- Allegheny County Employees Retirement System v. AdaptHealth Corp., et al.
- Class Period:August 04, 2020 - February 27, 2023
- Date Filed:October 24, 2023
- Jurisdiction:U.S. District Court, Eastern District of Pennsylvania
- Docket Number: 2:23-cv-04104
- Lead Plaintiff Deadline: December 26, 2023
Seek Plaintiff 22
A class action lawsuit captioned Allegheny County Employees Retirement System v. AdaptHealth Corp., et al. has been filed against AdaptHealth Corp. (“AdaptHealth” or the “Company”) (NASDAQ: AHCO) and certain of the Company’s top executive officers alleging that they violated the federal securities laws. The lawsuit seeks to represent all persons and entities who purchased or otherwise acquired AdaptHealth’s common stock between August 4, 2020, and February 27, 2023, inclusive (the “Class Period”).
AdaptHealth sells medical equipment to patients, and bills patients’ insurance providers to receive reimbursements. AdaptHealth works with private insurance providers as well as Centers for Medicare and Medicaid Services (“CMS”). Indeed, AdaptHealth receives a “substantial” portion of its revenues from CMS.
The complaint alleges that, throughout the Class Period, AdaptHealth and certain of its senior executives orchestrated a scheme to overcharge CMS and other insurance providers by submitting improper billing codes for diabetes equipment. To facilitate this scheme, AdaptHealth and certain of its senior executives made numerous false and misleading statements to investors during the Class Period.
As a result of these misrepresentations, AdaptHealth common stock traded at artificially inflated prices during the Class Period. The truth about AdaptHealth’s misconduct was revealed on February 27, 2023, when the Company announced a surprise loss of $0.02 per share for the fourth quarter of 2022, which was significantly lower than the gain of $0.27 per share that analysts and investors were led to expect.
The Company also reduced its guidance for 2023, lowering revenue expectations it had provided just seven weeks earlier by over 1.5%. AdaptHealth attributed the miss and lowered guidance to “tempered expectations on diabetes.” As a result of these disclosures, the price of AdaptHealth common stock declined precipitously.
* * *
If you purchased or otherwise acquired AdaptHealth’s common stock between August 4, 2020, and February 27, 2023, inclusive, and suffered substantial losses, and you wish to serve as lead plaintiff in this lawsuit, we encourage you to submit your information to DiCello Levitt LLP via the form on this page.
You can also contact DiCello Levitt partner Brian O’Mara by calling (888) 287-9005 or at email@example.com.
The deadline to apply to the Court to serve as a lead plaintiff in the AdaptHealth lawsuit is December 26, 2023.