The complaint alleges that the truth began to come to light on May 12, 2010, when LHC announced that the Company received a letter from the Senate Finance Committee asking LHC to respond to questions regarding therapy utilization in prior years. It is alleged that this partial disclosure caused LHC’s stock price to sharply decline, removing some of the stock inflation. Then, following the Company’s July 13, 2010 announcement that it had received a request from the Securities and Exchange Commission to preserve all documents relating to LHC’s Medicare reimbursement practices, the Company’s stock fell further on heavy trading volume. The complaint alleges that this decrease in the price of LHC’s stock was a result of some of the artificial inflation caused by defendants’ misleading statements coming out of the price.As noted in the June 13 complaint, this federal suit is the latest in a string of problems the company has faced over its billing practices. The settlement with the feds, over a civil inquiry involving Medicare reimbursement for home health services from 2006 to 2008, cost the company $65 million.
On October 3, 2011, the Senate Committee released a report on its investigation that found that LHC and two other home health care companies engaged in practices that “at best represent abuses of the Medicare home program” and “[a]t worst, they may be examples of for-profit companies defrauding the Medicare home health program at the expense of taxpayers.” That day, the price of LHC shares fell $1.42 per share, or 8.3%, to close at $15.64. Finally, on October 26, 2011, LHC disclosed that the Company was lowering its earnings forecast, in part because of a payment to the federal government to settle an inquiry into whether LHC improperly billed for home health services that were medically unnecessary. On this news, LHC’s stock price fell an additional 15% in a single trading session.
Michelle D. Lavergne, who worked for the Lafayette law office of L. Clayton Burgess for 13 years, faces up to 10 years in prison.
Sonnier, former media buyer and account exec at Sides, joins Acadian companies as marketing specialist; Maggard, who most recently worked for Potenza, joins Russo as director of media and PR.
New recreation/fitness trend taking over old Crazy Charlie’s on Ambassador Caffery Parkway.
Authorities said that a Chevron Corp. subsidiary was still releasing natural gas Sunday from a pipeline off the Louisiana coast where a Saturday incident killed a maintenance worker.
Meet the WWMB Class of 2014, extraordinary women guiding our exceptional community
Software development center represents third such project in Hub City this year.
Elizabeth Abdalla and Abform are poised for a new era of growth.
Lafayette’s most highly regarded attorneys were honored by their own at the Hall of Fame Banquet sponsored by the Lafayette Bar Association.
Collaboration and relationships give you the help you want — and the help you need.
A look at recent promotions, hirings and recognitions from Acadiana's business community.
Who doesn’t like grilled cheese?
There has been much progress in the 50 years since the Civil Rights Act was passed, but there is still work to be done.
Amid widespread criticism, two former U.S. senators say they are not lobbying Congress on behalf of a shady Russian bank, although a federal disclosure suggests otherwise.
Banks are the ones taking the financial hit for retail security breaches, and that just doesn’t seem fair.
It’s time to embrace a new regional model for economic development.
The state labor department figures released Friday show the initial claims decreased to 1,961 from the previous week's total of 2,237. For the comparable week a year earlier, there were 2,190 claims.
Hurry, rush to Jersey’s Daiquiris Sports Bar in Broussard for a cold one because at noon tomorrow its license is suspended for two months by the state!
The feds say Donald Domingues reported $259,725 as income and paid $64,909 in taxes but he allegedly failed to mention a $351,000 sales commission, which would have bumped his income up to just over $610,000 and his tax liability to $186,000.
Year-to-date sales are outpacing 2013 by 4.7 percent.
“The connector is a crucial part of the larger I-49 South project from Lafayette to New Orleans that would convert U.S. 90 into an interstate-quality roadway.” — U.S. Sen. Mary Landrieu
Despite what was said at a coastal forum in New Orleans last month, oil and gas insiders contend a settlement is not in the stars for the massive lawsuit filed against nearly 100 energy companies by the Southeast Louisiana Flood Protection Authority-East.
Environmentalists, fishermen and others are celebrating a federal judge's ruling that could mean $18 billion in additional fines for BP over the nation's worst oil spill.
St. Louis-based Perficient Inc. says it will establish a software development center in Louisiana that is expected to create 245 jobs.
U.S. District Judge Carl Barbier's ruling Thursday could nearly quadruple the amount of civil penalties for polluting the Gulf of Mexico with oil from BP's Macondo well in 2010.
Co-founder Ryan Trahan goes solo to keep it local.