LOS ANGELES–(BUSINESS WIRE)–The Law Offices of Frank R. Cruz reminds investors of the upcoming December 26, 2023 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired AdaptHealth Corp. (“AdaptHealth” or the “Company”) (NASDAQ: AHCO) common stock: (1) between August 4, 2020 and February 27, 2023, inclusive (the “Class Period”); and/or (2) pursuant and/or traceable to the Company’s January 2021 secondary public offering (the “SPO”).
If you are a shareholder who suffered a loss, click here to participate.
On or around January 5, 2021, Adapt Health conducted its SPO, selling 8,450,000 shares of common stock at $33 per share.
On February 27, 2023, AdaptHealth announced a loss of $0.02 per share for the fourth quarter of 2022, significantly less than the gain of $0.27 per share that analysts and investors had expected. The Company also reduced its 2023 guidance, lowering revenue expectance by over 1.5%. The Company stated that the disappointing results were due to “lower diabetes growth in the second half than anticipated.”
On this news, AdaptHealth’s stock price fell $5.99, or 27.3%, to close at $15.99 per share on February 28, 2023, thereby injuring investors.
The complaint filed in this class action alleges Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically: (1) AdaptHealth misstated the Company’s true ability to generate organic growth in its diabetes segment; (2) AdaptHealth engaged in improper upcoding and other illicit billing practices; and (3) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased or otherwise acquired AdaptHealth common stock during the Class Period, you may move the Court no later than December 26, 2023 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Century City, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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Contacts
The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
fcruz@frankcruzlaw.com
www.frankcruzlaw.com