The Law Office Of Robbins Umeda LLP Announces Investigation Of Addus HomeCare Corp.
Robbins Umeda LLP has commenced an investigation into possible breaches of fiduciary duty and other violations of the law by certain officers and directors at Addus HomeCare Corp. ("Addus" or the "Company") (NASDAQ: ADUS). Addus provides a range of social and medical services to individuals in the home. The Company serves individuals with special needs who are at risk of hospitalization or institutionalization, such as the elderly, chronically ill, and disabled. Addus was founded in 1979 and is based in Palatine, Illinois.
Robbins Umeda LLP's investigation concerns whether the Company's directors and officers caused the Company to issue materially false and misleading statements and failed to disclose adverse facts known to them regarding the Company's business and financial results. Specifically, Robbins Umeda LLP is investigating whether the Company's fiduciaries caused Addus to include or allow the inclusion of materially false and misleading statements and/or omissions in the Registration Statement and Prospectus ("Registration Statement") issued in connection with the Initial Public Offering ("IPO"). Truthfulness in a director or officer's public statements is particularly important for newly public companies because their stock prices are usually volatile and they are just beginning to establish their reputation.
It appears, however, that the Company's fiduciaries did not include in the Registration Statement that the Company's Integrated Services segment was not performing as expected due to the State of Illinois's effort to develop new procedures for integrating care, and that the Company had not reserved for at least $1.5 million in aging receivables. Then, on March 18, 2010, after the market closed, the Company reported a net loss of $3.7 million for the fourth quarter of 2009. Upon this news, the value of Addus fell nearly 30% the following day.
If you are a shareholder of the Addus, plan to continue to hold your shares, and would like more information about your rights as a shareholder, please contact attorney Gregory E. Del Gaizo at 800-350-6003 or by e-mail at email@example.com.Robbins Umeda LLP is a California-based law firm, which has significant experience representing investors in shareholder derivative actions, securities fraud class actions, and merger-related shareholder class actions. For more information about the firm, please go to http://www.robbinsumeda.com. Advertisement
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV