HMS Holdings Corp. investors may receive additional information about the case by clicking the link "Join this Class Action" above.
According to the complaint, HMS operates in the healthcare insurance benefit cost containment market in the United States. The company offers technology, data services and analytics to cover the payment continuum including eligibility verification, payment accuracy, fraud identification and prevention, cost savings, performance improvement, and provider education.
The Class Period commences on May 10, 2016, when the company filed a Form 10-Q for the quarter ended March 31, 2016.
The complaint alleges that, on March 2, 2017, the company filed a Form NT 10-K with the SEC stating that it would not be able to timely file its Form 10-K for the year ended December 31, 2016. In the filing, the company stated, “Additional time is needed to complete documentation related to the Company’s previously disclosed review of its CMS reserves and related internal controls over financial reporting. In this regard, the Company’s auditor has informed the Company that it has identified what it believes is a material weakness in the Company’s internal controls over financial reporting related to the CMS reserves.”
Following this news, the company’s shares fell $0.47 per share or over 2.47% to close at $18.50 per share on March 3, 2017.
The complaint alleges that, throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (1) the company lacked effective internal control over financial reporting; and (2) as a result of the foregoing, the company’s financial statements were materially false and misleading at all relevant times.
If you are a member of the class described above, you may no later than May 2, 2017 move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will will adequatley represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
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