Our Court of Appeals has explained that where the claimed loss involves the purchase of a security at a price that is inflated due to an alleged misrepresentation, there is a sufficient causal nexus between the loss and the alleged misrepresentation to satisfy the loss causation requirement. Semerenko v. Cendent Corp., 223 F.3d 165, 184 (3d Cir. Who is silent. That statute provides: Rule 10b-5 of the SEC implements this provision by making it unlawful [t]o make any untrue statement of a material fact or to omit to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they were made, not misleading. 17 C.F.R. Who steps back. Following the grave charges of tax fraud, AdaptHealth immediately placed Mr. McGee on unpaid leave from his . The investigation concerns whether AdaptHealth and certain of its officers and/or directors have violated federal securities laws. Who is sad. There must be an actual decline in the value of the security as a result of the alleged misrepresentation. Product and services offerings include (i) sleep therapy equipment, supplies and related services (including CPAP and bi PAP services) to individuals suffering from obstructive sleep apnea, (ii) medical devices and supplies to patients for the treatment of diabetes (including continuous glucose monitors and insulin pumps), (iii) home medical equipment (HME) to patients discharged from acute care and other facilities, (iv) oxygen and related chronic therapy services in the home, and (v) other HME medical devices and supplies on behalf of chronically ill patients with wound care, urological, incontinence, ostomy and nutritional supply needs. Who will be back. As announced by AdaptHealth Corp. in a news release published on Monday, June 14, 2021 and in a regulatory filing published on Tuesday, June 15, 2021, Luke McGee has left his post as co-chief executive officer at the provider of home healthcare equipment after nine years in the role, effective June 11, 2021. Who gives up. Mr. Wolf was also a member of the boards of directors of Correctional Healthcare Companies, Inc. from 2012 to 2014, Coventry Healthcare, Inc. from 2005 to 2009 and Catalyst Health Solutions, Inc. from 2003 to 2012. In the three years prior to its merger with DFB, AdaptHealth had increased its revenue 200%, although projected revenue from organic growth was 6% to 8% each year. AdaptHealth said it would pay $1.1 billion in cash and 31 million in its common shares. exechange publishes weekly reports ($) on capital market-relevant executive changes. Dr. Weaver was the Chief Medical Officer for Blue Cross Blue Shield of North Carolina from 2014 to 2015 after serving as the Vice President, Health Delivery Redesign from December 2012 to early 2014. and requires a knowing or reckless state of mind. Id. Who decides. Who repeats. Who crumbles. When considering a motion to dismiss for failure to state a claim under Rule 12(b)(6), the court must accept as true all well-pleaded factual allegations in the complaint and draw all reasonable inferences in the light most favorable to the plaintiffs. To determine whether the issuer of a security gave an opinion that is misleading because it omitted facts depends on the context. Name: Equities % Valuation: AdaptHealth Corp. (AHCO) (Medical Equipment, Supplies & Distribution) 4,746,601: 3.53%: 108,222,503 USD The announcement follows a decline in AdaptHealth Corp.s share price of 24% since January 2021. Ms. Vargas launched her sales career with Lincare before moving on to AeroCare Holdings, Inc., where she was consistently a Top Ten Sales Representative. Who tumbles. They therefore have stated sufficient facts to support a claim under 11 of the Securities Act. As the court finds that plaintiffs have sufficiently alleged violations by defendants of 15 U.S.C. Wendy Russalesi, CHC, joined AdaptHealth in 2013 with the acquisition of Ocean Home Health where she served as Chief Operating Officer. v. ADAPTHEALTH CORP, Court:United States District Court, E.D. Plaintiffs must nudge[] their claims across the line from conceivable to plausible. Id. Mr. Belinfanti is a member of the Board of Directors of The Results Companies, PS Logistics, Ernest Health, AdaptHealth and AMT, and has previously been a member of the Board of Directors of Apollo Health Street, ArthroCare, Celltrion Healthcare, EGS, OneLink, Prodigy, Simplura Health Group, and Systagenix. Seated: Joshua Parnes and Wendy Russalesi Steve Griggs becomes sole Chief Executive Officer. Who deserves it. AdaptHealth consistently differentiated between internal, that is organic growth, and external, that is inorganic growth from recent acquisitions, on quarterly calls to investors, including at the 2019 fourth quarter call in February 2020 and the 2020 first quarter call in July 2020. /PageMode /UseNone Who pays back. Scienter requires either a knowing or reckless state of mind. He also serves on the Board of Trustees of the Maimonides Medical Center in Brooklyn, New York. According to our Database, He has no children. Luke McGees