Cases & Investigations

Acadia Healthcare Company

By Rusty Glenn | February 11, 2020 | Comments Off on Acadia Healthcare Company

DENVER, CO, February 11, 2020 – Shuman Glenn & Stecker announces that it is investigating potential shareholder claims against certain officers and directors of Acadia Healthcare Company, Inc. (“Acadia” or the “Company”) (Nasdaq: ACHC). Acadia owns and operates inpatient and outpatient healthcare facilities in the U.S., U.K. and Puerto Rico.

The Firm’s investigation relates to allegations raised in a class action lawsuit filed against Acadia and certain of its senior officers and directors. The lawsuit alleges that beginning on February 23, 2017, Acadia represented in its public filings and press releases that it was “the leading independent provider of mental health services in the U.K” and that “[f]avorable industry and legislative trends” gave the Company a “competitive strength,” which would drive future growth and profitability. The lawsuit also claims that Acadia misrepresented the extent of the Company’s actual and projected 2017 revenue, earnings before interest, taxes, depreciation and amortization (“EBITDA”) and earnings per share (“EPS”). With Acadia’s stock artificially inflated and based upon the above misstatements, its officers and directors allegedly sold over $143 million worth of Acadia stock through a continuous offering process and more than $1 billion in total Acadia stock. On October 24, 2017, Acadia announced its financial results for the third quarter 2017, which revealed a drastic shortfall in EBITDA for its U.K. facilities and a lowered financial guidance for 2017, including EPS. As a result, Acadia’s stock plunged 26% on October 25, 2017, on extremely high volume.

On October 11, 2018, Aurelius Value published a report and released a video documenting purported Acadiasystematic instances of patient abuse and neglect at dozens of Acadia facilities.  On November 16, 2018, Seeking Alpha published an article titled, “Acadia Healthcare: Very Scary Findings From A 14-Month Investigation,” which highlighted severe problems at certain Acadia facilities previously mentioned in the Aurelius Value report.

If you currently own Acadia common stock and are interested in discussing your rights, or have information relating to this investigation, please contact Brett Stecker toll free at (866) 569-4531 or email Mr. Stecker at brett@shumanlawfirm.com.

ProPetro Holding Corp.

By Rusty Glenn | February 6, 2020 | Comments Off on ProPetro Holding Corp.

DENVER, CO, February 6, 2020 – Shuman Glenn & Stecker announces that it is investigating potential shareholder claims against certain officers and directors of ProPetro Holding Corp. (“ProPetro” or the “Company”) (NYSE: PUMP). ProPetro is an oilfield services company which provides fracking and drilling services throughout North America.

The Firm’s investigation relates to disclosures made by ProPetro on August 8, 2019, wherein the Company admitted that its Audit Committee was performing an ongoing review of, among other things, expense reimbursements and certain transactions involving related parties or potential conflicts of interest. The Company also stated that approximately $370,000 had been improperly reimbursed to members of senior management and that it expected to report a material weakness in its internal controls over disclosure. On this news, the Company’s share price fell $4.59 per share, or over 26%, to close at $12.75 per share on August 9, 2019. Following this news, the Company co-founders, Dale Redman and Jeffrey Smith, lost their titles of principal executive and finance chief, respectively.  Redman and Smith agreed to reimburse the Company for expenses that were billed to ProPetro.

On October 18, 2019, Reuters reported that the SEC was investigating the Company’s financial disclosures. On November 13, 2019, ProPetro disclosed an additional $3.6 million in related party transactions. The Company confirmed the existence of the SEC investigation on November 13, 2019, and additionally disclosed that the Audit Committee review uncovered material financial controls weaknesses and a previously undisclosed related-party transaction with Ian Denholm, ProPetro’s former Chief Accounting Officer.   

If you currently own ProPetro common stock and are interested in discussing your rights, or have information relating to this investigation, please contact Brett Stecker toll free at (866) 569-4531 or email Mr. Stecker at brett@shumanlawfirm.com.

Health Insurance Innovations

By Rusty Glenn | January 27, 2020 | Comments Off on Health Insurance Innovations

DENVER, CO, January 27, 2020 – Shuman, Glenn & Stecker announces that it is investigating potential shareholder claims against certain officers and directors of Health Insurance Innovations, Inc. (“HIIQ” or the “Company”) (Nasdaq: HIIQ). HIIQ operates as a cloud-based technology platform and distributor of individual and family health insurance plans, and supplemental products in the United States.

The Firm’s investigation relates to allegations raised in a class action complaint filed against the Company and certain of its senior officers in the U.S. District Court for the Middle District of Florida. The lawsuit alleges a widespread fraudulent scheme in which agents at the Company’s call centers sold consumers “essentially worthless” health insurance policies in a “classic bait-and-switch” scam. The consumers believed they were purchasing Affordable Care Act (“ACA”) compliant policies but were instead sold limited benefit indemnity plans that were not ACA-compliant. The complaint alleges these individuals were then stuck with thousands of dollars of unpaid medical bills and penalties for not having ACA-compliant insurance. The Federal Trade Commission (“FTC”) eventually shut down the third party which ran HIIQ’s call centers and froze its assets. On November 4, 2019, the federal judge denied HIIQ’s motion to dismiss the class action claims, paving the way for litigation to proceed towards trial.

If you currently own HIIQ common stock and are interested in discussing your rights, or have information relating to this investigation, please contact Brett Stecker toll free at (866) 569-4531 or email Mr. Stecker at brett@shumanlawfirm.com.

CURO Group Holdings

By Rusty Glenn | January 24, 2020 | Comments Off on CURO Group Holdings

DENVER, CO, January 24, 2020 – Shuman, Glenn & Stecker announces that it is investigating potential shareholder claims against certain officers and directors of CURO Group Holdings, Inc. (“CURO” or the “Company”) (NYSE: CURO). CURO is a consumer finance company focusing on payday loans, single-pay loans and ancillary financial products.

