NEW YORK, Aug. 9, 2019 /PRNewswire/ -- Bernstein
Liebhard LLP, a nationally acclaimed investor rights law firm,
announces that a securities class action lawsuit has been filed on
behalf of shareholders that purchased or acquired shares of
Evolent Health Inc., ("Evolent" or the "Company") (NYSE: EVH)
between March 3, 2017 and
May 28, 2019, inclusive (the "Class
Period"). The lawsuit filed in the United
States District Court for the Eastern District of
Virginia and seeks to recover
damages for Evolent investors under the Securities Exchange Act of
1934.
If you purchased Evolent securities, and/or would like to
discuss your legal rights and options please visit EVH
Shareholder Class Action or contact Matthew E. Guarnero toll free at (877)
779-1414 or MGuarnero@bernlieb.com.
If you wish to serve as lead plaintiff, you must move the Court
no later than October 7, 2019. A lead
plaintiff is a representative party acting on behalf of other class
members in directing the litigation. Your ability to share in any
recovery doesn't require that you serve as lead plaintiff. If you
choose to take no action, you may remain an absent class
member.
The complaint alleges that throughout the Class Period,
Defendants issued a series of false and/or misleading statements
and failed to disclose material adverse facts about Evolent's
business, operations, and prospects, including Evolent's
partnership with Passport specifically. Among other things,
Defendants misrepresented and failed to disclose that: (1)
Evolent's partnership model did not align the Company's interests
with those of its partners, as the model was designed to inflate
the Company's revenue by extracting enormous administrative and
management fees at the expense of its operating partners such as
Passport; (2) Passport was struggling financially, particularly
after Kentucky cut its
reimbursement rates, and the partnership between Evolent and
Passport was becoming increasingly unsustainable; (3) Evolent was
draining Passport of functions, employees and money, to such an
extent that Passport was left on the verge of insolvency; (4)
Passport was conducting a bidding process for several months to
sell itself to prevent liquidation; and (5) as a result of the
foregoing, Defendants public statements were materially false
and/or misleading and/or lacked a reasonable basis.
On May 29, 2019, Evolent shocked
investors when it unexpectedly announced that it was buying a
controlling interest in Passport, which was essentially a bailout
of the financially distressed health plan.
On this news, Evolent's share price dropped $4.14 per share or nearly 30%, to close at
$10.01 per share.
If you purchased Evolent securities, and/or would like to
discuss your legal rights and options please visit
https://www.bernlieb.com/cases/evolenthealthinc-evh-shareholder-class-action-lawsuit-fraud-stock-165/apply/
or contact Matthew E. Guarnero toll
free at (877) 779-1414 or MGuarnero@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over
$3.5 billion for its clients. In
addition to representing individual investors, the Firm has been
retained by some of the largest public and private pension funds in
the country to monitor their assets and pursue litigation on their
behalf. As a result of its success litigating hundreds of lawsuits
and class actions, the Firm has been named to The National Law
Journal's "Plaintiffs' Hot List" thirteen times and listed in The
Legal 500 for ten consecutive years.
ATTORNEY ADVERTISING. © 2019 Bernstein Liebhard LLP. The law
firm responsible for this advertisement is Bernstein Liebhard LLP,
10 East 40th Street, New York, New
York 10016, (212) 779-1414. The lawyer responsible for this
advertisement in the State of
Connecticut is Michael S. Bigin. Prior results do not
guarantee or predict a similar outcome with respect to any future
matter.
Contact Information
Matthew E. Guarnero
Bernstein Liebhard LLP
https://www.bernlieb.com
(877) 779-1414
MGuarnero@bernlieb.com
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