SAN FRANCISCO--(BUSINESS WIRE)--The law firm of Lieff Cabraser Heimann & Bernstein, LLP reminds investors of the upcoming March 12, 2012 deadline to move for appointment as lead plaintiff in the securities class action lawsuit against Chemed Corporation (“Chemed” or the “Company”) (NYSE:CHE), brought on behalf of purchasers of Chemed common stock between February 15, 2010 and November 16, 2011 (the “Class Period”).
If you purchased Chemed common stock during the Class Period, you may move the Court for appointment as lead plaintiff no later than March 12, 2012. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your share of any recovery in the action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
Chemed shareholders who wish to learn more about the action and how to seek appointment as lead plaintiff should click here or contact Sharon Lee of Lieff Cabraser toll free at (800) 541-7358.
Chemed provides hospice care services through its VITAS Innovative Hospice Care (“VITAS”) business segment. The complaint alleges that during the Class Period, defendants issued materially false and misleading statements concerning the Company’s business and prospects. Specifically, defendants failed to disclose, among other things, that: (a) Chemed engaged in a scheme to fraudulently bill Medicare for hospice services for patients ineligible for hospice and fraudulently shifted the costs of those patients to the U.S. government; (b) in a whistleblower complaint filed under seal, a former manager of VITAS had accused VITAS of engaging in similar misconduct; and (c) the Company failed to maintain adequate internal controls in its hospice enrollments and Medicare billings.
On November 16, 2011, Bloomberg published an article concerning a whistleblower action brought against Chemed. According to the article, the U.S. Department of Justice told the court it suspects VITAS of “an extensive scheme” to defraud Medicare and Medicaid of “hundreds of millions of dollars” by falsifying records and hospice certifications. Following this news, the price of Chemed shares fell $6.87 per share to close at $50.65 per share on November 16, 2011.
Lieff Cabraser, with offices in San Francisco, New York and Nashville, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.
For more information about Lieff Cabraser and the firm’s representation of investors, please visit http://www.lieffcabraser.com.
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