October 22, 2012 - Defendants filed a motion to dismiss.
July 30, 2012 - The lead plaintiffs filed an amended consolidated complaint.
April 30, 2012 - Lead plaintiffs and lead counsel were appointed and all cases were consolidated.
March 26, 2012 - Lead plaintiff motions were filed.
January 26, 2012 - An investor in shares of Health Management Associates Inc (NYSE: HMA) filed a lawsuit in the U.S. District Court for the Middle District of Florida against Health Management Associates Inc over alleged Securities Laws Violations in connection with a subpoena by U.S. Department of Health and Human Services over Health Management Associates Inc’s physician referrals as well as ownership and management at our whole-hospital physician joint ventures.
According to the complaint the plaintiff alleges on behalf of investors who purchased Health Management Associates Inc (NYSE: HMA) common stock during the period July 27, 2009 through January 9, 2012, that Health Management Associates Inc its Chief Executive Officer, and its current and former Chief Financial Officers violated the Securities Exchange Act of 1934 by issuing allegedly materially false and misleading statements between July 27, 2009 through January 9, 2012.
On August 3, 2011, Health Management Associates Inc announced that the U.S. Department of Health and Human Services had issued a subpoena requesting information on [Health Management Associates Inc's] physician referrals as well as ownership and management at our whole-hospital physician joint ventures, among other items.
Then on January 9, 2012 a media report said that an analyst made comments that a former compliance director at Health Management Associates Inc filed a whistleblower lawsuit against the Company.
The whistleblower lawsuit reportedly claims that he was wrongly terminated after uncovering serious Medicare compliance issues at Health Management Associates Inc's facilities. Specifically, the whistleblower alleges that several of Health Management Associates Inc's hospitals had a practice of submitting inflated and fraudulent billing to Medicare through the improper admission of elderly and disabled patients as inpatients even though such patients clearly did not meet Medicare standards for inpatient treatment.
On January 10, 2012, Health Management Associates Inc announced that its Senior Vice President, General Counsel and Secretary of the Company had resigned effective immediately.
NYSE: HMA dropped from as high as $11.30 in May 2011 to under $5 per share during January 10, 2012.