Glancy Prongay & Murray LLP, a leading securities fraud law firm, announces the filing of a securities class action lawsuit on behalf of investors in AdaptHealth Corp. (AHCO)
LOS ANGELES–(COMMERCIAL THREAD) –Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, announces that a class action lawsuit has been filed on behalf of investors who have purchased or otherwise acquired AdaptHealth Corp. (“AdaptHealth” or the “Company”) (NASDAQ: AHCO) titles between November 11, 2019 and July 16, 2021, inclusive (the “Class Period”). AdaptHealth investors have up to September 27, 2021 file an application as the principal applicant.
If you have suffered a loss on your AdaptHealth investments or would like to inquire about the possibility of pursuing claims to recover your loss under federal securities laws, you can submit your details to https://www.glancylaw.com/cases/adapthealth-corp/. You can also contact Charles H. Linehan of GPM at 310-201-9150, toll free at 888-773-9224, or by email at [email protected] to learn more about your rights.
July 19, 2021, Josaphat Research released a report alleging, among other things, that AdaptHealth masked its true organic growth by “[r]closely changing past organic growth numbers to be higher, without any disclosure of the change. He further alleged that, “[w]While management claims (and consensus estimates reflect) an 8-10% organic growth path, AHCO is actually experiencing double-digit organic decline. The report notes that the company’s attempts to manipulate its organic growth trajectory are “a blatant violation of non-GAAP disclosure rules, which companies have enormous problems with.”
At this news, AdaptHealth’s stock price fell $ 1.51 per share, or about 6%, to close at $ 23.96 per share on July 19, 2021, hurting investors.
The lawsuit filed in this class action alleges that throughout the Class Period, the Defendants made materially false and / or misleading statements, and failed to disclose material adverse facts regarding the business, operations and prospects of the society. Specifically, the defendants failed to disclose to investors that: (1) AdaptHealth distorted its organic growth trajectory by retroactively inflating past organic growth numbers without disclosing the changes, in violation of SEC regulations; (2) as a result, the Company had significantly overestimated its financial outlook; and (3) as a result, the Defendants’ positive statements regarding the Company’s business, operations and prospects were misleading and / or lacking reasonable basis at all material times.
If you have purchased or otherwise acquired securities of AdaptHealth during the Recourse Period, you may apply to Court no later than September 27, 2021 ask the Court to appoint you as the principal applicant. To be a member of the Class, you do not need to take any action at this time; you can retain the services of a lawyer of your choice or take no action and remain an absent member of the group. If you would like to know more about this action, or if you have any questions regarding this announcement or your rights or interests in any such matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, toll free at 888-773-9224, by email at [email protected], or visit our website at www.glancylaw.com. If you are applying by email, please include your mailing address, phone number and number of shares purchased.
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