NEW YORK, Jan. 28, 2012 /PRNewswire/ --Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at Health Management Associates, Inc. ("HMA" or the "Company") (NYSE: HMA).
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On August 3, 2011, Defendants announced that the U.S. Department of Health and Human Services had issued a subpoena requesting "information on [HMA's] physician referrals as well as ownership and management at our whole-hospital physician joint ventures, among other items." On this news, shares of HMA common stock fell by $0.80, to close at $7.97 per share. Prior to this announcement, HMA's board of directors had repeatedly publicized the Company's supposedly robust financial performance and growth, its increase in hospital admission rates, and its compliance with all applicable laws and regulations.
Then, on January 9, 2012, an analyst from CRT Capital Group issued a report stating that HMA's former compliance director, Paul Meyer, filed a lawsuit against the Company for violation of Florida's Private Sector Whistleblower's Act. In addition to being HMA's Director of Compliance at the time of his wrongful termination, Meyer was a thirty-year veteran of the FBI, Healthcare Fraud Unit, in Miami. On this news, shares of Health Management dropped another $0.53 per share, falling from $7.49 per share to $6.96.
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Take Action
If you purchased HMA securities between July 27, 2009 and January 9, 2012 and would like to discuss your legal rights, visit www.faruqilaw.com/HMA. You can also contact us by calling Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.comor fmcconville@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding HMA's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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FARUQI & FARUQI, LLP
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Attn: Richard Gonnello, Esq.
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Francis McConville, Esq.
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Telephone: (877) 247-4292 or (212) 983-9330
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