Lawsuit for Investors in NYSE: DVA shares against Davita Inc. Announced by Shareholders Foundation

Accesswire 16-Feb-2017 5:00 PM

SAN DIEGO, CA / ACCESSWIRE / February 16, 2017 / The Shareholders Foundation, Inc. announces that a lawsuit was filed for certain purchasers of NYSE: DVA shares against Davita Inc., formerly DaVita HealthCare Partners Inc. over alleged Securities Laws Violations.

Investors, who purchased shares of Davita Inc. (NYSE: DVA) in June 2015 or earlier and currently hold any of those NYSE: DVA shares, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

On August 18, 2016, The Centers for Medicare & Medicaid Services issued a public request for information regarding the alleged steering of Medicare and Medicaid beneficiaries into other plans in order to earn higher reimbursement rates.

On October 23, 2016, an article was published entitled, "DaVita encouraged some low-income patients to enroll in commercial plans," which directly accused Davita Inc. of steering clients to private insurers and utilizing its own money to pay for health insurance premiums through the American Kidney Fund. Shares of Davita Inc. declined from $78.18 per share in July 2016 to as low as $54.50 per share on October 28, 2016

On January 6, 2017, after the close of trading, an article was published revealing that Davita Inc. allegedly had received subpoenas from federal prosecutors seeking "the production of information related to charitable premium assistance" in connection with Davita Inc.'s ties to the American Kidney Fund, a charity that helps patients pay for kidney dialysis.

On February 1, 2017 a lawsuit was filed in Colorado against Davita Inc. over alleged violations of securities laws. The plaintiff claims that the defendants made false and/or misleading statements and/or failed to disclose that the Company and its senior executives purposefully steered patients into unnecessary insurance plans in order to maximize profits, that the Company was using American Kidney Fund as a vehicle to facilitate these improper practices, that as a result, DaVita's revenues and profits were illegally obtained, that in turn, DaVita lacked effective internal controls over financial reporting, and that as a result of the foregoing, Defendants' statements about DaVita's business, operations, and prospects were false and misleading and/or lacked a reasonable basis.

Those who purchased shares of Davita Inc. (NYSE: DVA) in June 2015 or earlier and currently hold any of those NYSE: DVA shares should contact the Shareholders Foundation, Inc.

The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

CONTACT:

Shareholders Foundation, Inc. Michael Daniels +1 (858) 779-1554 mail@shareholdersfoundation.com 3111 Camino Del Rio North Suite 423 San Diego, CA 92108

SOURCE: Shareholders Foundation, Inc.