|Company Name||AdaptHealth Corp.|
|Class Period||August 04, 2020 to February 27, 2023|
|Lead Plaintiff Motion Deadline||December 26, 2023|
On or around January 5, 2021, Adapt Health conducted its SPO, selling 8,450,000 shares of common stock at $33 per share.
On February 27, 2023, AdaptHealth announced a loss of $0.02 per share for the fourth quarter of 2022, significantly less than the gain of $0.27 per share that analysts and investors had expected. The Company also reduced its 2023 guidance, lowering revenue expectance by over 1.5%. The Company stated that the disappointing results were due to “lower diabetes growth in the second half than anticipated.”
On this news, AdaptHealth’s stock price fell $5.99, or 27.3%, to close at $15.99 per share on February 28, 2023, thereby injuring investors.
The complaint filed in this class action alleges Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically: (1) AdaptHealth misstated the Company’s true ability to generate organic growth in its diabetes segment; (2) AdaptHealth engaged in improper upcoding and other illicit billing practices; and (3) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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