CASES
Health Management Associates, Inc.
Class Period: Jul 27, 2009 to Jan 9, 2012
Lead Plaintiff Deadline: Mar 26, 2012
Summary of Case:
A securities class action has been filed against Health Management Associates, Inc. ("HMA" or the "Company") on behalf of investors who purchased HMA common stock between July 27, 2009 to January 09, 2012. This case has been filed in the USDC - Florida (Middle).
The complaint alleges that throughout the Class Period, Defendants repeatedly touted HMA's strong financial performance and growth, its increase in hospital admission rates, and its compliance with all applicable laws and regulations. However, on August 3, 2011, Defendants announced that the U.S. Department of Health and Human Services had issued a subpoena requesting "information on [HMA's] physician referrals as well as ownership and management at our whole-hospital physician joint ventures, among other items." On this news, shares of HMA common stock fell by $0.80, to close at $7.97 per share.
Then, on January 9, 2012, an analyst from CRT Capital Group issued a report stating that HMA's former compliance director, Paul Meyer, filed a lawsuit against the Company for violation of Florida's Private Sector Whistleblower's Act. In addition to being HMA's Director of Compliance at the time of his wrongful termination, Meyer was a thirty-year veteran of the FBI, Healthcare Fraud Unit, in Miami. On this news, shares of HMA dropped another $0.53 per share, falling from $7.49 per share to $6.96
If you purchased this company's shares during the Class Period and suffered a loss or for further information about the case, please review the links below.