Glancy Binkow & Goldberg LLP, Representing Investors Who Purchased Addus HomeCare Corporation, Announces Class Action Lawsuit And Seeks To Recover Losses
Notice is hereby given that Glancy Binkow & Goldberg LLP has filed a class action lawsuit in the United States District Court for the Northern District of Illinois on behalf of a class consisting of all persons or entities who purchased or otherwise acquired Addus HomeCare Corporation (“Addus” or the “Company”) (NASDAQ:ADUS) common stock pursuant and/or traceable to the Registration Statement and Prospectus (collectively, the “Registration Statement”) issued in connection with the Company’s October 27, 2009, initial public offering (the “IPO”).
A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or to obtain a copy of the Complaint at (310) 201-9150 or Toll Free at (888) 773-9224, by email at firstname.lastname@example.org, or visit our website at http://www.glancylaw.com.
The Complaint charges Addus and certain of the Company’s executive officers and/or directors, among others, with violations of federal securities laws. Addus provides a broad range of social and medical services in the home, including personal care and assistance with daily living activities, skilled nursing and rehabilitative therapies and adult day care to individuals with special needs who are at risk of hospitalization or institutionalization, such as the elderly, chronically ill and disabled. The Complaint alleges that the Registration Statement was materially false and misleading and/or omitted facts necessary to make the statements made not misleading, including the following: (1) that the Company’s accounts receivable included at least $1.5 million in aging receivables that should have been reserved for; and (2) that the Company’s Home Health revenues were falling short of internal forecasts due to a slowdown in admissions from the Company’s Integrated Services program due to the State of Illinois’ effort to develop new procedures for integrating care.
On March 18, 2010, after the market closed, the Company reported its financial results for the 2009 fiscal fourth quarter and year ending December 31, 2009, and reported a net loss of $3.7 million, or a loss of $0.48 per share for the fourth quarter. The Company indicated that Addus had to increase its bad debt reserve levels by $1.5 million, and that during the fourth quarter the Company’s Home Health revenues were short of internal forecasts due to a slowdown in admissions from the Company’s Integrated Services program due to the State of Illinois’ effort to develop new procedures for integrating care.
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