BERKELEY, Calif., March 12, 2012 /PRNewswire/ -- Hagens Berman today reminded investors that the deadline to move for lead plaintiff in a filed securities class-action lawsuit against Health Management Associates, Inc. (NYSE: HMA) is March 26, 2012.
Investors who purchased shares of HMA common stock between July 27, 2009, and Jan. 9, 2012, (the "class period") and who have losses exceeding $100,000 are encouraged to contact Hagens Berman Partner Reed R. Kathrein by calling (510) 725-3000. Mr. Kathrein is leading Hagens Berman's investigation. Investors can also contact Mr. Kathrein online by emailing HMA@hbsslaw.com or by visiting www.hbsslaw.com/HMA.
The lawsuit, filed on Jan. 26, 2012, alleges that HMA and its executives deliberately misled shareholders by issuing false statements during the class period regarding the company's financial performance.
The complaint alleges that HMA, its Chief Executive Officer, as well as its current and former Chief Financial Officers all reported strong financial performance and growth and increased hospital admittance during the class period.However, on Aug. 3, 2011, HMA announced that the U.S. Department of Health and Human Services (DHHS) had issued a subpoena requesting information regarding HMA's physician referrals. Following this announcement, shares of HMA common stock fell by $0.80, to close at $7.97 per share. Then, on Jan. 9, 2012, an analyst from CRT Capital Group reported that a lawsuit had been filed against HMA under Florida's Private Sector Whistleblower's Act by Paul Meyer, the company's former compliance director. Meyer reportedly claimed that he was wrongfully terminated after reporting what he suspected to be Medicare fraud, including fraudulent billing, occurring at HMA facilities. On this news, HMA stock fell an additional $0.53, trading at $6.93 per share. HMA continues to trade well below class period highs.
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