NEW YORK--(BUSINESS WIRE)--Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Envision Healthcare Corporation (“Envision” or the “Company”) (NYSE:EVHC) of the October 3, 2017 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Envision stock or options between March 2, 2015 and July 21, 2017 and would like to discuss your legal rights, click here: www.faruqilaw.com/EVHC. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com.
The lawsuit has been filed in the U.S. District Court for the Middle District of Tennessee on behalf of all those who purchased Envision securities between March 2, 2015 and July 21, 2017 (the “Class Period”). The case, Bettis v. Envision Healthcare Corporation et al, No. 3:17-cv-01112 was filed on August 4, 2017, and has been assigned to Judge Waverly D. Crenshaw Jr.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (i) EmCare Holdings, Inc. (“EmCare”), one of Envision’s primary operating subsidiaries, had routinely arranged for patients who sought treatment at in-network facilities to be treated by out of-network physicians; (ii) EmCare had then billed these patients at higher rates than if the patients had received treatment from in-network physicians; (iii) consequently, Envision’s statements attributing EmCare’s Class Period growth to other factors were therefore false and/or misleading; (iv) further, Envision’s EmCare revenues were likely to be unsustainable after the aforementioned conduct came to light; and (v) as a result, Envision’s public statements were materially false and misleading.
Specifically, on July 24, 2017, The New York Times reported that hospitals associated with EmCare were disproportionately likely to engage in “surprise billing,” in which patients who sought treatment at in-network facilities were treated by out-of-network physicians and subsequently billed at higher rates.
On this news, Envision’s share price fell from $62.61 per share on July 23, 2017 to a closing price of $60.28 on July 24, 2017 — a $2.33 or a 3.72% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Envision’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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