OSH) SHAREHOLDER CLASS ACTION ALERT: Bernstein Liebhard LLP Announces that a Securities Class Action Lawsuit Has Been Filed Regarding Against Oak Street Health, Inc. (NYSE: OSH)
NEW YORK, January 13, 2022 /PRNewswire/ — Bernstein Liebhard LLP announces that it has filed a securities class action lawsuit was filed August 6, 2020, and November 8, 2021, inclusive (the “Class Period”). The lawsuit has been filed The United States District Court for the Northern District Illinois and alleges violations of the Securities Act of 1934.
If you have purchased Oak Street securities and/or would like to discuss your legal rights and options, please visit Oak Street Health, Inc Shareholder Class Action Lawsuit or contact us Joe Seidman toll free at (877) 779-1414 or [email protected].
Oak Street reportedly operates primary care centers within The United States. Oak Street claims it “engages Medicare-eligible patients through the use of an innovative outreach approach.” The company claims that it contracts with health plans to achieve medical cost savings and a return on its investment in primary care. away December 31, 2020, Oak Street claims to have operated 79 centers in 16 markets in 11 states serving approximately 97,000 patients.
According to the complaint, the defendants made materially false and/or misleading statements and failed to disclose material adverse facts about the company’s business, operations and prospects. Specifically, the defendants failed to disclose to investors that: (1) Oak Street had relationships with third-party marketing agents that were likely to prompt law enforcement scrutiny; (2) Oak Street provided free transportation to federal health care beneficiaries in a manner that would attract scrutiny by law enforcement agencies; (3) these activities may constitute violations of the False Claims Act; (4) Oak Street faced an increased risk of investigation by the DOJ and/or other federal law enforcement agencies; and (5) Oak Street experienced adverse impacts related to defense and settlement costs and the diversion of management resources.
on November 8, 2021, Oak Street filed its third-quarter earnings report with the SEC on Form 10-Q for the current quarter September 30, 2021. In it, the company disclosed this in the relevant part November 1, 2021 the Company received a Civil Investigation Request (“CID”) from the DOJ. According to the CID, the DOJ was investigating whether the company violated the False Claims Act. The CID also requested documents and information related to Oak Street’s relationships with “third party marketing agents” and Oak Street’s “Provision of complimentary transportation to federal healthcare beneficiaries.” As this information hit the market, the company’s share price fell $9.75, or more than 20% $37.14 per share November 9, 2021, on unusually strong trading volume.
If you wish to appear as lead plaintiff, you must call the court no later than March 14, 2022. A lead plaintiff is a representative party acting on behalf of other group members in conducting the litigation. Your ability to participate in a recovery does not require you to serve as lead plaintiff. If you choose not to take action, you can remain an absentee class member.
If you have purchased Oak Street securities and/or would like to discuss your legal rights and options, please visit https://www.bernlieb.com/cases/oakstreethealthinc-osh-shareholder-lawsuit-class-action-fraud-stock- 478 / or contact Joe Seidman toll free at (877) 779-1414 or [email protected].
Since 1993, Bernstein Liebhard LLP has recovered $3.5 billion for his customers. In addition to representing individual investors, the firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and conduct litigation on their behalf. Due to its success in litigating hundreds of court cases and class actions, the firm has been named to the National Law Journal’s Plaintiff Hot List thirteen times and has been included in The Legal 500 for ten consecutive years.
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