LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, announces that a class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired AdaptHealth Corp. (“AdaptHealth” or the “Company”) (NASDAQ: AHCO) common stock: (1) between August 4, 2020 and February 27, 2023, inclusive (the “Class Period”); and/or (2) pursuant and/or traceable to the Company’s January 2021 secondary public offering (the “SPO”). AdaptHealth investors have until December 26, 2023 to file a lead plaintiff motion.
If you suffered a loss on your AdaptHealth investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/AdaptHealth-Corp-1/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at firstname.lastname@example.org to learn more about your rights.
On or around January 5, 2021, Adapt Health conducted its SPO, selling 8,450,000 shares of common stock at $33 per share.
On February 27, 2023, AdaptHealth announced a loss of $0.02 per share for the fourth quarter of 2022, significantly less than the gain of $0.27 per share that analysts and investors had expected. The Company also reduced its 2023 guidance, lowering revenue expectance by over 1.5%. The Company stated that the disappointing results were due to “lower diabetes growth in the second half than anticipated.”
On this news, AdaptHealth’s stock price fell $5.99, or 27.3%, to close at $15.99 per share on February 28, 2023, thereby injuring investors.
The complaint filed in this class action alleges Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically: (1) AdaptHealth misstated the Company’s true ability to generate organic growth in its diabetes segment; (2) AdaptHealth engaged in improper upcoding and other illicit billing practices; and (3) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
If you purchased or otherwise acquired AdaptHealth common stock during the Class Period, you may move the Court no later than December 26, 2023 to ask the Court to appoint you 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 Charles Linehan, 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 email@example.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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