NEW YORK, March 08, 2017 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been filed against HMS Holdings Corp. (“HMS” or the “Company”) (Nasdaq:HMSY) in the United States District Court for District of New Jersey on behalf of persons or entities who purchased HMS stock from May 10, 2016 and March 2, 2017, inclusive (the “Class Period”).
Investors who have incurred losses in HMS Holdings Corp. shares of are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website, www.whafh.com.
If you have purchased shares of HMS Holdings Corp. within the class period and would like to assist with the litigation process, you may, no later than May 2, 2017, request that the Court appoint you lead plaintiff of the proposed class.
The filed complain in this class action alleges that throughout the class period Defendants issued materially false and/or misleading statements and/or failed to disclose that: (1) HMS lacked effective internal control over financial reporting; and (2) as a result, HMS’s financial statements were materially false and misleading at all relevant times.
On March 2, 2017, the Company revealed that it would not file its fiscal year 2016 Form 10-K on time, and that the Company’s auditor had identified what it believed was a material weakness in the Company’s internal controls over financial reporting related to CMS reserves. HMS also stated that it is “continuing to evaluate whether this issue affects its consolidated financial results, primarily focusing on prior periods in which revenue relating to the CMS business was recorded.”
On this news, shares of HMS fell nearly 9% during after-hours trading on March 2, 2017.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.
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