SAN FRANCISCO--(BUSINESS WIRE)--The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that class action litigation has been filed on behalf of investors who purchased or otherwise acquired the securities of Tenet Healthcare Corporation (“Tenet”) (NYSE: THC) between February 28, 2012 and October 3, 2016, inclusive (the “Class Period”).
If you purchased or acquired Tenet securities during the Class Period, you may move the Court for appointment as lead plaintiff by no later than December 6, 2016. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
Tenet investors who wish to learn more about the litigation and how to seek appointment as lead plaintiff should click here or contact Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358.
Background on the Tenet Securities Class Litigation
Tenet, headquartered in Dallas, Texas, primarily operates acute care hospitals and related healthcare facilities.
The action alleges that Tenet misrepresented and/or failed to disclose that it perpetrated an illegal conspiracy to defraud the United States and to make illegal kickback payments for patient referrals to certain Tenet hospitals between 2000 and 2013.
The conspiracy involved Hispanic Medical Management, d/b/a “Clinica de la Mama” (or “Clinica”), a Georgia corporation that operated clinics for pregnant Hispanic women, many of whom were undocumented. Clinica received over $12 million in kickbacks from some executives at Tenet hospitals for illegally referring its patients to the hospitals. The hospitals, in turn, improperly billed and received over $146 million in reimbursements from Medicaid and Medicare for services provided to the unlawfully referred patients.
On August 1, 2016, Tenet announced after the close of the market that it had reached an agreement in principle with the United States government to resolve the civil and criminal investigations of the conspiracy. The agreement provided that Tenet would pay a nearly $514 million settlement, enter into a non-prosecution agreement (“NPA”), and that two Tenet subsidiaries would plead guilty to a single-count indictment, among other terms. On this news, the price of Tenet’s common stock fell $1.34 per share, or 4.64%, from its previous closing price, to close at $27.57 per share on August 2, 2016.
On October 3, 2016, Tenet announced that the settlement was final and revealed details of the NPA. On this news, Tenet’s stock price fell $0.91 per share, or 4.02%, from its previous closing price, to close at $21.75 per share on October 3, 2016.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, Nashville, and Seattle, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.
The National Law Journal has recognized Lieff Cabraser as one of the nation’s top plaintiffs’ law firms for fourteen years. In compiling the list, the National Law Journal examines recent verdicts and settlements and looked for firms “representing the best qualities of the plaintiffs’ bar and that demonstrated unusual dedication and creativity.” Best Lawyers and U.S. News have named Lieff Cabraser as a “Law Firm of the Year” for each year the publications have given this award to law firms.
For more information about Lieff Cabraser and the firm’s representation of investors, please visit http://www.lieffcabraser.com.
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