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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 November 23, 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
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July 27. 2020 - The court preliminarily approved the settlement.
July 16, 2020 - A stipulation and agreement of settlement was entered by the parties.
September 14, 2018 - A second amended complaint was filed.
April 19, 2018 - The court denied the defendants' motion to dismiss.
June 23, 2017 - A motion to dismiss the amended complaint was filed.
April 17, 2017 - An amended complaint was filed.
September 9, 2016 (Shareholders Foundation) - An investor in shares of Quorum Health Corp (NYSE:QHC) filed a lawsuit in the U.S. District Court for the Middle District of Tennessee over alleged violations of Federal Securities Laws by Quorum Health in connection with certain allegedly false and misleading statements.
According to the complaint the plaintiff alleges on behalf of all persons other than Defendants who purchased or otherwise acquired Quorum Health Corp (NYSE:QHC) securities pursuant and/or traceable to Quorum Health’s Registration Statement issued in connection with the Company’s spinoff from Community Health Systems, Inc. (“CHS”) effective on or about April 29, 2016 and/or on behalf of all persons other than Defendants who purchased or otherwise acquired Quorum Health Corp (NYSE:QHC) securities on the open market between May 2, 2016 and August 10, 2016, that the defendants violated Federal Securities Laws. Quorum Health Corp was spun off from Community Health Systems, Inc effective April 29, 2016. ; Under the terms of the spin-off, Community Health Systems, Inc stockholders who held Community Health Systems, Inc common stock as of April 22, 2016, the record date, received a distribution of one share of Quorum Health Corp common stock for every four shares of CHS common stock, plus cash in lieu of any fractional shares. Community Health Systems, Inc’s stockholders owned all of the outstanding common stock of Quorum Health Corp upon completion of the spinoff. ; More specifically, the plaintiff claims that Defendants made allegedly false and/or misleading statements and/or failed to disclose that a number of Quorum’s hospitals were underperforming at the time of the spin-off from Community Health Systems, Inc, that various other indicators of impairment existed at the time of Quorum’s spin-off from Community Health Systems, Inc, that Quorum disregarded and/or failed to advise investors of the foregoing issues, and that as a result of the foregoing, Quorum’s public statements were materially false and misleading at all relevant times. ; Quorum Health Corp reported that its annual Total Revenue rose from over $2.14 billion in 2014 to over $2.18 billion in 2015 while its Net Income declined from $7.80 million to $1.34 million.
On May 11, 2016, Quorum Health Corp stated its 2016 guidance revenues ranging between $2.2 billion to $2.3 billion. Then on August 10, 2016, Quorum Health Corp said it had a damage of $250.4 million during the quarter ending June 30, 2016 and then decreased its 2016 guidance revenues ranging $2.15 billion to $2.20 billion. Shares of Quorum Health Corp (NYSE:QHC) declined from $10.12 per share on August 10, 2016, to $4.12 per share on August 11, 2016.