The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Eastern District of Pennsylvania on behalf of those who acquired AdaptHealth Corp. f/k/a DFB Healthcare Acquisitions Corp. (“AdaptHealth” or the “Company”) (NASDAQ: AHCO) securities from November 11, 2019 through July 16, 2021, inclusive (the “Class Period”). Investors have until September 27, 2021 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
On July 19, 2021, before market hours, Jehoshaphat Research published a short report on AdaptHealth claiming that the company “a roll-up of roll-ups with excessive debt, is deceiving the investor community via its financial reporting practices.” The report further stated that “while management claims (and consensus estimates reflect) an organic growth trajectory of 8-10%, AHCO is in fact experiencing double-digit organic decline. It is also, in our opinion, taking steps to obscure that decline which are expressly forbidden by the SEC.” On this news, the Company’s stock price declined by $1.51 per share, or approximately 5.9% from $25.47 per share to close at $23.96 per share on July 19, 2021.
The lawsuit alleges that, throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (i) AdaptHealth had misrepresented its organic growth trajectory by retroactively inflating past organic growth numbers without disclosing the changes, in violation of SEC regulations; (ii) accordingly, the Company had materially overstated its financial prospects; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times.
If you purchased or otherwise acquired AdaptHealth securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at investigations@kmllp.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: http://www.kmllp.com.
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