ADAPTHEALTH CORP. – Twersky Law Group, a highly regarded and reputable law firm based in New York, wishes to inform investors about a significant development in the form of a class action lawsuit against AdaptHealth Limited (“AdaptHealth” or “the Company”) (NASDAQ: AHCO) and certain officers of the company. This lawsuit has been filed on behalf of all individuals and entities that purchased or otherwise acquired AdaptHealth securities August 4, 2020 through February 27, 2023 (the “Class Period”). Investors who acquired AdaptHealth securities during this defined timeframe are strongly encouraged to participate in this case by contacting atara@twerskylawgroup.com. The deadline to file a motion for appointment of lead plaintiff is December 26, 2023.
The fundamental objective of this class action lawsuit is to recover for the benefit of investors who purchased AdaptHealth securities during the Class Period, the losses they sustained as a consequence of the misleading statements made by Defendants in violation of the federal securities laws.
ALLEGATIONS AGAINST ADAPTHEALTH
AdaptHealth is a supplier of home medical equipment for chronic health conditions including diabetes, sleep apnea, and wound care. AdaptHealth sells medical devices directly to patients, and then bills patients’ insurance providers, including the Centers for Medicare and Medicaid Services (“CMS”). The complaint alleges that, throughout the Class Period, AdaptHealth and certain of its senior executives orchestrated a scheme to overcharge CMS and other insurance providers by submitting improper billing codes for diabetes equipment. To facilitate this scheme, AdaptHealth and certain of its senior executives made numerous false and misleading statements to investors during the Class Period. As a result of these misrepresentations, AdaptHealth common stock traded at artificially inflated prices during the Class Period. The truth about AdaptHealth’s misconduct was revealed on February 27, 2023, when the Company announced a surprise loss of $0.02 per share for the fourth quarter of 2022, which was significantly lower than the gain of $0.27 per share that analysts and investors were led to expect. The Company also reduced its guidance for 2023, lowering revenue expectations it had provided just seven weeks earlier by over 1.5%. AdaptHealth attributed the miss and lowered guidance to “tempered expectations on diabetes.” As a result of these disclosures, the price of AdaptHealth common stock declined precipitously.
ABOUT ADAPTHEALTH
- AdaptHealth Corp is a healthcare company that specializes in providing home medical equipment and services to individuals with various healthcare needs. AdaptHealth primarily focuses on providing a wide range of home healthcare products and services, including durable medical equipment (DME), respiratory equipment, mobility aids, and other home healthcare supplies. They serve individuals with chronic conditions and disabilities, as well as seniors who need assistance in managing their health at home.
- AdaptHealth offers a comprehensive array of products and services, which may include oxygen therapy, continuous positive airway pressure (CPAP) devices for sleep apnea, mobility aids, wound care supplies, and other medical equipment. They also provide related services such as equipment setup, maintenance, and ongoing support.
- Growth and Acquisitions: AdaptHealth has experienced significant growth and expansion through acquisitions. The company has acquired various DME providers and related businesses to broaden its reach and offer a broader spectrum of products and services.
- Stock Listing: AdaptHealth Corp is a publicly-traded company. Its stock is listed on the NASDAQ under the ticker symbol “AHCO.”
JOIN THIS CASE
It is important to note that a class action lawsuit has already been filed in connection with these allegations. Therefore, for those individuals who suffered financial losses in their investments in AdaptHealth during the Class Period, there is a limited opportunity to seek appointment as a lead plaintiff. This process entails requesting the Court to designate them as the primary representative on behalf of the entire class. The deadline for submitting such a request is December 29, 2023. It is important to emphasize that while becoming a lead plaintiff can offer certain advantages, participation in the recovery process and the potential for financial compensation does not mandate serving as a lead plaintiff.
Twersky Law Group, a distinguished legal firm renowned for its attorneys expertise in handling securities fraud class actions and shareholder derivative suits, who have a long-standing track record of successfully recovering significant sums of money for investors nationwide. With an unwavering commitment to seeking justice for their clients, the firm’s attorneys are resolute in pursuing fair compensation on behalf of those affected by alleged securities law violations. As with any legal matter, it is essential to understand that this announcement constitutes attorney advertising. Past case outcomes and results achieved do not guarantee similar outcomes in this particular case.
Investors who believe they may qualify as potential class members in the class action lawsuit against AdaptHealth are strongly encouraged to reach out directly to the firm for further information and assistance. The knowledgeable legal professionals at Twersky Law Group stand ready to provide guidance and support to investors seeking to protect their rights and pursue the recovery they deserve.
