SAN FRANCISCO, Jan. 12, 2023 /PRNewswire/ — Hagens Berman urges Oak Street Health, Inc. (NYSE: OSH) investors with significant losses to submit your losses now. A securities fraud class action has been filed and certain investors may have valuable claims.
Class Period: Aug. 6, 2020 – Nov. 8, 2023
Lead Plaintiff Deadline: Mar. 11, 2023
Visit: www.hbsslaw.com/investor-fraud/OSH
Contact An Attorney Now: [email protected]
844-916-0895
Oak Street Health, Inc. (OSH) Securities Class Action:
The lawsuit focuses on defendants’ repeated statements about Oak Street’s purported “innovative community outreach approach” to engage Medicare eligible patients and repeated claims that its “strong” at- risk patient and revenue growth are largely the product of its internal sales and marketing efforts.
According to the complaint, defendants misled investors by failing to disclose that: (1) Oak Street maintained relationships with third-party marketing agents likely to provoke law enforcement scrutiny; (2) Oak Street provided free transportation to federal health care beneficiaries in a manner that would provoke law enforcement scrutiny; and, (3) these activities might violate the False Claims Act.
Investors began to learn the truth on Nov. 8, 2023, when Oak Street announced its Q3 2023 financial results, which included a slight miss from the consensus loss estimate. However, the company also disclosed it received a civil investigative demand (“CID”) on Nov. 1, 2023, indicating the U.S. Department of Justice is investigating the company’s relationships with third-party marketing agents and whether the company’s provision of free transportation to federal health care beneficiaries violated the federal False Claims Act.
This news sent the price of Oak Street shares sharply lower on Nov. 9, 2023.
“We’re focused on investors’ losses and proving Oak Street and senior management misled investors about the true sources of the company’s patient and revenue growth,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Oak Street and have significant losses, or have knowledge that may assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Oak Street should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].
About Hagens Berman
Hagens Berman is a national law firm with eight offices in eight cities around the country and over eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Contact:
Reed Kathrein, 844-916-0895
SOURCE Hagens Berman Sobol Shapiro LLP
