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Izard Nobel LLP Announces Class Action Lawsuit
Class Action |
2012/01/18
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The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Southern District of Ohio on behalf of purchasers of the common stock of Chemed Corporation between February 15, 2010 and November 16, 2011.
The Complaint alleges that Chemed and certain of its officers and directors violated federal securities laws. Specifically, defendants failed to disclose the following adverse facts: (i) Chemed billed Medicare for hospice services for ineligible patients and fraudulently shifted the costs of those patients from health maintenance organizations that covered those patients prior to enrollment in hospice to the government; (ii) that a significant portion of the Company's revenues were the result of defendants' scheme to enroll ineligible patients in hospice and fraudulently bill Medicare; (iii) that, in a sealed complaint, a former VITAS manager accused Chemed of wrongfully enrolling ineligible patients in hospice; and (iv) Chemed's financial results were materially overstated.
On November 16, 2011, a Bloomberg article disclosed that a former VITAS manager had accused Chemed of defrauding the government by conspiring with health insurers to enroll Medicare patients who were not dying into hospice. The article also discussed a U.S. Department of Justice investigation into fraudulent conduct by VITAS. On this news, shares of Chemed fell $6.87 to close at $50.65 per share.
If you are a member of the class, you may, no later than March 12, 2012, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.
While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit: www.izardnobel.com/chemed/, or contact Izard Nobel LLP toll-free: (800)797-5499, or by e-mail: firm@izardnobel.com. For more information about class action cases in general, please visit our website: www.izardnobel.com.
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Class action or a representative action is a form of lawsuit in which a large group of people collectively bring a claim to court and/or in which a class of defendants is being sued. This form of collective lawsuit originated in the United States and is still predominantly a U.S. phenomenon, at least the U.S. variant of it. In the United States federal courts, class actions are governed by Federal Rules of Civil Procedure Rule. Since 1938, many states have adopted rules similar to the FRCP. However, some states like California have civil procedure systems which deviate significantly from the federal rules; the California Codes provide for four separate types of class actions. As a result, there are two separate treatises devoted solely to the complex topic of California class actions. Some states, such as Virginia, do not provide for any class actions, while others, such as New York, limit the types of claims that may be brought as class actions. Class action startup law firm tips, Attorney Websites Blog.
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