Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Western District of Louisiana on behalf of purchasers of the common stock of LHC Group, Inc. (“LHC” or the “Company”) (NasdaqGS: LHCG) during the period between July 30, 2008 and October 26, 2011, inclusive (the “Class Period”).
If you have suffered a net loss for all transactions in LHC Group, Inc. common stock during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at firstname.lastname@example.org, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than August 13, 2012 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company’s failure to disclose during the Class Period that the reported growth in LHC's home-based healthcare segment was created, in large part, by engaging in a pattern of practice designed to achieve the most profitable number of therapy visits under the Medicare home health program, including through manipulating the number of patient visits, regardless of patient need, to maximize revenue. According to the complaint, after, on May 12, 2010, when LHC announced that the Company received a letter from the Senate Finance Committee asking LHC to respond to questions regarding therapy utilization in prior years, after on, July 13, 2010, when the Company announced that it had received a request from the Securities and Exchange Commission to preserve all documents relating to LHC's Medicare reimbursement practices, and, after, on October 3, 2011, when the Senate Committee released a report on its investigation that found that LHC and two other home health care companies engaged in practices that "at best represent abuses of the Medicare home program" and "[a]t worst, they may be examples of for-profit companies defrauding the Medicare home health program at the expense of taxpayers," and, finally, after, on October 26, 2011, when LHC disclosed that the Company was lowering its earnings forecast, in part because of a payment to the federal government to settle an inquiry into whether LHC improperly billed for home health services that were medically unnecessary, the value of LHC shares declined significantly.