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It is alleged in this lawsuit that, throughout the Class Period, defendants made misleading and false statements and failed to disclose that: (i) AdaptHealth had misrepresented its organic growth trajectory by inflating past organic growth numbers retroactively without disclosing the changes, in violation of U.S. Securities and Exchange Commission (“SEC”) regulations; (ii) AdaptHealth had materially overstated its financial prospects, accordingly; and (iii) AdaptHealth’s public statements were materially misleading and false at all relevant times, as a result.
A report was published by Jehoshaphat Research on July 19, 2012 alleging that AdaptHealth is a “roll-up” company, or a company that is built primarily through the acquisition of smaller companies with common services or products, obscuring its organic growth by “[r]etroactively changing past organic growth numbers to be higher, with no disclosure about the change.” The report stated specifically that “[w]hile management claims (and consensus estimates reflect) an organic growth trajectory of 8-10%, AHCO is in fact experiencing double-digit organic decline. It is also, in our opinion, taking steps to obscure that decline which are expressly forbidden by the SEC.” It is suggested in this report that AdaptHealth’s manipulation of its organic growth trajectory was “a blatant violation of non-GAAP disclosure rules, for which companies get into huge trouble.” AdaptHealth’s stock price fell nearly 6% on this news, damaging investors.