cases

Adeptus Health Inc. (NYSE: ADPT)

Ryan & Maniskas, LLP announces that a class action lawsuit has been filed in United States District Court for the Eastern District of Texas on behalf of purchasers of Adeptus Health Inc. (NYSE: ADPT) Class A common shares pursuant and/or traceable to the Company’s secondary public offering (the “SPO”) on or about July 31, 2015, seeking to pursue remedies under the Securities Act of 1933 (the “Securities Act”), as well as purchasers of the Company’s common shares between April 23, 2015 and November 16, 2015, inclusive (the “Class Period”).

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Retention letter:

By submitting this form, you are acknowledging that you have agreed to be represented by Ryan & Maniskas, LLP and such co-counsel as they deem appropriate to associate with in this action.

We have advised you that we have conducted a thorough investigation into the facts and circumstances surrounding the allegations contained in the Complaint, and we believe them to be meritorious. You understand that in seeking to be a plaintiff, you are undertaking certain fiduciary duties and responsibilities, which require you to adequately and fairly represent the class by becoming generally familiar with this litigation so that you can monitor, review and participate with counsel in the prosecution of the action. You may and should confer with us at any time you feel it is appropriate to do so.

Our firm prosecutes class actions and is seeking to undertake this litigation on a contingent fee basis. This means we will not seek payment of any fees unless the lawsuit generates a recovery or benefit for the class. The payment of our fees in this suit is subject to court approval, and we generally seek to have our fees calculated as a percentage of the full amount of the funds recovered, i.e., as a percentage of the amount recovered before the deduction of our fees and expenses.

We will advance all costs and expenses that we deem necessary to pursue an appropriate recovery in this suit. Typical costs and expenses include, but are not limited to, telephone, fax transmission, court costs, computer research, copy, and postage expenses, as well as more substantial items, such as the cost of travel, deposition, trial, mediation expenses, and expert witness and consultant fees. If the lawsuit generates a recovery for the class, we will apply to the Court to have our costs and expenses reimbursed from the settlement fund remaining after the attorneys’ fees have been paid. If there is no recovery, you will not be responsible for any costs.

In the course of the lawsuit, we may, without notice to you, retain and/or work with other law firms, in which case, we would divide any legal fees we receive with such other firms. You agree that we may divide fees with other attorneys for serving as local counsel, or for referral fees, or other services performed. You also agree that with respect to situations in which our co-counsel perform services, they may be entitled to receive between 5% and 10% of our firm’s overall fee. The division of attorneys’ fees with other counsel may be determined upon a percentage basis or upon time spent in assisting the prosecution of the action. The division of fees with other counsel is our sole responsibility and will not increase the fees described above. If we determine at any time that the prosecution of these claims is not feasible or is contrary to justice or the standards of good faith, we are then entitled to withdraw from the representation in the action, with reasonable notice to you. This agreement shall be governed by the laws of the Commonwealth of Pennsylvania. All disputes, disagreements and claims arising out of or related to this agreement shall be resolved exclusively through binding arbitration pursuant to the Rules of the American Arbitration Association.

We look forward to working with you.

Ryan & Maniskas, LLP announces that a class action lawsuit has been filed in United States District Court for the Eastern District of Texas on behalf of purchasers of Adeptus Health Inc. (“Adeptus Health” or the “Company”) (NYSE: ADPT) Class A common shares (hereinafter the “common shares” or “common stock”) pursuant and/or traceable to the Company’s secondary public offering (the “SPO”) on or about July 31, 2015, seeking to pursue remedies under the Securities Act of 1933 (the “Securities Act”), as well as purchasers of the Company’s common shares between April 23, 2015 and November 16, 2015, inclusive (the “Class Period”).

Adeptus Health shareholders may, no later than December 27, 2016, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of Adeptus Health and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218 or to sign up online, visit: www.rmclasslaw.com/cases/adpt.

The complaint charges Adeptus Health, certain of its officers and directors and the underwriters of its SPO with violations of the Securities Act and/or the Exchange Act. Adeptus Health owns and operates a network of independent freestanding emergency rooms in the United States.

The complaint alleges that defendants misrepresented and failed to disclose material adverse facts regarding the Company’s business and prospects, which were known to defendants or recklessly disregarded by them, including that: (a) Adeptus Health had been engaging in widespread predatory billing practices, particularly with respect to lower acuity level patients; (b) Adeptus Health’s predatory billing practices subjected the Company to numerous known, but undisclosed, risks, including monetary risks, reputational risks, risks associated with improper financial reporting, civil or criminal sanctions, and even exclusion from federal and state healthcare programs; (c) the Company’s financial statements had not been prepared in conformity with generally accepted accounting principles; (d) contrary to defendants’ representations about the Company’s practice of referring lower acuity patients to urgent care facilities, Adeptus Health routinely treated lower acuity patients and excessively billed them for the services it rendered; and (e) as a result of the foregoing, defendants lacked a reasonable basis for their positive statements about Adeptus Health’s then-current business and future financial prospects.

On November 17, 2015, KUSA, an NBC-affiliated television station located in Denver, Colorado, aired a 9WANTS To Know investigative report about the billing practices at Adeptus Health’s Colorado First Choice emergency rooms (“ERs”). According to the report, which had been based on “months” of investigation, the Company’s First Choice ERs engaged in a pattern and practice of predatory overbilling. In response to the airing of the KUSA investigative report, the price of Adeptus Health common stock plummeted more than 22% on very heavy trading volume, falling from $59.87 per share on November 16, 2015 to $46.50 per share on November 17, 2015.

If you are a member of the class, you may, no later than December 27, 2016, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.