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 announced by Shareholders Foundation - EconoTimes)
SAN DIEGO, Sept. 13, 2016 -- The Shareholders Foundation, Inc. announces that a lawsuit was filed in New York on behalf of certain purchasers of shares of American Renal Associates Holdings Inc (NYSE:ARA) over alleged Securities Laws Violations by American Renal Associates Holdings Inc.
Investors who purchased shares of American Renal Associates Holdings Inc (NYSE:ARA) have certain options and for certain investors there are short and strict deadlines running. Deadline: October 31, 2016. NYSE:ARA investors should contact the Shareholders Foundation at [email protected] or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants made false and/or misleading statements and/or failed to disclose that American Renal Associates Holdings was engaged in a fraudulent scheme to steer patients away from qualified-for Medicare and Medicaid plans into more expensive Affordable Care Act (“ACA”) plans to obtain greater reimbursement for American Renal Associates Holdings’ dialysis services, that the foregoing scheme was in violation of federal and state laws, and that as a result of the foregoing, American Renal Associates Holdings’ public statements were materially false and misleading at all relevant times.
In July 2016, insurance companies filed a lawsuit against American Renal Associates Holdings and an affiliated entity alleging that American Renal Associates Holdings was engaged in a “fraudulent and illegal scheme” that involved persuading patients who qualified for Medicare or Medicaid coverage to enroll in commercial healthcare plans and then putting those patients in touch with an American Renal-patronized charity that would pay the patients’ insurance premiums in full or in part. As Medicaid and Medicare provide for only predetermined reimbursement rates for dialysis services, the suit alleges that American Renal Associates Holdings would thus receive much larger reimbursements from the ACA insurer as a commercial payor than it would have from Medicare or Medicaid coverage.
In August 2016, the Centers for Medicare and Medicaid Services (the “Agency”) announced that it had sent warning letters to all dialysis centers that participate in the federal Medicare program. The Agency also stated that it is weighing financial penalties on providers found to have directed people eligible for Medicare into ACA plans instead—as American Renal Associates Holdings is alleged to have done.
Those who purchased American Renal Associates Holdings Inc (NYSE:ARA) shares should contact the Shareholders Foundation, Inc. by e-mail at [email protected] or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
CONTACT:
Shareholders Foundation, Inc.
Michael Daniels
+1 (858) 779-1554
[email protected]
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
