July 28, 2017 - The case was voluntarily dismissed.

May 19, 2017 - The case was transferred to the U.S. District Court for the Northern District of Texas.

March 3, 2017 (Shareholders Foundation) - An investor in shares of HMS Holdings Corp (NASDAQ:HMSY) filed a lawsuit in the U.S. District Court for the District of New Jersey over alleged violations of Federal Securities Laws by HMS Holdings Corp in connection with certain allegedly false and misleading statements made between May 10, 2016 and March 2, 2017.

According to the complaint the plaintiff alleges on behalf of purchasers of HMS Holdings Corp (NASDAQ:HMSY) common shares between May 10, 2016 and March 2, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between May 10, 2016 and March 2, 2017, the defendants made false and/or misleading statements and/or failed to disclose that HMS lacked effective internal control over financial reporting, and that as a result, HMS’s financial statements were materially false and misleading at all relevant times.

HMS Holdings Corp reported that its annual Total Revenue rose from $474.22 million in 2015 to $496.01 million in 2016 and that its Net Income increased from $24.53 million in 2015 to $37.64 million in 2016.

On March 2, 2017, HMS Holdings Corp revealed during aftermarket hours that it would not file its fiscal year 2016 Form 10-K on time and that HMS Holdings’ auditor believes it has identified a material weakness in HMS Holdings’ internal controls over financial reporting related to CMS reserves. HMS Holdings Corp also disclosed that it is “continuing to evaluate whether this issue affects its consolidated financial results, primarily focusing on prior periods in which revenue relating to the CMS business was recorded.”

Shares of HMS Holdings Corp (NASDAQ:HMSY) declined on March 3, 2017 to as low as $17.72 per share.