Adeptus Health Securities Litigation

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Adeptus Health Securities Litigation
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The information contained on this web page is only a summary of information presented in more detail in the Notice of (I) Pendency of Class Action and Proposed Settlement; (II) Settlement Fairness Hearing; and (III) Motion for Attorneys’ Fees and Litigation Expenses (the “Notice”), which you can access by clicking here. Since this website is just a summary, you should review the Notice for additional details.

Court-appointed Lead Plaintiffs, Alameda County Employees’ Retirement Association (“ACERA”) and Arkansas Teacher Retirement System (“ATRS” and together with ACERA, “Lead Plaintiffs”)and additional named plaintiff Miami Fire Fighters’ Relief and Pension Fund (“Miami” and together with Lead Plaintiffs, “Plaintiffs”), on behalf of themselves and the Class, have reached a proposed settlement of the Action for $44 million in cash that, if approved, will resolve all claims in the Action (“Settlement”).

If you are a member of the Settlement Class, your rights will be affected and you may be eligible for a payment from the Settlement, unless you timely request to be excluded.  The Settlement Class consists of:

all persons and entities who purchased or otherwise acquired Adeptus Health Inc. ("Adeptus") Class A common stock during the period from June 25, 2014, through March 1, 2017, inclusive (the “Class Period”).

Included in the Settlement Class are all persons and entities who purchased shares of Adeptus Class A common stock on the open market and/or pursuant or traceable to the July 29, 2015 and June 8, 2016 Offerings during the Class Period.  The Settlement Class includes a subclass of all persons who purchased Adeptus Class A common stock contemporaneously with sales of Adeptus securities made or caused by Defendants Hall, Fielding, Cherrington, and the Sterling Defendants in connection with Adeptus's July 2015 and June 2016 secondary public offerings of Adeptus Class A common stock, and were damaged thereby (the "20A Sub-Class"). Excluded from the Class by definition are certain persons and entities (see paragraph 26 of the Notice) or those who request exclusion pursuant to the instructions set forth in the Notice (see paragraphs 53 to 58 of the Notice).

Please read the Notice to fully understand your rights and options. Copies of the Notice and Claim Form can be found in the menu on the left of this page.

Payments to eligible claimants will be made only if the Court approves the Settlement and a Plan of Allocation, only after any appeals are resolved, and after the completion of all claims processing. Please be patient, as this process will take some time to complete.


YOUR LEGAL RIGHTS AND OPTIONS IN THE SETTLEMENT:

SUBMIT A CLAIM FORM POSTMARKED (IF MAILED), OR ONLINE, NO LATER THAN JUNE 8, 2020.

This is the only way to be eligible to receive a payment from the Settlement Fund. If you are a Settlement Class Member and you remain in the Settlement Class, you will be bound by the Settlement as approved by the Court and you will give up any Released Plaintiffs’ Claims (defined in paragraph 35 of the Notice) that you have against Defendants and the other Defendants’ Releasees (defined in paragraph 36 of the Notice), so it is in your interest to submit a Claim Form.

EXCLUDE YOURSELF FROM THE SETTLEMENT CLASS BY SUBMITTING A WRITTEN REQUEST FOR EXCLUSION SO THAT IT IS RECEIVED NO LATER THAN APRIL 29, 2020.

Get no payment. If you exclude yourself from the Settlement Class, you will not be eligible to receive any payment from the Settlement Fund. This is the only option that may allow you to ever be part of any other lawsuit against the Defendants concerning the claims that were, or could have been, asserted in the Action. It is also the only way for Settlement Class Members to remove themselves from the Settlement Class. If you are considering excluding yourself from the Settlement Class, please note that there is a risk that Defendants will claim or a Court may determine that certain claims asserted against Defendants are no longer timely and are time-barred. 

OBJECT TO THE SETTLEMENT BY SUBMITTING A WRITTEN OBJECTION SO THAT IT IS RECEIVED NO LATER THAN APRIL 29, 2020.

If you do not like the proposed Settlement, the proposed Plan of Allocation, and/or the requested attorneys’ fees and Litigation Expenses, you may object by writing to the Court and explaining why you do not like them. In order to object, you must be a member of the Settlement Class and you may not exclude yourself from the Settlement Class.

GO TO A HEARING ON MAY 20, 2020 AT 11:30 A.M., AND FILE A NOTICE OF INTENTION TO APPEAR SO THAT IT IS RECEIVED NO LATER THAN APRIL 29, 2020.

If you have filed a written objection and wish to appear at the hearing, you must also file a notice of intention to appear by April 29, 2020, which allows you to speak in Court, at the discretion of the Court, about the fairness of the Settlement, the Plan of Allocation, and/or the request for attorneys’ fees and Litigation Expenses. If you submit a written objection, you may (but you do not have to) attend the hearing.   

DO NOTHING.

If you are a member of the Settlement Class and you do not submit a valid Claim Form, you will not be eligible to receive any payment from the Settlement Fund. You will, however, remain a member of the Settlement Class, which means that you give up your right to sue about the claims that are resolved by the Settlement and you will be bound by any judgments or orders entered by the Court in the Action

 


Please read the Notice carefully.  If you have questions, you may call the Adeptus Health Securities Litigation Help Line at 866-778-9468 or email info@AdeptusHealthSecuritiesLitigation.com.  



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