Envision Healthcare Corporation

Robbins Arroyo LLP: Envision Healthcare Corporation (EVHC) Misled Shareholders According to a Recently Filed Class Action

Robbins Arroyo LLP announces that a class action complaint was filed against Envision Healthcare Corporation (NYSE: EVHC). The complaint is brought on behalf of all purchasers of Envision securities between March 2, 2015 and September 18, 2017, for alleged violations of the Securities Exchange Act of 1934 by Envision’s officers and directors. Envision, through its subsidiaries, provides various healthcare services in the United States.

Envision Accused of Engaging in Illicit Business Practices

According to the complaint, Envision’s senior executives engaged in a fraudulent scheme to artificially inflate the company’s stock price by ordering tests that were medically unnecessary, admitting patients from the emergency room into a hospital for financial reasons, and billing for the most expensive level of care in unwarranted situations. Further, patients who sought treatment at in-network facilities were treated by out-of-network physicians and subsequently billed at higher rates. On July 24, 2017, The New York Times reported that Envision misrepresented the source of its revenues, emergency room and billing procedures, legal compliance, patient safety measures, and internal controls. In reaction to the article, Envision’s stock fell 3.72% to close at $60.28 per share on July 24, 2017. Then, on September 18, 2017, Envision announced the retirement of its Chief Financial Officer and the resignation of the President of Physician Services, causing Envision’s stock to drop approximately 10% to a close of $43.11 per share on September 19, 2017.

Envision Shareholders Have Legal Options

Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid Kandinov at (800) 350-6003, or you can complete the form below and we will contact you directly.

 

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