LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) announces that a class action lawsuit has been filed on behalf of investors who purchased 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.
Investors suffering losses on their HMS investments are encouraged to contact Lesley Portnoy of GPM to discuss their legal rights in this class action at 310-201-9150 or by email to email@example.com.
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 shares of HMS during the Class Period you may move the Court no later than May 2, 2017 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. 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 Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at http://glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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