AdaptHealth Corp. and its leadership inflated the medical equipment company’s stock price by misrepresenting the causes of its revenue growth, leading to a 27% stock drop, an institutional investor says in a new class action lawsuit.
“In reality, AdaptHealth’s record sales and substantial growth were driven by improper upcoding and other illicit billing practices,” the Allegheny County Employees’ Retirement System says on behalf of a proposed class. The institutional investor filed its complaint Tuesday in the US District Court for the Eastern District of Pennsylvania.
Company statements before and after its secondary public offering in January 2021 touted the growing ...
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