Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased AdaptHealth Corp. (“AdaptHealth” or the “Company”) (NASDAQ: AHCO) common stock: (1) between August 4, 2020 and February 27, 2023, inclusive (the “Class Period”); and/or (2) pursuant and/or traceable to the Company’s January 2021 secondary public offering (the “SPO”). AdaptHealth investors have until December 26, 2023 to file a lead plaintiff motion.
Investors suffering losses on their AdaptHealth investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
On or around January 5, 2021, Adapt Health conducted its SPO, selling 8,450,000 shares of common stock at $33 per share.
On February 27, 2023, AdaptHealth announced a loss of $0.02 per share for the fourth quarter of 2022, significantly less than the gain of $0.27 per share that analysts and investors had expected. The Company also reduced its 2023 guidance, lowering revenue expectance by over 1.5%. The Company stated that the disappointing results were due to “lower diabetes growth in the second half than anticipated.”
On this news, AdaptHealth’s stock price fell $5.99, or 27.3%, to close at $15.99 per share on February 28, 2023, thereby injuring investors.
The complaint filed in this class action alleges Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically: (1) AdaptHealth misstated the Company’s true ability to generate organic growth in its diabetes segment; (2) AdaptHealth engaged in improper upcoding and other illicit billing practices; and (3) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
If you purchased AdaptHealth common stock, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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