Class action suit filed against Columbia/HCA Healthcare Corporation and certain of its officers and directors alleging misrepresentations and insider trading.SAN DIEGO--(BUSINESS WIRE)--June 2, 1997--A class action has been commenced in the United States District Court for the Middle District of Tennessee The United States District Court for the Middle District of Tennessee is the federal trial court for most of Middle Tennessee. Based in Nashville, it was created in 1839 when Congress added a third district to the state. on behalf of all purchasers of Columbia/HCA Healthcare Corporation ("Columbia/HCA") common stock between February 14, 1996 and March 27, 1997. The complaint charges Columbia/HCA and certain of its officers and directors with violations of sections 10(b) and 20(a) of the Securities Exchange Act of 1934 for participating in a fraudulent scheme Noun 1. fraudulent scheme - an illegal enterprise (such as extortion or fraud or drug peddling or prostitution) carried on for profit illegitimate enterprise, racket pursuant to which Columbia/HCA: (i) improperly billed Medicare for unnecessary services and/or services more extensive than those actually rendered; (ii) offered loans and/or special opportunities to invest in Columbia/HCA healthcare operations to physicians in a position to make referrals to healthcare facilities anchored by Columbia/HCA hospitals; (iii) paid physicians based on the amount of business they provided to Columbia/HCA; and (iv) provided free, or reduced-rate, rent and/or vacations to physicians in a position to refer patients to healthcare facilities anchored by Columbia/HCA hospitals. The complaint also alleges that the individual defendants took advantage of the artificially inflated price of Columbia/HCA stock by selling or otherwise disposing of more than 4 million shares of Columbia/HCA stock which was worth more than $190 million, before the true facts about the pervasiveness of the defendants' wrongful conduct Noun 1. wrongful conduct - activity that transgresses moral or civil law; "he denied any wrongdoing" actus reus, misconduct, wrongdoing activity - any specific behavior; "they avoided all recreational activity" was revealed and Columbia/HCA's stock collapsed to as low as $33 per share. Plaintiffs seek to recover damages on behalf of all purchasers of Columbia/HCA common stock during the Class Period (the "Class"). They are represented by several law firms This list of the world's largest law firms by revenue is taken from The Lawyer and The American Lawyer and is ordered by 2006 revenue:[1]
Milberg Weiss has been actively engaged in commercial litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. , emphasizing securities and antitrust class actions, for more than 20 years. The firm has offices in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. , San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden and Los Angeles and is active in major litigation pending in federal and state courts throughout the United States. The firm's reputation for excellence has been recognized on repeated occasions by courts which have appointed the firm to major positions in complex multi-district or consolidated litigations. Milberg Weiss has taken a lead role in numerous important actions on behalf of defrauded investors, and has been responsible for a number of outstanding recoveries which, in the aggregate, total approximately $2 billion. Visit the firm's website at www.milberg.com . Barrett, Johnston & Parsley has been actively engaged in class action litigation for more than 25 years. The firm has offices in Nashville, Tennessee and is active in major litigation pending in federal and state courts throughout Tennessee. If you are a member of the Class described above, you may, no later than 60 days from April 8, 1997, move the Court to serve as lead plaintiff, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiffs' counsel, Alan Schulman or Darren Robbins of Milberg Weiss at 800/348-6192 or via e-mail at wsl@mwbhl.com or George Barrett of Barrett, Johnston & Parsley at 615/244-2202. CONTACT: Milberg Weiss Alan Schulman or Darren Robbins, 800/348-6192 wsl@mwbhl.com or Barrett, Johnston & Parsley George Barrett, 615/244-2202 |
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