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NEW YORK, April 18, 2017 -- Safirstein Metcalf LLP announces that a securities class action lawsuit has been commenced in the United States District Court for the Eastern District of Texas on behalf of all persons or entities who purchased or otherwise acquired securities of Adeptus Health, Inc. ("Adeptus Health”) (NASDAQ:ADPT) between April 29, 2016 and March 1, 2017.
If you purchased Adeptus Health securities during the Class Period, and would like more information about getting involved in the Adeptus Health Shareholder Class Action, please call 1-800-221-0015, or email [email protected]. If you wish to serve as lead plaintiff, you must move the Court no later than May 9, 2017.
A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
| Company: | Adeptus Health, Inc. | |||
| Exchange: | NASDAQ | |||
| Ticker: | ADPT | |||
| Class Period: | 4/29/16 – 3/1/17 | |||
| Lead Plaintiff Date: | 5/9/17 |
The complaint alleges that throughout the class period, Defendants issued materially false and/or misleading statements and/or failed to disclose that: (1) Adeptus had material weaknesses in its internal control over financial reporting in the areas of revenue recognition, accounts receivable, accounting for a contribution to an unconsolidated joint venture, and accounting for equity in (loss) earnings of unconsolidated joint ventures; and (2) as a result, Defendants' statements about Adeptus' business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
According to the complaint, following a March 2, 2017 filing of a Form 12b-25 announcing the delay in the filing of its Form 10-K and revealing weaknesses in internal controls, the value of Adeptus shares declined more than 50% to close at $2.79 on March 2, 2017.
About Safirstein Metcalf LLP
Safirstein Metcalf LLP focuses its practice on shareholder rights. The law firm also practices in the areas of antitrust and consumer protection. All of the Firm’s legal endeavors are rooted in its core mission: provide investor and consumer protection.
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Safirstein Metcalf LLP Peter Safirstein, Esq. 1250 Broadway 27th Floor New York, NY 10001 1-800-221-0015
