Kahn Swick & Foti, LLC and Former Louisiana Attorney General Announce Class Complaint Against Almost Family, Inc. on Behalf of Shareholders Who Purchased Shares of AFAM From Novemb...
Kahn Swick & Foti, LLC ("KSF") (www.ksfcounsel.com (http://www.ksfcounsel.com) ), a nationally recognized Louisiana-based law firm, and KSF partner Charles C. Foti, Jr., former Attorney General of Louisiana, announce that a class action securities case was filed in the United States District Court for the Western District of Kentucky on behalf of purchasers of Almost Family, Inc. ("Almost Family") (NASDAQ: AFAM) common stock during the period between November 4, 2009 and June 30, 2010, inclusive (the "Class Period"). Currently, KSF is involved in litigation against Amedisys, Inc., which is under investigation for Medicare reimbursement activities that are similarly alleged against AFAM (http://www.ksfcounsel.com/lawsuit/ksf-files-expanded-class-complaint-against-amedisys-inc-on-behalf-of-shareholders-lawyer-C95 (http://www.ksfcounsel.com/lawsuit/ksf-files-expanded-class-complaint-against-amedisys-inc-on-behalf-of-shareholders-lawyer-C95) ).
If you are an AFAM shareholder who has suffered losses on your investment during this period and would like to receive a copy of this complaint and discuss your rights as class members and/or apply for lead plaintiff, you may, without obligation or cost to you, prior to October 4, 2010, e-mail or call KSF Director of Client Relations, Neil Rothstein, Esq. (firstname.lastname@example.org (mailto:email@example.com) ), toll free at 877/694-9510, or via cell phone 330/860-4092, or KSF Managing Partner, Lewis Kahn (firstname.lastname@example.org (mailto:email@example.com) ), toll free at 1-866-467-1400, ext. 200, or after hours via cell phone 504-301-7900. You may also visit KSF's website at http://www.ksfcounsel.com/lawsuit/almost-family-inc-lawyer-C97 (http://www.ksfcounsel.com/lawsuit/almost-family-inc-lawyer-C97) to contact the firm online. A "lead plaintiff" is a representative party that acts on behalf of other class members in directing and controlling the litigation. To learn more about KSF and how becoming a lead plaintiff may benefit you, you may contact Mr. Rothstein or Mr. Kahn.
Almost Family, Inc., together with its subsidiaries, provides home health services in the United States. The company operates through two segments, Visiting Nurse and Personal Care.
The complaint alleges that during the Class Period, defendants misled investors by failing to disclose that: (i) the Company was deliberately and unnecessarily increasing the number of home therapy visits in order to receive increased Medicare reimbursements; and (ii) as a result of defendants' conduct, the Company's reported sales and earnings were materially inflated. As a direct result of defendants' false statements, Almost Family's common stock traded at artificially inflated prices during the Class Period, reaching a high of $43.96 per shares on April 29, 2010.On July 1, 2010, before the market opened, Almost Family announced that the Company had received a civil subpoena for documents and a notice of an investigation from the SEC. The subpoena seeks all documents relating to "the Company's home health care services and operations, including reimbursements under the Medicare home health prospective payment system, since January 1, 2000." As a result of this negative news, Almost Family's common stock fell $3.88 per share or 11.11%, on July 1, 2010, on high volume.
On July 23, 2010, Rich Duprey of Motley Fool wrote: "Investors have good reason to be skeptical about Almost Family's immediate future given the investigation launched by the SEC into its Medicare billing practices. Along with Amedisys, Almost Family is being looked at to see if it fraudulently increased the number of home visits to patients to earn thousands of dollars in additional reimbursements from the health care program. Peers Gentiva and LHC Group were involved in a Senate inquiry but aren't part of SEC investigation." According to a Press Release Issued by AFAM today, "as previously announced the Company is continuing to cooperate fully with investigators from the U.S. Senate Finance Committee and the U.S. Securities and Exchange Commission regarding their inquiries following an April 27, 2010 Wall Street Journal article related to Medicare home health therapy services."
KSF is a law firm focused on securities class action litigation with offices in Louisiana and New York. KSF's lawyers have many years of experience litigating complex securities class actions and have recovered tens of millions of dollars over the past two years for aggrieved investors. KSF attorneys have significant experience in representing both institutional and individual shareholders in securities fraud litigation nationwide. KSF encourages both institutional and individual purchasers of AFAM to contact the firm to discuss the case and lead plaintiff position.