On August 4, 2017, the initial complaint in this securities class action was filed against Envision Healthcare Corporation (“Envision” or the “Company”) and certain of Envision’s directors and officers, asserting violations of sections 10(b) and 20(a) of the Securities Exchange Act. At all relevant times, EmCare Holdings, Inc. (“EmCare”) has been one of the Company’s primary operating subsidiaries.
The Complaint alleges that throughout the class period, defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (i) EmCare routinely arranged for patients who sought treatment at in-network facilities to be treated by out-of-network physicians; (ii) EmCare accordingly billed these patients at higher rates than if the patients had received treatment from in-network physicians; (iii) the Company’s statements attributing EmCare’s Class Period growth to other factors were therefore false and/or misleading; (iv) Envision’s EmCare revenues were likely to be unsustainable after the foregoing conduct came to light; and (v) as a result of the foregoing, Envision’s public statements were materially false and misleading at all relevant times.
Current Status of Case:
Defendants filed Motions to Dismiss the Complaint on April 3, 2019. On November 19, 2019, the Court issued an Order granting in part and denying in part defendants' Motions to Dismiss. Plaintiffs’ Motion for Class Certification is due to be filed by November 9, 2020. This action is still ongoing.
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