EW YORK, May 8, 2002 (PRIMEZONE) -- This update is provided by the law firm of Kirby McInerney & Squire, LLP (www.kmslaw.com), which was appointed by the Court as plaintiffs' lead counsel in a class action lawsuit in the United States District Court for the Central District of California on behalf of all purchasers of Apria Healthcare Group (NYSE:AHG) common stock between March 22, 2001 and July 16, 2001 (the "Class Period").
The amended complaint, which was filed on March 11, 2002 pursuant to Order of the Court, charged Apria Healthcare Group, as well as Apria's Chief Executive Officer, with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 arising from defendants' false and misleading statements regarding the extent of Apria's potential liability from certain improper billing practices. The complaint alleges that, during the class period, Apria's shares traded at prices that were artificially inflated by defendants' failure to disclose the potential costs of such liability. After Apria admitted the degree of its potential liability on July 16, 2001, Apria's stock price fell 16% in one day to close at $24.08 per share. The lawsuit seeks to recover losses suffered by individual and institutional investors who purchased shares of the Company during the class period, excluding defendants and their affiliates.
On April 26, 2002, defendants moved to dismiss the Amended Complaint. That Motion is being briefed by counsel and will be heard by the Court on June 17, 2002.
If you wish to discuss the claim or would like additional information concerning the class action, please feel free to contact Lead Counsel:
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca