Health Management Associates Alert: The Briscoe Law Firm and Powers Taylor, LLP Investigate Possible Breaches of Fiduciary Duty by the Officers and Directors of Health Management Associates, Inc.
DALLAS, Jan. 30, 2012 /PRNewswire/ -- 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 the firms are investigating legal claims against the officers and Board of Directors of Heath Management Associates, Inc. ("Health Management" or "HMA") (NYSE: HMA) related to potential securities violations between July 27, 2009 and January 9, 2012 (the "Class Period").
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If you are an affected investor and you want to learn more about the lawsuit or join the action, contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at [email protected], or Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at [email protected]. There is no cost or fee to you.
In a recently filed class action complaint, Health Management and certain of its officers and directors were charged with violating the Securities Exchange Act of 1934. Specifically, the complaint alleges that during the Class Period, defendants made materially false and misleading statements to the public by not only disregarding materially negative company information, but also repeatedly touting Health Management's strong financial performance and growth, its increase in hospital admission rates, and its compliance with all applicable laws and regulations. However, on August 3, 2011, Health Management announced that the U.S. Department of Health and Human Services had issued a subpoena requesting "information on [HMA's] physician referrals as well as ownership and management at the company's whole-hospital physician joint ventures, among other items." On this news, Health Management/HMA common stock fell by $0.80, to close at only $7.97 per share. Further, on January 9, 2012, an analyst from CRT Capital Group issued a report stating that Paul Meyer, Health Management's former compliance director, filed a whistleblower lawsuit against HMA for violation of Florida's Private Sector Whistleblower's Act. On this news, shares of Health Management dropped another $0.53 per share, falling from $7.49 per share to $6.96 in a single day.
According to shareholder rights attorney Willie Briscoe, "The recent revelations about Health Management's alleged improper statements to the market regarding the status of its business, coupled with recent allegations over HMA's compliance with U.S. Department of Health regulations and the recent whistleblower lawsuit, have led the firms to evaluate possible shareholder claims. Based on our investigation, if necessary, we are prepared to institute litigation to preserve the company and restore the value of Health Management/HMA stock for all shareholders."
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.
SOURCE Powers Taylor, LLP
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