NEW YORK, Sept. 16, 2019 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Evolent Health, Inc. (“Evolent Health, Inc.” or the “Company”) (EVH) of the October 7, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Evolent stock or options between March 3, 2017 and May 28, 2019 and would like to discuss your legal rights, click here: www.faruqilaw.com/EVH. There is no cost or obligation to you.
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The lawsuit has been filed in the U.S. District Court for the Eastern District of Virginia on behalf of all those who purchased Evolent securities between March 3, 2017 and May 28, 2019 (the “Class Period”). The case, Plymouth County Retirement System v. Evolent Health, Inc. et al., Docket No. 1:19-cv-01031 was filed on August 8, 2019 and has been assigned to Judge Rossie D. Alston, Jr.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing 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; and (4) Passport was conducting a bidding process for several months to sell itself to prevent liquidation.
On this news, Evolents’s stock fell from $14.15 on May 28, 2019 to $10.01 on May 29, 2019—a $4.14 or a 29.26% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Evolent’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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