LOS ANGELES--(BUSINESS WIRE)--Lundin Law PC, a shareholder rights firm, announces a class action lawsuit has been filed against Tenet Healthcare Corp. (“Tenet” or the “Company”) (NYSE: THC) concerning possible violations of federal securities laws between February 28, 2012 and October 3, 2016 inclusive (the “Class Period”). Investors, who purchased or otherwise acquired shares during the Class Period, are encouraged to contact the firm in advance of the December 6, 2016 lead plaintiff motion deadline.
No class has been certified in the above action. Until a class is certified, you are not considered represented by an attorney. You may also choose to do nothing and be an absent class member.
According to the Complaint, Tenet made false and misleading statements and/or failed to disclose that: the Company illegally paid kickbacks to induce the referral of patients to Tenet’s hospitals for labor and delivery; that Tenet defrauded the Georgia Medicaid program through this scheme; and that as a result of the above, statements about Tenet’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On August 1, 2016, Tenet announced that it reached an agreement in principle with federal and state authorities that the Company would pay nearly $514 million to settle allegations that four Tenet hospitals in Georgia and South Carolina paid kickbacks for obstetric referrals. Under the settlement, two Tenet subsidiaries would plead guilty to one count of conspiracy to violate federal kickback laws. On October 3, 2016, Tenet issued a press release and filed a Current Report on Form 8-K with the U.S. Securities and Exchange Commission, announcing that the Company finalized the agreement in principle announced on August 1, 2016.
Lundin Law PC was founded by Brian Lundin, a securities litigator based in Los Angeles dedicated to upholding shareholders’ rights.
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