Kaskela Law LLC is investigating AdaptHealth Corp. (“AdaptHealth” or the “Company”) (NASDAQ: AHCO) on behalf of the Company’s long-term shareholders.
AdaptHealth, as it currently exists, was formed in November 9, 2019 via a business combination with SPAC entity DFB Healthcare Acquisitions Corp. (NASDAQ: DFBH), with AdaptHealth as the surviving, publicly traded entity.
Recently a securities fraud complaint was filed against AdaptHealth on behalf of investors who purchased shares of the Company’s common stock between November 8, 2019 and July 16, 2021. According to complaint, during that time period AdaptHealth made a series of materially false and misleading statements to investors about the Company’s business, operations, prospects, and leadership.
According to the complaint, on April 13, 2021, AdaptHealth announced that it had put its Co-CEO “on unpaid leave” after claiming that it had “learned that authorities in Denmark have formally charged [him] with alleged tax fraud arising from certain past private activity.” Following this news, AdaptHealth’s stock price fell $7.30 per share, or nearly 20% in value.
Then, on July 19, 2021, before the market opened, Jehoshaphat Research published a report alleging that AdaptHealth’s organic revenue growth had stalled, and had started to significantly decline. The report also reported that AdaptHealth had intentionally inflated and obscured its organic revenue growth figures in Q4 2020 and Q1 2021 by changing the calculation it used to derive the metric to include revenue growth attributable to recent acquisitions. Following the release of the Jehoshaphat report, AdaptHealth’s stock price fell an additional $1.51 per share, or nearly 6% in value.
The investigation seeks to determine whether the members of AdaptHealth’s board of directors breached their fiduciary duties in connection with the above alleged misconduct.
Current AdaptHealth shareholders who purchased or acquired shares of the Company’s common stock prior to January 1, 2020 are encouraged to contact Kaskela Law LLC (Adrienne Bell, Esq.) at (484) 299 – 0750, or by email ([email protected]) or by completing the form on this page, for additional information about this investigation and their legal rights and options.