(NASDAQ CM: AHCO)
Rigrodsky Law, P.A. is investigating potential claims against the officers and directors of AdaptHealth Corp. ("AdaptHealth" or the "Company") on behalf of stockholders. A class action complaint has been filed against AdaptHealth. The complaint alleges that AdaptHealth and certain of its senior executives orchestrated a scheme to overcharge CMS and other insurance providers by submitting improper billing codes for diabetes equipment. To facilitate this scheme, AdaptHealth and certain of its senior executives made numerous false and misleading statements to investors. As a result of these misrepresentations, AdaptHealth common stock traded at artificially inflated prices. The truth was revealed on February 27, 2023, when the Company announced a surprise loss of $0.02 per share for the fourth quarter of 2022, which was significantly lower than the gain of $0.27 per share that analysts and investors were led to expect. The Company also reduced its guidance for 2023, lowering revenue expectations it had provided just seven weeks earlier by over 1.5%. AdaptHealth attributed the miss and lowered guidance to "tempered expectations on diabetes." As a result of these disclosures, the price of AdaptHealth common stock declined precipitously.