SAN FRANCISCO--(BUSINESS WIRE)-- The law firm of Lieff Cabraser Heimann & Bernstein, LLP reminds investors of the March 26, 2012 deadline to move for appointment as lead plaintiff in the securities class action against Health Management Associates, Inc. (“HMA” or the “Company”) (NYSE:HMA), brought on behalf of purchasers of HMA common stock between July 27, 2009 and January 9, 2012, inclusive (the “Class Period”).
If you purchased HMA common stock during the Class Period, you may move the Court for appointment as lead plaintiff no later than March 26, 2012. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your share of any recovery in the action will not be affected by your decision of whether to seek lead plaintiff appointment. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
HMA is an operator of acute-care hospitals and other healthcare facilities throughout the United States. The action alleges that defendants failed to disclose that HMA fraudulently overbilled Medicare through the improper admission of patients as inpatients at HMA hospitals even though the patients did not meet inpatient admission standards under Medicare.
On August 3, 2011, HMA disclosed that it had received subpoenas from the U.S. Department of Health and Human Services’ Office of the Inspector General. Following this announcement, HMA shares fell $0.80 per share, or approximately 9 percent, to close at $7.97 per share on August 4, 2011, on high trading volume.
On January 9, 2012, an analyst for CRT Capital Group wrote in a note to investors about a lawsuit filed against HMA by its former Director of Compliance, a 30-year veteran of the FBI who alleged that he was wrongfully terminated after raising concerns about fraudulent billing practices at certain HMA hospitals. On this news, HMA shares fell $0.53, or approximately 7 percent, to close at $6.96, on very high trading volume. On the following day, HMA revealed that its General Counsel had abruptly resigned.
Lieff Cabraser is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.
For more information about Lieff Cabraser and the firm’s representation of investors, please visit http://www.lieffcabraser.com.
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Lieff Cabraser Heimann & Bernstein
Sharon Lee, 415-956-1000
KEYWORDS: United States North America California
INDUSTRY KEYWORDS: Health Hospitals Professional Services Finance Legal General Health