Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against AdaptHealth Corp. (AHCO)
LOS ANGELES, Aug. 18, 2021 /PRNewswire/ -- Glancy Prongay & Murray LLP ("GPM") reminds investors of the upcoming September 27, 2021 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired AdaptHealth Corp. ("AdaptHealth" or the "Company") (NASDAQ: AHCO) securities between November 11, 2019 and July 16, 2021, inclusive (the "Class Period").
If you suffered a loss on your AdaptHealth investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at 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 via email at shareholders@glancylaw.com to learn more about your rights.
On July 19, 2021, Jehoshaphat Research published a report alleging, among other things, that AdaptHealth obscured its true organic growth by, "[r]etroactively changing past organic growth numbers to be higher, with no disclosure about the change." It further alleged that, "[w]hile management claims (and consensus estimates reflect) an organic growth trajectory of 8-10%, AHCO is in fact experiencing double-digit organic decline." The report noted that the Company's attempts to manipulate its organic growth trajectory are "a blatant violation of non-GAAP disclosure rules, for which companies get into huge trouble."
On this news, AdaptHealth's stock price fell $1.51 per share, or approximately 6%, to close at $23.96 per share on July 19, 2021, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, 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, Defendants failed to disclose to investors that: (1) AdaptHealth had misrepresented its organic growth trajectory by retroactively inflating past organic growth numbers without disclosing the changes, in violation of SEC regulations; (2) accordingly, the Company had materially overstated its financial prospects; 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 securities during the Class Period, you may move the Court no later than September 27, 2021 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 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 to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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SOURCE Glancy Prongay & Murray LLP
