The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Western District of Kentucky on behalf of purchasers of the common stock of Almost Family, Inc. ("Almost Family" or the "Company") (NASDAQ: AFAM) between November 4, 2009 and June 30, 2010 (the "Class Period").
The Complaint charges that Almost Family and certain of its officers and directors violated federal securities laws. Specifically, defendants failed to disclose that: (i) the Company was deliberately increasing the number of unnecessary home therapy visits in order to receive increased Medicare reimbursements; and (ii) the Company's reported sales and earnings were materially inflated. As a result of defendants' false statements, the Company's stock traded as high as $43.96 per share on April 29, 2010.
On April 26, 2010, The Wall Street Journal published an article titled "Home Care Yields Medicare Bounty," which revealed that the home healthcare companies, including Almost Family, billed a higher number of the most profitable home therapy visits for their Medicare patients, while at the same time billing fewer of the least profitable therapy visits. Then, on July 1, 2010, Almost Family announced that it had received a civil subpoena for documents and a notice of an investigation from the SEC. On this news, Almost Family's stock fell $3.88 per share.
If you are a member of the class, you may, no later than October 1, 2010, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.
While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit: www.izardnobel.com/almostfamily/ (http://www.izardnobel.com/almostfamily/) , or contact Izard Nobel LLP toll-free: (800) 797-5499, or by e-mail: firstname.lastname@example.org (mailto:email@example.com) . For more information about class action cases in general, please visit our website: www.izardnobel.com (http://www.izardnobel.com/) .