The Briscoe Law Firm, PLLC is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.Powers Taylor LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.
Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor LLP announce that a federal class action lawsuit has been filed in the United States District Court for the Eastern District of Texas against Adeptus Health Inc. ("Adeptus" or "Company") (NYSE: ADPT) and several officers and directors for acts taken during the period of April 23, 2015 to November 16, 2015 (the "Class Period"). Based upon the allegations in the class action, the firms are investigating additional legal claims against the officers and Board of Directors of Adeptus. If you are an affected Adeptus shareholder and want to learn more about the lawsuit or join the action, contact Willie Briscoe at The Briscoe Law Firm, PLLC via email at firstname.lastname@example.org, Patrick Powers at Powers Taylor LLP via email at email@example.com, or call toll free at (877) 728-9607. There is no cost or fee to you. In the complaint, the defendants are alleged to have violated certain provisions of the Securities Exchange Act of 1934. Specifically, the complaint alleges, among other things, that defendants made false and/or misleading statements and/or failed to disclose that: (1) it engaged in widespread predatory billing practices, particularly with respect to lower acuity level patients; (2) Adeptus's predatory billing practices subjected the Company to numerous known but undisclosed risks, such as financial risks, reputational risks, risks associated with improper financial reporting, civil or criminal sanctions, and even exclusion from federal and state healthcare programs; (3) that the Company's financial statements were not prepared in conformity with Generally Accepted Accounting Principles; (4) that contrary to the Company's representations about its practice of referring lower acuity patients to urgent care facilities, Adeptus routinely treated lower acuity patients and excessively billed them for services. The complaint alleges that, as a result of the above, Adeptus lacked a reasonable basis for its statements about its business and future financial prospects at all relevant times. On November 17, 2015, an NBC-affiliated television station located in Denver, Colorado aired an investigative report about the predatory billing practices at the Company's Colorado First Choice emergency rooms. When this information was revealed to the market, the Company's stock dropped significantly.