income source is mostly from being a successful Player. Who is thrilled. Mr. Mills holds his undergraduate degree from the University of Virginia and his Master in Business from Duke University. Precise information regarding Luke McGees future plans was not immediately available. Ademi LLP is investigating possible securities fraud claims against AdaptHealth (NASDAQ:AHCO). Care3 is inspired by Davids experience caring for his mother prior to her passing and his special needs son. It then reverted to its previous way of reporting organic growth in its filings with the SEC. Barasch was Chief Executive Officer of Universal American Corp., a publicly-traded health insurance and services company focused on the senior market and government programs, from 1995 until Universal Americans acquisition by WellCare Health Plans in May 2017. Brad Coppens joined One Equity Partners (OEP) in 2006 and is a Managing Director based in New York. Joel Mills has been the Chief People Officer of AdaptHealth since March 1, 2020. It is AdaptHealths fundamental mission to ensure the quality and integrity in the delivery of care and service to our valued customers. Prior to AeroCare, Albert served as SVP of Cloud Technology at UnitedHealth Group, CTO of Cloud at Optum, CIO of Connextions Inc., and CTO/CIO of Rotech Medical Corporation. 78u-4. Ms. Vargas earned her Bachelor of Science degree in Biological Sciences with minors in Theater Performance and Psychology from Louisiana State University. This reported decline was in contrast to the revenue growth that AdaptHealth had been reporting for the first two quarters of 2021 when it did not break out revenue growth from acquisitions as compared to organic growth. This . With more than 20 years in healthcare operations leadership roles, Mr. Carson previously served as President and CEO of CCS Medical and as President of Operations for MDLIVE, a leading telehealth company. Who is bad man. The loss of such key personnel would negatively impact our operations and financial results.. Who is at C-level. These reports were on revenue for past quarters, not projections for the future. This statute permits a person purchasing a security to hold liable those who offer or sell a security by means of a prospectus or oral communication, which includes an untrue statement of a material fact or omits to state a material fact necessary in order to make the statements, in the light of the circumstances under which they were made, not misleading. 15 U.S.C. Richard Barasch has served as Chairman of the Board since 2019 and has more than 30 years of experience in healthcare services, health insurance, and related industries. He joined the Company as co-CEO following the 2021 acquisition of AeroCare. Sys. SPX, Prior to founding Peloton, Ted was a partner at Ferrer Freeman & Company. . During that time, Advanced Home Care grew to be one of the largest hospital affiliate home healthcare companies in the country. He joined the Company as co-CEO following the 2021 acquisition of AeroCare. See id. These laudatory statements about McGee triggered a duty to disclose any fact which would make them not misleading. Who is an enemy. The Board of Directors of AdaptHealth takes this matter very seriously and is monitoring the situation closely in consultation with its legal advisors. Mr. Wolf served as the executive chairman of Correctional Healthcare Companies, Inc., a national provider of correctional health care solutions, from December 2012 to July 2014. AdaptHealth ( AHCO) - Get Free Report shares declined on Tuesday after the home-health-care-equipment producer said it put Co-Chief Executive Luke McGee on leave after he was charged with tax . 78u-4. The individual defendants named in the amended complaint are Luke McGee, Stephen P. Griggs, Jason Clemens, Frank J. Mullen, Richard Barasch, Joshua Parnes, Alan Quasha, Terence Connors, Dr. Susan Weaver, Dale Wolf, Bradley Coppens, and David S. Williams III. As of 31 December 2020 he still owns at least 666,944 units of AdaptHealth Corp stock. Who fights for money. Alan Quasha. This success led to expanded leadership roles in sales, marketing, operations, and corporate training. Clearly organic growth as distinct from acquisition revenue was an important metric to the company. The statements which form the basis of plaintiffs' claim of a material misrepresentation or omission concern the reporting of revenue to investors and the SEC for the 2020 fourth quarter and first two quarters of 2021 and the way that revenue was reported. dsullivan@equityny.com, Kalle Ahl, CFA We recommend you to check the complete list of Famous People born on 2 September. Plaintiffs in their amended complaint allege two grounds for violations of federal securities law by AdaptHealth and its officers and Directors. AdaptHealth Corp. (NASDAQ:NASDAQ:AHCO) Q4 2020 Earnings Conference Call March 4, 2021 8:30 AM ET Company Participants Chris Joyce - General Counsel Luke McGee - Co-Chief Executive Officer. A plaintiff in a securities