INVESTOR ALERT: Kirby McInerney LLP Reminds Investors That a Class Action Lawsuit Has Been Filed Against Evolent Health, Inc....
16 Agosto 2019 - 6:55PM
Business Wire
The law firm of Kirby McInerney LLP announces that a class
action lawsuit has been filed in the U.S. District Court for the
Eastern District of Virginia on behalf of those who acquired
Evolent Health, Inc. (“Evolent” or the “Company”) (NYSE: EVH)
securities during the period from March 3, 2017 to May 28, 2019
(the “Class Period”). Investors have until October 7, 2019 to apply
to the Court to be appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that Evolent failed to disclose to investors
that: (i) 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 Health Plan (“Passport”); (ii) Passport was struggling
financially, particularly after Kentucky cut its reimbursement
rates, and the partnership between Evolent and Passport was
becoming increasingly unsustainable; (iii) Evolent was draining
Passport of functions, employees and money, to such an extent that
Passport was left on the verge of insolvency; and (iv) Passport was
conducting a bidding process for several months to sell itself to
prevent liquidation.
On May 29, 2019, Evolent announced that it had agreed to
purchase a controlling interest in University Health Care, Inc.,
d/b/a Passport Health Plan, despite prior statements that acquiring
health plans was not part of the Company’s strategic focus. On this
news, Evolent’s share price fell $4.14 per share, or 29.3%, to
close at $10.01 on May 29, 2019.
If you acquired Evolent securities during the Class Period, have
information, or would like to learn more about these claims, please
contact Thomas W. Elrod of Kirby McInerney at 212-371-6600, by
email at investigations@kmllp.com, or by filling out this contact
form, to discuss your rights or interests with respect to these
matters without any cost to you.
Kirby McInerney is a New York-based plaintiffs’ law firm
concentrating in securities, antitrust, and whistleblower
litigation. The firm’s efforts on behalf of shareholders in
securities litigation have resulted in recoveries totaling billions
of dollars. Additional information about the firm can be found at
Kirby McInerney’s website: www.kmllp.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: https://www.businesswire.com/news/home/20190816005449/en/
Kirby McInerney LLP Thomas W. Elrod, Esq., (212) 371-6600
investigations@kmllp.com www.kmllp.com
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