NEW YORK, Sept. 26, 2016 /PRNewswire/ -- Wolf Popper LLP, on September 2, 2016, filed a securities fraud lawsuit in U.S. District Court for the District of Massachusetts on behalf of investors in American Renal Associates Holdings, Inc. (NYSE: ARA) during the period April 20, 2016 through August 18, 2016. Esposito v. American Renal Associates Holdings, Inc., et al. (Index No. 16-11797). The securities fraud lawsuit charges that during the Class Period, ARA, in order to obtain higher reimbursement rates, conspired to convince Medicare and Medicaid-eligible patients to enroll in private health insurance plans by referring them to an industry-funded not-for-profit, which would pay for their premiums.
A recently amended complaint against American Renal, UnitedHealth Group, Inc. adds additional support to Wolf Popper's securities fraud allegations. The UnitedHealth amended complaint confirms Wolf Popper's allegations that four months prior to the company's April 2016 initial public offering American Renal "developed a scheme whereby it could quickly increase revenues and profits" by convincing its patients "to abandon their primary Medicaid coverage and enroll into commercial plans offered by United."
If you are a member of the Class, you may file a motion in the District of Massachusetts no later than October 31, 2016 to be appointed lead plaintiff. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Investors who purchased American Renal securities during the Class Period and suffered losses are urged to contact Wolf Popper to discuss their rights.
Wolf Popper has successfully recovered billions of dollars for defrauded investors. The firm's reputation and expertise have been repeatedly recognized by the courts, which have appointed the firm to major positions in securities litigation. See www.wolfpopper.com.
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SOURCE Wolf Popper LLP