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

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Company Name(s): 
Tenet Healthcare
Case Name: 
Tenet Healthcare Shareholder Class Action Lawsuit 10/07/2016
Case Status: 
Case Dismissed
Affected Securities
NYSE: THC
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
10/07/2016
Class Period Begin: 
02/28/2012
Class Period End: 
08/01/2016
Court of Filing: 
U.S. District Court for the Central District of California
Deadline To File for Lead: 
12/06/2016
Case Dismissed: 
12/20/2017
Summary: 

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

June 12, 2017 - Defendants filed a motion to dismiss.

April 11, 2017 - The lead plaintiffs filed an amended consolidated complaint on behalf of investors who purchased Tenet Healthcare Corp (NYSE: THC) common shares between February 28, 2012 and August 1, 2016. The lead plaintiffs allege that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between February 28, 2012 and August 1, 2016.

February 10, 2017 - Lead plaintiffs and lead counsel were appointed and all cases were consolidated.

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.