LOS ANGELES--(BUSINESS WIRE)--Tostrud Law Group, P.C. announces the filing of a class action lawsuit on behalf of investors who acquired HMS Holdings Corp. ("HMS" or the "Company") (NASDAQ: HMSY) securities between May 10, 2016 and March 2, 2017, inclusive (the “Class Period”). HMS investors have until May 2, 2017 to file a lead plaintiff motion. Injured investors are encouraged to contact Jon Tostrud, Esq. to discuss their legal rights.
On March 2, 2017, the Company revealed that it would not file its fiscal year 2016 Form 10-K on time, and that the Company’s auditor had identified what it believed was a material weakness in the Company’s internal controls over financial reporting related to CMS reserves. HMS also stated that it is “continuing to evaluate whether this issue affects its consolidated financial results, primarily focusing on prior periods in which revenue relating to the CMS business was recorded.” On this news, the Company’s share price fell, thereby injuring investors.
The complaint filed in this class action alleges that throughout the class period Defendants issued materially false and/or misleading statements and/or failed to disclose that: (1) HMS lacked effective internal control over financial reporting; and (2) as a result, HMS’s financial statements were materially false and misleading at all relevant times.
HMS investors have until May 2, 2017 to move the Court to appoint you as lead plaintiff if you meet certain legal requirements. If you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Jon Tostrud, Esquire, of Tostrud Law Group, P.C., 1925 Century Park East, Suite 2125, Los Angeles, California 90067, at (310) 278-2600 or by e-mail at firstname.lastname@example.org.
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