BOSTON, March 4, 2017 /PRNewswire/ -- Block & Leviton LLP (www.blockesq.com), a national securities litigation firm, announces that a class action lawsuit has been filed against HMS Holdings Corp. ("HMS or the "Company") (NASDAQ: HMSY) and certain of its officers and directors for violations of the federal securities laws. The deadline to move the court for lead plaintiff status is May 2, 2017.
If you purchased or otherwise acquired HMS securities between May 10, 2016 and March 2, 2017 (the "Class Period") and wish to learn more about your options, you are encouraged to contact attorney Bradley Vettraino at (617) 398-5600, by email at firstname.lastname@example.org, or visit www.blockesq.com/hms.
In November of 2016, HMS revealed that there "could be a material negative impact on our future revenue in future periods" in connection with disputes over the Company's Medicare Recovery Audit Contractor, owned by HMS, and the Centers for Medicare & Medicaid Services.
On this news, HMS shares fell 21.5%, causing tens of millions in losses to investors.
On March 2, 2017, HMS announced it would be unable to timely file its full-year 2016 financial results, revealing that the Company had identified a "material weakness in the Company's internal controls over financial reporting," resulting in a stock drop of another 2.5%.
The case, brought on behalf of investors who purchased or otherwise HMS securities during the Class Period, alleges that the defendants made 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, and that when the truth was revealed, investors suffered damages.
Confidentiality to whistleblowers or others with relevant information is assured.
Block & Leviton LLP is a Boston-based law firm representing investors nationwide. The firm's lawyers have collectively been prosecuting securities cases on behalf of individual and institutional investors for over 50 years, and have recovered billions of dollars on their behalf. Block & Leviton's investigations into corporate wrongdoing were recently covered by the New York Times.
The case, filed March 3, 2017, is pending in the United States District Court for the District of New Jersey, and is captioned Danahar v. HMS Holdings Corp., et al., Ca No. 3:17-cv-01494 (D.N.J.). The court is located at 4th & Cooper Streets, Camden, New Jersey 08101.
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Block & Leviton LLP
Bradley J. Vettraino
155 Federal Street, Suite 400
Boston, MA 02110
SOURCE Block & Leviton LLP