NEW YORK, Oct. 11, 2011 /PRNewswire/ -- Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the Eastern District of New York on behalf of purchasers of Gentiva Health Services, Inc. ("Gentiva" or the "Company") (NASDAQ: GTIV) common stock between July 31, 2008 and July 20, 2010 (the "Class Period").
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The complaint alleges that defendants failed to disclose that the Company was improperly increasing the number of in-home therapy visits to patients in order to trigger higher Medicare reimbursement rates. The complaint further alleges that positive statements regarding the Company's business condition and prospects were based on the alleged fraud, and thus were materially false and misleading. As a result of these misleading statements Gentiva shares traded at an artificially high price.
On July 13, 2010, Gentiva revealed that the Company was under investigation by the Securities and Exchange Commission. Since this investigation was announced, Gentiva stock has continued to decline, falling from a high of $30.50 per share in April of 2010 to a recent closing price of $5.60 per share on September 26, 2011.To obtain additional information about your rights, contact Joseph Levi, Esq. either via email at firstname.lastname@example.org or by telephone at (877) 363-5972, or visit http://www.zlk.com/gentiva-health-services-gtiv.html. Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.