Wonder if this could be a reason why its been down recently?
"by issuing materially false or misleading statements concerning PolyMedica's billing and marketing practices. The complaint alleges that these statements were false and misleading because defendants knew, or recklessly disregarded, that PolyMedica, through its Liberty Medical Supply division, was engaging in billing and marketing practices that do not comply with federal Medicare reimbursement regulations, including shipping diabetes testing supplies to customers without prior authorization or proper supporting documentation, in direct contradiction of a 1998 regulation banning such practices. The complaint further alleges that defendants' actions artificially inflated the price of PolyMedica common stock during the Class Period."
Monday November 27, 5:32 pm Eastern Time
Press Release
SOURCE: Shapiro Haber & Urmy LLP
Shareholder Brings Class Action for False and Misleading Statements Against PolyMedica Corp. on Behalf of Purchasers from 9/3/99 to 11/17/00
BOSTON, Nov. 27 /PRNewswire/ -- The following release is being issued by the Boston law firm Shapiro Haber & Urmy LLP:
A class action suit alleging securities fraud has been filed in the United States District Court for the District of Massachusetts against PolyMedica Corp. (Nasdaq: PLMD - news; ``PolyMedica'' or the ``Company'') and its chief executive officer by the Boston law firm Shapiro Haber & Urmy LLP.
The case, entitled Richard Bowe SEP-IRA v. PolyMedica Corp., et al., was filed on behalf of all persons who purchased the common stock of PolyMedica during the period September 3, 1999 through November 17, 2000, inclusive (the ``Class Period'').
The complaint alleges that the defendants violated section 10(b) of the Securities Exchange Act of 1934 (``the Exchange Act''), and Rule 10b-5 promulgated thereunder, and Section 20(a) of the Exchange Act, by issuing materially false or misleading statements concerning PolyMedica's billing and marketing practices. The complaint alleges that these statements were false and misleading because defendants knew, or recklessly disregarded, that PolyMedica, through its Liberty Medical Supply division, was engaging in billing and marketing practices that do not comply with federal Medicare reimbursement regulations, including shipping diabetes testing supplies to customers without prior authorization or proper supporting documentation, in direct contradiction of a 1998 regulation banning such practices. The complaint further alleges that defendants' actions artificially inflated the price of PolyMedica common stock during the Class Period.
Plaintiff seeks to recover damages suffered by class members and is represented by the law firm of Shapiro Haber & Urmy LLP, which has successfully prosecuted numerous securities class actions on behalf of defrauded investors. More information about the firm and its qualifications is available on the firm's website at www.shulaw.com.
If you are a member of the class described above, you may wish to join the action. You may move the court to serve as a lead plaintiff no later than 60 days from November 27, 2000.
If you would like a copy of the complaint, would like to discuss joining this action as a lead plaintiff, or would like to inform us that you are a member of the proposed class, please contact Thomas G. Shapiro, Esq. or Lisa Palin, paralegal, Shapiro Haber & Urmy LLP, 75 State Street, Boston, MA 02109, (800) 287-8119, fax at (617) 439-0134, or e-mail at cases@shulaw.com.
SOURCE: Shapiro Haber & Urmy LLP |
