Amedisys Inc (NASDAQ: AMED) Investor Securities Class Action Lawsuit 06/10/2010

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Company Name(s): 
Case Name: 
Amedisys Shareholder Class Action Lawsuit 06/10/2010
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
Class Period Begin: 
Class Period End: 
Court of Filing: 
U.S. District Court for the Middle District of Louisiana
Deadline To File for Lead: 
Date Settled: 
Settlement Amount: 
Deadline to Participate in Settlement: 
Settlement Notice: 
Settlement Proof: 

December 20, 2017 - The court approved the settlement and entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissing the action with prejudice.

August 21, 2017 - The court preliminarily approved the settlement.

August 4, 2017 - Parties filed a stipulation of settlement.

August 19, 2016 - The court granted in part and denied in part defendants' motion to dismiss.

December 15, 2015 - Defendants filed a motion to dismiss.

September 30, 2015 - The lead plaintiffs filed an amended complaint.

October 2, 2014 - The U.S. Court of Appeals for the Fifth Circuit issued a decision reversing the District Court's dismissal.

May 3, 2013 - The lead plaintiffs filed a notice of appeal.

June 28, 2012 - The court granted the defendants' motion to dismiss the amended consolidated securities class action complaint and ordered the case dismissed.

April 25, 2011 - Additional defendants filed a motion to dismiss.

April 11, 2011 - Additional defendants filed motion to dismiss.

March 21, 2011 - Defendants filed motion to dismiss the amended consolidated securities class action complaint.

January 18, 2011 - The lead plaintiffs filed an amended consolidated securities class action complaint on behalf of investors who purchased Amedisys Inc (NASDAQ: AMED) common shares between August 2, 2005 and September 28, 2010. The lead plaintiffs allege that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between August 2, 2005 and September 28, 2010.

October 21, 2010 - Lead plaintiff and lead counsel were appointed.

August 9, 2010 - Lead plaintiff motions were filed.

July 28, 2010 - Another investor filed a complaint.

July 14, 2010 - Another investor filed a complaint.

June 10, 2010 - An investor in shares of Amedisys Inc (NASDAQ: AMED) filed a lawsuit in the U.S. District Court for the Middle District of Louisiana against Amedisys Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between February 23, 2010 to May 13, 2010.

According to the complaint the plaintiff charges Amedisys Inc and certain of its officers and directors with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. The complaint alleges that between February 23, 2010 and May 13, 2010 defendants issued materially false and misleading statements, as well as by failing to disclose material adverse facts about its business, operations, and prospects.
On April 27, 2010, The Wall Street Journal reported that an analysis by the Wall Street Journal of Medicare payments to home health-care companies in recent years raised questions about whether some companies, including the sector’s largest company Amedisys Inc, are taking advantage of the Medicare reimbursement system. The article also names Gentiva Health Services Inc (NASDAQ: GTIV), LHC Group Inc (NASDAQ: LHCG), and Almost Family Inc (NASDAQ: AFAM). The April 26, 2010 article further stated that “the results show that the number of in-home therapy visits tracks Medicare financial incentives.”

On May 13, 2010, the Wall Street Journal further reported that the Senate Finance Committee had launched an investigation into the practices of Amedisys Inc, Gentiva Health Services Inc, LHC Group Inc, and Almost Family Inc. According to the May 13 Wall Street Journal article, letters were emailed to the CEOs of each of the four companies requesting that each company provide information on their companies’ therapy visits from 2006 through 2009 and about financial relationships with referring physicians. Senate Finance Committee Chairman Max Baucus and Ranking Republican Member Charles Grassley wrote, "These findings suggest that HHAs are basing the number of therapy visits they provide on how much Medicare will pay them instead of what is in the best interests of the patients". Additionally, the May 13, 2010 article stated as follows: “The home therapy numbers cited in the [April 26, 2010 WSJ article], which came from publicly available Medicare claims, “suggest home health agencies intentionally increased utilization for the purpose of triggering higher reimbursements,” the senators wrote in letters that were emailed to the chief executives of the four companies”. Then on June 30, 2010, after the close of trading, Amedisys Inc issued a press release that disclosed Amedisys Inc was under investigation by the U.S. Securities and Exchange Commission. On July 1, 2010, the price of Amedisys Inc (NASDAQ: AMED) shares declined from a close on June 30, 2010 of $43.98 per share, to close at $39.34 per share, a decline of $4.64 per share or approximately 11%. On July 13, 2010, shares of Amedisys Inc (NASDAQ: AMED) dropped after the announcement of the Q2 2010 EPS Guidance Below Analysts' Estimates from $35.06 per share to almost $26 per share. Amedisys Inc (NASDAQ: AMED) shares are down from its 52 week High of $64.28 per share. Amedisys Inc reported in 2007 Total Revenue of $697.93 million, in 2008 Total Revenue of $1.18741 billion, and in 2009 $1.51346 billion.

Amedisys Inc, located in Baton Rouge, LA, is a provider of home health services to the chronic, co-morbid, aging American population.