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Investor Class Action Filed Against Quorum Health Corporation for Securities Fraud Violations
Company Name: Quorum Health Corporation
Court: United States District Court for the Middle District of Tennessee
Case Number: 16-cv-02475
Judge: The Hon. Waverly D. Crenshaw
Class period: Between May 2, 2016 and August 10, 2016
Security Type: Common Stock

Case Background:

On September 9, 2016, the initial complaint in this securities class action was filed against Quorum Health Corporation (“Quorum”), and certain of Quorum’s directors and officers, asserting violations of sections 10(b) and 20(a) of the Securities Exchange Act. On April 17, 2017, Plaintiff filed the Second Amended Class Action Complaint (“SAC”), adding Community Health Systems, Inc. (“CHSI”) as a defendant.

The SAC alleged that defendants made misleading statements about Quorum’s goodwill and long-lived assets. The SAC alleged that on August 10, 2016, after the market closed, Quorum announced its financial results for the second quarter of 2016, reporting a substantial net loss and an operating loss for the quarter and approximately $250 million in impairment charges to Quorum’s goodwill and long-lived assets. The SAC alleged that as a result of this news, Quorum’s stock price declined approximately $4.99, or 49.8%, from $10.02 to $5.03.

On March 29, 2019, the Court issued an Order granting Plaintiff’s motion for class certification. The Class was certified as to all persons and entities who purchased or otherwise acquired Quorum Health Corporation common stock between May 2, 2016 and August 10, 2016, both dates inclusive.

Current Status of Case:

On June 9, 2020, the parties participated in their second full-day mediation. These negotiations resulted in the agreement to settle all claims of the Class against the defendants for $18,000,000 and an agreement was entered into on July 16, 2020. The settlement was preliminarily approved by the Court on July 27, 2020. The Court will hold a Settlement Fairness Hearing on November 30, 2020. This action is still ongoing.

If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.

CONTACT:
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq. or Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087 1-844-887-9500 (toll free) or 1-610-667-7706
Or by e-mail at info@ktmc.com

Please complete this form and list your purchase and sale transaction(s) for Quorum Health Corporation (NYSE: QHC) securities between May 2, 2016 and August 10, 2016, both dates inclusive:

You may also contact James Maro, Jr., Esq. or Adrienne Bell, Esq. at 610.667.7706 or toll free at 844.887.9500, or you may submit your information via email at info@ktmc.com, or you may click here to print a PDF of this form.

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# of Shares
Price per Share
 
 
 
Principal Amount
Amount Paid
Series or CUSIP
 
 
 
# of Contracts
Price per Contract
Exercise Price
Expiration Date
Did you purchase shares of Quorum Health Corporation (2016) prior to the Class Period?
Are you a current or former employee of Quorum Health Corporation (2016)?
The submission of this form does not create an attorney-client relationship, nor an obligation on the part of Kessler Topaz or you to file a lead plaintiff motion in this matter. Any information you submit will be maintained as confidential. If Kessler Topaz, in its sole discretion, believes that you might be an appropriate lead plaintiff candidate, Kessler Topaz will contact you to discuss the matter and whether to establish an attorney client relationship. By signing this form you are authorizing us to contact you regarding this case and/or future cases.
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