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Tenet Healthcare Corp (NYSE: THC) Investor Securities Class Action Lawsuit 10/07/2016

  • If you purchased shares of Tenet Healthcare Corp (NYSE: THC), you might have certain options and should contact the Shareholders Foundation, Inc.

  • 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

Case Dismissed
Company
Tenet Healthcare Corporation
Security
NYSE: THC

Case Name
Tenet Healthcare Shareholder Class Action Lawsuit 10/07/2016
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Northern District of Texas

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

December 20, 2017 - The court granted defendants' motion to dismiss.

June 12, 2017 - A motion to dismiss the amended complaint was filed.

April 11, 2017 - An amended complaint was filed.

November 22, 2016 - The case was transferred to the U.S. District Court for the Northern District of Texas.

October 7, 2016 - An investor in shares of Tenet Healthcare Corp (NYSE: THC) filed a lawsuit in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws by Tenet Healthcare Corp in connection with certain allegedly false and misleading statements made between February 28, 2012 and October 3, 2016.

According to the complaint the plaintiff alleges on behalf of purchasers of Tenet Healthcare Corp (NYSE: THC) common shares between February 28, 2012 and October 3, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between February 28, 2012 and October 3, 2016 the defendants made false and/or misleading statements and/or failed to disclose that Tenet Healthcare Corp illegally paid kickbacks to induce the referral of patients to Tenet Healthcare Corp's hospitals for labor and delivery, that through this scheme, Tenet Healthcare Corp defrauded the Georgia Medicaid program, and that as a result, defendants' statements about Tenet Healthcare Corp's business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.

Tenet Healthcare Corp reported that its annual Total Revenue rose from over $16.6 billion in 2014 to over $18.63 billion in 2015 and that its Net Income of $12 million in 2014 declined to a Net Loss of $142 million in 2015.

On October 3, 2016, Tenet Healthcare Corp (NYSE: THC) disclosed that it would pay states and the federal government $514 million to settle allegations that its hospitals in Georgia and South Carolina paid kickbacks for obstetric referrals. Under the settlement, two Tenet Healthcare Corp (NYSE: THC) subsidiaries will plead guilty to one count of conspiracy to violate federal kickback laws. Shares of Tenet Healthcare Corp (NYSE: THC) closed on October 3, 2016 at $21.33 per share.

Shares of Tenet Healthcare Corp (NYSE: THC) declined to as low as $20.40 per share on October 7, 2016.