BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith reminds investors of the upcoming May 2, 2017 deadline to file a lead plaintiff motion in the class action filed on behalf of a class of investors who purchased or otherwise 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.
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, shares of HMS fell nearly 9% during after-hours trading on March 2, 2017.
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.
If you purchased HMS shares, you may move the Court no later than May 2, 2017 to request appointment as lead plaintiff. To be a member of the class, you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.
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