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MEDNAX Inc (NYSE: MD) Investor Securities Class Action Lawsuit 07/10/2018

  • If you purchased shares of MEDNAX Inc (NYSE: MD), you may have certain options. Please contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Case Dismissed
Company
MEDNAX, Inc.
Security
NYSE: MD

Case Name
MEDNAX Shareholder Class Action Lawsuit 07/10/2018
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of Florida

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

February 7, 2020 - The court granted the defendants' motion to dismiss the case with prejudice.

November 25, 2019 - A motion to dismiss the second amended consolidated was filed.

October 25, 2019 - A second amended complaint was filed.

October 2, 2019 - The court granted the defendants' motion to dismiss. The plaintiffs were given leave to file a second amend the complaint.

April 12, 2019 - A motion to dismiss the amended complaint was filed.

March 8, 2019 - An amended complaint was filed.

July 10, 2018 - An investor in shares of MEDNAX Inc (NYSE: MD) filed a lawsuit in the U.S. District Court for the Southern District of Florida over alleged violations of Federal Securities Laws by MEDNAX Inc in connection with certain allegedly false and misleading statements made between February 4, 2016 to July 27, 2017.

According to the complaint the plaintiff alleges on behalf of purchasers of MEDNAX Inc (NYSE: MD) common shares between February 4, 2016 to July 27, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between February 4, 2016 to July 27, 2017, MEDNAX Inc's business model depended upon growth from the acquisition of new practice groups, primarily in anesthesiology, and that in truth, MEDNAX Inc's business model is not sustainable and its growth was based upon suppressing physician compensation and enforcing non-compete agreements to deter physician defections.

Sunrise, FL based MEDNAX Inc, together with its subsidiaries, provides newborn, anesthesia, maternal-fetal, radiology, pediatric cardiology, and other pediatric subspecialties physician services in the United States and Puerto Rico.

On February 7, 2017, MEDNAX Inc report edits fourth quarter results for 2016 and issued its 2017 first quarter outlook. MEDNAX Inc reported that its annual Total Revenue rose from over $2.77 billion in 2015 to over $3.18 billion in 2016 and that its Net Income declined from $336.32 million in 2015 to $324.91 million in 2016.

On April 20, 2017, MEDNAX Inc announced its preliminary financial and operating results for its 2017 first quarter. MEDNAX Inc reported negative financial results for the first quarter of 2017.

Then on July 28, 2017, during an earnings call, MEDNAX Inc announced that the Company failed to complete any acquisitions of anesthesiologist practices during the second quarter and disclosed that any future acquisitions were unlikely.

Shares of MEDNAX Inc (NYSE: MD) declined from over $72 per share in early 2017 to as low as $41.35 per share in August 2017.

On February 8, 2018, MEDNAX Inc announced its fourth quarter 2017 results and issued its 2018 first quarter outlook. MEDNAX Inc reported that its annual Total Revenue rose from over $3.18 billion in 2016 to over $3.45 billion in 2017 and that its Net Income declined from $324.91 million in 2016 to $320.37 million in 2017.