NEW YORK, April 27, 2017 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against Adeptus Health, Inc. ("Adeptus" or the "Company") (NYSE: ADPT) and certain of its officers. The class action, filed in United States District Court, Eastern District of Texas, Tyler Division, and docketed under 17-cv-00241, is on behalf of a class consisting of investors who purchased or otherwise acquired Adeptus securities, seeking to recover compensable damages caused by defendants' violations of the Securities Exchange Act of 1934.
If you are a shareholder who purchased Adeptus securities between April 29, 2016 and March 1, 2017, both dates inclusive, you have until May 9, 2017 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
Adeptus Health Inc. operates an independent network of free-standing emergency rooms. The Company provides emergency medical care to patients in Texas and Colorado.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company 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; (ii) accordingly, the Company lacked effective internal controls over financial reporting; and (iii) as a result of the foregoing, Adeptus's public statements were materially false and misleading at all relevant times.
On March 2, 2017, the Company filed a Form 12b-25 announcing the delay in the filing of its Form 10-K for the fiscal year ended December 31, 2016 and revealing additional material weaknesses in its internal control over financial reporting.
On this news, Adeptus' share price fell $3.76 or 57.4%, to close at $2.79 per share on March 2, 2017.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
SOURCE Pomerantz LLP