PHILADELPHIA, Aug. 03, 2022 (GLOBE NEWSWIRE) -- Kaskela Law LLC announces that it is investigating Oak Street Health, Inc. (“Oak Street” or the “Company”) (NYSE: OSH) on behalf of the Company’s long-term investors.
Recently a securities fraud complaint was filed against Oak Street on behalf of certain investors who purchased shares of the Company’s common stock between August 6, 2020 and November 8, 2021. According to the complaint, during that time period Oak Street made a series of materially false and misleading statements, and failed to disclose material adverse facts to investors, concerning the Company’s business, operations, and prospects.
On November 8, 2021, Oak Street disclosed that it had received a civil investigative demand (“CID”) from the U.S. Department of Justice. According to the Company’s disclosure: (i) “the Department of Justice is investigating whether the Company may have violated the False Claims Act,” and (ii) the CID “requests certain documents and information related to the Company’s relationships with third-party marketing agents and related to the Company’s provision of free transportation to federal health care beneficiaries and requests information and documents related to such matters.” Following this news, shares of Oak Street’s stock declined $9.75 per share, or 21% in value, to close on November 9, 2021 at $37.14 per share. In the months following this disclosure, shares of Oak Street’s stock further declined in value to below $30 per share.
The investigation seeks to determine whether the members of Oak Street’s board of directors violated the securities laws and/or breached their fiduciary duties in connection with the above alleged misconduct.
Current Oak Street shareholders who purchased or acquired shares of the Company’s stock prior to November 8, 2021 are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq. or Adrienne Bell, Esq.) at (484) 229 – 0750, or by email (abell@kaskelalaw.com) or online at https://kaskelalaw.com/cases/oak-street/ , for additional information about this investigation and their legal rights and options.
Kaskela Law LLC represents investors in securities fraud, corporate governance, and merger & acquisition litigation. For additional information about the firm please visit www.kaskelalaw.com.
CONTACT:
D. Seamus Kaskela, Esq.
skaskela@kaskelalaw.com
Adrienne Bell, Esq.
abell@kaskelalaw.com
KASKELA LAW LLC
18 Campus Blvd., Suite 100
Newtown Square, PA 19073
(888) 715 – 1740
(484) 229 – 0750
www.kaskelalaw.com
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