NEW YORK, Feb. 10, 2012 (GLOBE NEWSWIRE) -- Milberg LLP announces that a class action lawsuit was filed on behalf of all purchasers of Health Management Associates, Inc. ("HMA" or the "Company") common stock between July 27, 2009 and January 9, 2012 (the Class Period) in the Middle District of Florida.
Milberg LLP has created a website (healthmanagementlawsuit.com) that seeks to answer questions investors typically have about shareholder class actions.
The filed actions allege that HMA, certain of its officers and directors, violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. Specifically, the actions allege that HMA's financial results were artificially inflated because the Company was systematically overcharging Medicare, one of its principal sources of revenue.
On August 3, 2011, HMA announced that the U.S. Department of Health and Human Services had issued a subpoena requesting information on physician referrals as well as ownership and management at whole-hospital physician joint ventures. In reaction to the news, HMA shares fell 9.12% to close at $7.97 per share on August 4, 2011.
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 HMA for violating Florida's Private Sector Whistleblower's Act. Meyer claims he was wrongfully terminated after identifying compliance issues regarding the company's Medicare policies.
On the following day, HMA disclosed that Timothy R. Parry, Senior Vice President, General Counsel, and Secretary of the Company, had announced his intention to immediately resign from the Company.
In reaction to the news, HMA shares fell 13% to close at $6.05 per share on January 10, 2012.
If you purchased HMA shares during the Class Period you may, no later than March 26, 2012, request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a class member that represents other class members in directing the litigation. Your share in any recovery will not be affected by serving as a lead plaintiff, however, lead plaintiffs make important decisions that could affect the overall recovery for class members. You do not need to be a lead plaintiff to recover. You may retain Milberg LLP, or other attorneys, for this action, but do not need to retain counsel to recover. If this action is certified as a class action, class members will be automatically represented by Court-appointed counsel. The complaint in this action was not filed by Milberg.
Milberg LLP has represented individual and institutional investors for over four decades and serves as lead counsel in Courts throughout the United States. Visit the Milberg website (www.milberg.com) for more information about the firm. If you wish to discuss this matter with us, please contact the following attorneys:
Andrei Rado, Esq.
Milberg LLP
One Pennsylvania Plaza, 49th Fl.
New York, NY 10119-0165
Phone number: (800) 320-5081
Email: arado@milberg.com
Attorney Advertising. Prior Results Do Not Guarantee A Similar Outcome.