![]() ![]() ![]() Before a patient begins receiving home healthcare treatment, he or she is given a long questionnaire covering characteristics and attributes specified in the Medicare guidelines. Medicare uses a prospective payment system ("PPS") that reimburses home healthcare companies like Amedisys based, in part, on the provider's pre-treatment assessment of the patient's condition and the provider's pre-treatment 60-day ("episode") proposed plan of care. All are alleged to have played "a direct, substantial and primary" role in the securities fraud that is the subject of this litigation. Individual Defendants all served as high-ranking Amedisys officers at various times throughout the Class Period: Borne (Chief Executive Officer and Chairman of the Board from 1982 to 2014) Graham (Chief Operating Officer from January 1999 to September 2009) Redman (Chief Financial Officer from February 2007 to January 2012) Giblin (Chief Financial Officer from October 2007 to February 2007) Browne (Chief Financial Officer from May 2002 to October 2006) Schwartz (Chief Information Officer from September 2004 until September 2009) and Jeter (Chief Compliance Officer and Corporate Counsel from 2001 to present). Medicare reimbursements constituted approximately 90% of the Company's net service revenue from 2005-2009. Its common stock is traded on the NASDAQ Global Select Market under the trading symbol "AMED", and its principal offices are located in Baton Rouge, Louisiana. at ¶¶ 18-19).Īmedisys is a provider of home health services. Both purchased Amedisys common stock during the Class Period and allege to have suffered damages as a result of Defendants' federal securities violations. Puerto Rico TRS is a single employer pension plan that provides retirement, death, and disability benefits to teachers in the Commonwealth of Puerto Rico, including all current and pensioned teachers of the Department of Education. Mississippi PERS is a pension fund established for the benefit of current and retired public employees of the State of Mississippi. Commission Rule 10b-5 forbids, among other things, the making of any "untrue statement of a material fact" or the omission of any material fact "necessary in order to make the statements made. ![]() deceptive device," (2) "in connection with the purchase or sale of any security," and (3) "in contravention of" Securities and Exchange Commission "rules and regulations."ġ5 U.S.C. Section 10(b) of the Securities Exchange Act of 1934 forbids (1) the "use or employ. Private federal securities fraud actions are based upon federal securities statutes and their implementing regulations. 270 at ¶¶ 516-18).Īs stated by the Supreme Court in Dura Pharm., Inc. Plaintiffs also bring claims against Individual Defendants under Section 20(a) of the Exchange Act, 15 U.S.C. They allege that Amedisys and seven current or former members of Amedisys's senior management ("Individual Defendants") defrauded investors by concealing a Medicare fraud scheme in violation of Section 10(b) of the Securities Exchange Act of 1934 ("Exchange Act"), 15 U.S.C. Lead Plaintiffs Public Employees' Retirement System of Mississippi ("Mississippi PERS") and Puerto Rico Teachers' Retirement System ("Puerto Rico TRS") (collectively, "Plaintiffs") bring this consolidated class action on behalf of all who purchased or otherwise acquired Amedisys's publicly traded securities from Augto Septem(the "Class Period"). For the reasons explained herein, Defendants' motion is GRANTED IN PART and DENIED IN PART. Jurisdiction is proper pursuant to 28 U.S.C. 290, 291), and Plaintiffs have submitted a sur-reply (Doc. 283), Defendants have submitted numerous replies, (Docs. Plaintiffs have submitted a memorandum in opposition, (Doc. 270) ("Plaintiffs' Complaint") dismissed for failure to state a claim upon which relief can be granted pursuant to Federal Rule of Civil Procedure ("Rule") 12(b)(6). ![]() Defendants, in short, seek to have Plaintiffs' First Amended Consolidated Securities Class Action Complaint (Doc. Jeter ("Jeter") (collectively, "Defendants"). Browne ("Browne"), Alice Ann Schwartz ("Schwartz"), and Jeffrey D. ("Amedisys" or the "Company"), William F. JACKSON, CHIEF JUDGE UNITED STATES DISTRICT COURT MIDDLE DISTRICT OF LOUISIANAīefore the Court is Defendants' Motion to Dismiss Plaintiffs' First Amended Consolidated Securities Class Action Complaint (Doc. ![]()
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