fraud action must satisfy the heightened pleading standards of the PSLRA, 15 U.S.C. He began his career as a CPA and later served as controller for a tourist and entertainment conglomerate in Orlando, FL, where he led their financial turnaround efforts. Mr. Coppens was also deeply involved in OEPs investments in ArthroCare and Wright Medical. at 570. Mr. McGee joined Quadrant Management, Inc. in 2010 and holds director positions in certain of Quadrants portfolio companies along with executive level roles at certain times. On April 13, 2021, AdaptHealth announced in a press release that it had put McGee on unpaid leave as co-CEO and a Director of AdaptHealth after learning that authorities in Denmark have formally charged Co-Chief Executive Officer Luke McGee with alleged tax fraud arising from certain past private activity. It stated that the personal conduct occurred between March 2014 and August 2015 and that this conduct had no connection to AdaptHealth's business., That day AdaptHealth's stock dropped 19.7%, or about $7.30 per share. This information is according to proxy statements filed for the 2021 fiscal year. 4 0 obj You can follow him on Twitter @TomiKilgore. They provided ample facts as to what the registration statement left out regarding McGee's alleged financial fraud. This website uses cookies so that we can provide you with the best user experience possible. Thanks, Josh. He started his career as a CPA and moved into finance and investment banking prior to entering the healthcare industry. The court may also consider matters incorporated by reference or integral to the claim, items subject to judicial notice, matters of public record, orders, [and] items appearing in the record of the case. Buck v. Hampton Twp. Luke McGee, CEO of AdaptHealth, and Steve Griggs, CEO of AeroCare, will jointly lead the company as co-CEOs. ss. Who is big kahuna. Section 10(b), as well as the accompanying SEC Rule 10b-5, does not create an affirmative duty to disclose all relevant information. On April 13, 2021, AdaptHealth announced in a press release that it had put McGee on unpaid leave as co-CEO and a Director of AdaptHealth after learning that "authorities in Denmark have formally charged Co-Chief Executive Officer Luke McGee with alleged tax fraud arising from certain past private activity." It stated that the personal . Who is humbled. Sign up and receive our free newsletter every Monday morning. 2004). Board of Directors in ADAPTHEALTH CORP. For its 2021 fiscal year, ADAPTHEALTH CORP, listed the following board members on its annual proxy statement to the SEC. Who is in quest. Emps. As part of that offering, the prospectus dated January 4, 2021 touted the management experience at the company as a meaningful differentiator relative to our competitors. The prospectus also announced that at the close of the AeroCare acquisition AeroCare's CEO, Stephen Griggs, a defendant here, would join McGee as co-CEO of AdaptHealth. AdaptHealth consistently filed its Forms 10-Q with the SEC citing its successful operations as being largely dependent upon the efforts of certain key personnel of AdaptHealth and explaining that the loss of such key personnel would negatively impact our operations and financial results.. Mr. Connors has worked with numerous public and private companies, including Fortune 500 companies, as a senior audit and global lead partner. On average, AdaptHealth Corp executives and independent directors trade stock every 22 days with the average trade being worth of $5,817,084. Prior to joining OEP, Mr. Coppens worked in the investment banking division of JPMorgan in the mergers and acquisitions group where he focused on healthcare and various other industries. The omissions, to be actionable, must be material. Who is groomed. They do not have a heightened pleading standard here. Other. at 179. Who resigns. Council Constr. Mr. Rietkerk most recently served as Executive Vice President of Revenue Cycle Management at Brightree. Most recently he exercised 389,793 units of AHCO stock worth $7,569,780 on 31 December 2020. . Prior to Care3, David was Co-Founder and CEO of InvolveCare, a mobile task crowdsourcing application for family caregivers. Who is good. Who is doomed. 2008); Umland v. PLANCO Fin. He is not dating anyone. AdaptHealth has placed Mr. McGee on unpaid leave from his roles as Co-CEO and a Director of the Company while this matter is pending. Plaintiffs assert that defendants themselves touted the strong organic growth of the country to investors. Luke Paul McGee (born 2 September 1995) is an English professional footballer who plays as a goalkeeper for Bradford City on loan from Portsmouth. Who keeps going. Plaintiffs allege McGee was personally involved in an agreement in May 2019 to pay back 1.55 billion Danish Kroner to Danish tax authorities as well as a criminal fine of 110 million Danish Kroner against his bank, North Channel Bank, in the fall of 2019. The stock has still rallied 74.2% over the past 12 months, while the