An investor in NASDAQ:HMSY shares filed a lawsuit against HMS Holdings Corp over alleged violations of Federal Securities Laws.
Investors who purchased shares of HMS Holdings Corp (NASDAQ:HMSY) have certain options and for certain investors are short and strict deadlines running. Deadline: May 2, 2017. NASDAQ:HMSY investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 – 1554.
According to the complaint the plaintiff alleges on behalf of purchasers of HMS Holdings Corp (NASDAQ:HMSY) common shares between May 10, 2016 and March 2, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between May 10, 2016 and March 2, 2017, the defendants made false and/or misleading statements and/or failed to disclose that HMS lacked effective internal control over financial reporting, and that as a result, HMS’s financial statements were materially false and misleading at all relevant times.
HMS Holdings Corp reported that its annual Total Revenue rose from $474.22 million in 2015 to $496.01 million in 2016 and that its Net Income increased from $24.53 million in 2015 to $37.64 million in 2016.
On March 2, 2017, HMS Holdings Corp revealed during aftermarket hours that it would not file its fiscal year 2016 Form 10-K on time and that HMS Holdings’ auditor believes it has identified a material weakness in HMS Holdings’ internal controls over financial reporting related to CMS reserves. HMS Holdings Corp also disclosed that it is “continuing to evaluate whether this issue affects its consolidated financial results, primarily focusing on prior periods in which revenue relating to the CMS business was recorded.” Shares of HMS Holdings Corp declined on March 3, 2017 to as low as $17.72 per share.
Those who purchased NASDAQ:HMSY shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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