NEW YORK, Aug. 26, 2016 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of American Renal Associates Holdings, Inc. ("American Renal" or the "Company") (NYSE: ARA). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 9980.
The investigation concerns whether American Renal and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On August 18, 2016, following allegations that the Company has steered patients away from Medicare and Medicaid programs into higher paying Affordable Care Act ("ACA") programs, the Centers for Medicare and Medicaid Services said 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.
On this news, American Renal's share price fell $2.31, or 10.44%, to close at $19.81 on August 19, 2016.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Florida, 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