Addus HomeCare Corporation hit by Investor Lawsuit

Lawsuit on behalf of investors of Addus HomeCare Corporation (Public, NASDAQ-ADUS) over alleged securities laws violations by Addus HomeCare – Deadline: May 25, 2010 – Contact the Shareholders Foundation, Inc.
By: Shareholders Foundation, Inc.
 
April 6, 2010 - PRLog -- An investor in Addus HomeCare Corporation (Public, NASDAQ-ADUS) filed a lawsuit in United States District Court for the Northern District of Illinois on behalf of all persons or entities who purchased Addus HomeCare Corporation common stock (ADUS) pursuant and/or traceable to the Registration Statement and Prospectus issued in connection with the Company’s October 27, 2009, initial public offering (the “IPO”).

If you purchased Addus HomeCare Corporation common stock (ADUS) pursuant and/or traceable to the Registration Statement and Prospectus issued in connection with the Company’s October 27, 2009, IPO, you have certain options and there are strict and short deadlines running. Deadline: May 25, 2010. Those ADUS investors should contact the Shareholders Foundation, Inc by email at mail@shareholdersfoundation.com or call +1 (858) 779 – 1554.

According to the complaint the plaintiff alleges that Addus HomeCare Corporation and certain of its executive officers and/or directors violated federal securities laws, specifically Sections 11 and 15 of the Securities Exchange Act, by issuing in the Registration Statement and Prospectus materially false and misleading and/or omitting facts necessary to make the statements made not misleading. Then on March 18, 2010, after the market closed, Addus HomeCare Corporation reported its financial results for the fiscal fourth quarter and year ended December 31, 2009, and reported a fourth quarter net loss of $3.7 million, or $0.48 per share. Addus HomeCare Corporation announced that its had to increase its bad debt reserve levels by $1.5 million, and that during the fourth quarter its Home Health revenues were short of internal forecasts due to a slowdown in admissions from its Integrated Services program due to the State of Illinois’ effort to develop new procedures for integrating care.
The following day, March 19, 2010, Addus HomeCare’s stock (ADUS) price declined $2.60 per share to close at $6.30 per share, representing a cumulative decline of $3.70, or 37%, of the value of Addus shares at the IPO price of $10 per share.
Shares of Addus HomeCare Corp. (ADUS) traded recently at $5.62 per share, down from  $9.15 in November 2009, $9.72 per share in January 2010, and $8.90 per share on March 18, 2010.


Those who purchased Addus HomeCare Corporation common stock (ADUS) pursuant and/or traceable to the Registration Statement and Prospectus issued in connection with the Company’s October 27, 2009, IPO, have certain options and there are strict and short deadlines running. Deadline: May 25, 2010. Those ADUS investors should contact the Shareholders Foundation, Inc by email at mail@shareholdersfoundation.com or call +1 (858) 779 – 1554.

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The Shareholders Foundation, Inc. is an investor advocacy group. We do research related to shareholder issues and inform investors of securities class actions, settlements, judgments, and other legal related news to the stock market. At Shareholders Foundation, Inc. we are in contact with a large number of shareholders. We believe that together we can combine the interests of many investors, and use the size of our interest as leverage against the giant corporations. We offer help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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Source:Shareholders Foundation, Inc.
Email:***@shareholdersfoundation.com Email Verified
Zip:92108
Tags:Adus, Addus, Addus Homecare, Addus Home Care, Addus Homecare Corp, Addus Homecare Corporation, Nasdaq Adus
Industry:Banking, Business, Financial
Location:San Diego - California - United States
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