S&P 500 77o(a). (quoting 17 C.F.R. Rule 8 requires that a pleading contain a short and plain statement of the claim showing that the pleader is entitled to relief. Fed.R.Civ.P. Defendants do not argue that plaintiffs have failed to plead a connection between the misrepresentation or omission and the purchase or sale of a security or that they have failed to plead their reliance upon the misrepresentation or omission. See City of Edinburgh Council, 754 F.3d at 167. Who is zero. Luke McGee, Chief Executive Officer, received $9.5M in total, which increased by 322% compared to 2018. With over three decades of leadership experience, Mr. Bunting has an extensive background in operations and strategy as he started his career in the HME industry working as a delivery technician while attending graduate school. Plaintiffs have sufficiently pleaded that defendants made misleading disclosures when they reported growth as pro forma net revenue growth for the 2020 fourth quarter without breaking the growth out by organic growth as compared to acquisition growth. AdaptHealth continuously promoted its successful strategy of growing organically and through accretive acquisitions. However, it described organic growth as the most important metric. Plaintiffs plead that the day AdaptHealth issued its press release on April 13, 2021 stating that it was putting McGee on unpaid leave as co-CEO and Director of AdaptHealth due to charges brought by the Danish authorities for tax fraud the stock of AdaptHealth dropped by 19.7%, or about $7.30 per share. Plymouth Meeting, PA - April 13, 2021 - The Board of Directors of AdaptHealth Corp. (NASDAQ: AHCO) ("AdaptHealth" or the "Company") today issued the following statement:. xRI@V*eN#78)p|&(>uMLRp3m cvzFo]fAs6PqvvD`N@!SEo4@zF?C"+av.G:A:nB_l Yf&zdGPkj(@\]CS i$M &@)$yLt1q4!ghi9cC=P628:##Hg4WNj ue+]+$CoD 7M ]lV-FRb!" 63WzF`N 9VHmm> G @V%tK5()9 & V| Q KgH1l1cN@gf@}@B>t/Q E@bZ pE\M]c. As previously stated, Rule 10b-5 makes it unlawful to omit a material fact necessary to make statements not misleading. 2000). AdaptHealth Corp. has learned that authorities in Denmark have formally charged Co-Chief Executive Officer Luke McGee with alleged tax fraud arising from certain past private activity. This omission is sufficient for a jury to find that AdaptHealth made materially misleading statements touting the company's leadership and experience as crucial to its success. Visit a quote page and your recently viewed tickers will be displayed here. The alleged . McGee was under investigation by the Danish authorities as early as spring 2019 when he agreed to repay 1.55 billion Danish Kroner. Who is first. 78j, against AdaptHealth and its officers. The complaint must also state with particularity facts giving rise to a strong inference that the defendant acted with the required state of mind. 15 U.S.C. Copyright 2022 AdaptHealth, LLC. He joined Quadrant Management, Inc. in 2010 and held director positions in certain of Quadrants portfolio companies along with executive level roles at certain times. The investigation focuses on whether AdaptHealth properly disclosed whether Chief Executive Luke McGee was complying with . AdaptHealth services beneficiaries of Medicare, Medicaid and commercial insurance payors. at 194-95. Copyright 2022 AdaptHealth, LLC. Who has a say. There are 18 older and no younger executives at AdaptHealth Corp. Who has headwind. Prior to AeroCare, Mr. Griggs served as CFO, COO and President of Rotech Medical Corporation. Mr. Parnes is an HME entrepreneur building Ocean Home Health from a startup into a tech focused HME provider and has over 16 years of operating experience in the home medical equipment industry. Plaintiffs must also allege that the misrepresentations or omissions were material so that a reasonable investor would view the information as having significantly altered the total mix of information available to that investor. Fan, 927 F.3d at 716. Luke McGee, chief executive of AdaptHealth, and Steve Griggs, CEO of AeroCare, will become co-CEOs. AdaptHealth Corp. has learned that authorities in Denmark have formally charged Co-Chief Executive Officer Luke McGee with alleged tax fraud arising from certain past private activity. This action was filed on behalf of all persons who purchased or acquired AdaptHealth securities between the proposed class period of November 8, 2019 and July 16, 2021. McGee was place on unpaid leave by AdaptHealth . Mr. Joyce has over 25 years of experience as chief legal officer and business development executive for publicly-traded and privately-held provider-based and managed care companies. in Politics from New York University and his J.D. Who heals. Prior to the fourth quarter of 2020, AdaptHealth reported its revenue from acquisitions as distinct from its organic revenue growth. Investors, therefore, knew how much revenue was being driven by organic growth and how much revenue was based on acquisitions the company had made. 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