The Firm’s investigation relates to allegations raised in a class action complaint filed against the Company and certain of its senior officers in the U.S. District Court for the District of Kansas. The lawsuit alleges that between July 31, 2018 and October 24, 2018, CURO consistently touted the ongoing success of transitioning its Canadian inventory products from Single-Pay Loans to Open-End Loans and reaffirmed its 2018 full-year financial guidance. Despite these positive assurances of the transition, on October 24, 2018, CURO disclosed disappointing results for the Company’s third quarter, including Canadian revenue that had decreased by $4.4 million, provision for losses that had increased by $8.7 million, and an adjusted EBITDA that decreased by $15.36 million. On this news, CURO’s stock price fell $7.69, or almost 34%, to close at $15.18 per share. The lawsuit further alleges that certain of the Company’s senior officers and directors sold approximately $33 million worth of CURO stock in a May 2018 stock offering at a price of $23.00 per share, just prior to the disclosure of disappointing third quarter results. CURO’s stock trades for approximately $10 per share as of the date of this release. On December 3, 2019, the federal judge denied CURO’s motion to dismiss the claims, paving the way for litigation to proceed towards trial.

If you currently own CURO common stock and are interested in discussing your rights, or have information relating to this investigation, please contact Brett Stecker toll free at (866) 569-4531 or email Mr. Stecker at brett@shumanlawfirm.com.

Acuity Brands, Inc.

By Rusty Glenn | January 16, 2020 | Comments Off on Acuity Brands, Inc.

DENVER, CO, January 15, 2020 – Shuman Glenn & Stecker announces that it is investigating potential shareholder claims against certain officers and directors of Acuity Brands, Inc. (“Acuity” or the “Company”) (NYSE: AYI). Acuity provides lighting products to commercial and residential customers.

The Firm’s investigation relates to allegations raised in a class action complaint filed against the Company and certain of its senior officers in the U.S. District Court for the Northern District of Georgia. The lawsuit alleges that Acuity and certain of the Company’s senior executive officers violated the federal securities laws by making a series of materially false and misleading statements to shareholders about Acuity’s ability to maintain sales growth rates. The Company’s stock has fallen from a high of more than $275 per share in August of 2016 to approximately $121 per share as of the date of this release. The class action lawsuit further alleges that three of Acuity’s senior executive officers, including its CEO and President, sold approximately $50 million in Company stock prior to disclosing the truth regarding Acuity’s current and future business prospects. On August 12, 2019, the federal judge denied the defendants’ motion to dismiss the class action lawsuit, in part, and is permitting claims against Acuity and certain of its senior officers to proceed towards trial.

If you currently own Acuity common stock and are interested in discussing your rights, or have information relating to this investigation, please contact Brett Stecker toll free at (866) 569-4531 or email Mr. Stecker at brett@shumanlawfirm.com.

Weight Watchers International

By Rusty Glenn | August 5, 2019 | Comments Off on Weight Watchers International

DENVER, CO August 5, 2019 – The Shuman Law Firm announces that it is investigating potential shareholder claims against certain officers and directors of Weight watchers International, Inc. (“Weight Watchers” or the “Company”) (Nasdaq: WW). Weight Watchers provides body weight management services worldwide.

The Firm’s investigation relates to the Company’s February 26, 2019 announcement that its quarterly subscriber count had decreased to 3.9 million subscribers with enrollment continuing to decline during FY2019; its FY2019 revenue target was downgraded to $1.4 billion, much less than the nearly market expectation of $1.7 billion; and EPS had decreased to $1.25-$1.50, significantly lower than market expectations of $3.36. On this news, the price of Weight Watchers’ shares fell from a previous close of $29.57 to close at $19.37 per share –or almost 35 percent – on February 27, 2019. In July of 2018, Weight Watchers stock traded above $100 per share.

Following the disclosure of the Company’s February 2019 financial information, investors filed a purported class action lawsuit against Weight Watchers and certain of its senior executive officers and directors. The lawsuit alleges that these defendants made false and/or misleading statements regarding the Company’s subscriber demand, subscriber growth and competition from smartphone fitness apps, meal-delivery services and other high tech advances.

If you currently own Weight Watchers common stock and are interested in discussing your rights, or have information relating to this investigation, please contact Kip B. Shuman toll free at (866) 569-4531 or email Mr. Shuman at kip@shumanlawfirm.com.

Ulta Beauty, Inc.

By Rusty Glenn | May 7, 2019 | Comments Off on Ulta Beauty, Inc.

DENVER, CO May 7, 2019 – The Shuman Law Firm announces that it is investigating potential shareholder claims against certain officers and directors of Ulta Beauty, Inc. (“Ulta” or the “Company”) (Nasdaq: ULTA). Ulta is a beauty retailer.

The Firm’s investigation relates to allegations found in a consumer class action lawsuit against the Company which alleges a wide ranging scheme of repackaging and reselling returned, previously used products as new products in Ulta stores. The lawsuit specifically alleges that “dozens of…Ulta employees from retail locations all over the country confirmed that substantially similar practices also occurred at the Ulta stores where they worked.” On February 23, 2018, CBS News published a story on its website entitled “Former Ulta Beauty employee says she felt pressured to resell used products”. The CBS story reports on the claims that used products were cleaned and repackaged because “higher-level managers pressured the stores to keep the dollar amount for damaged or returned goods down.” These actions allegedly occurred despite Ulta’ “Returned Merchandise Policy” which clearly prohibited the resale of used, damaged or expired products. The Company’s stock price fell more than 10% following the revelation of these events.

If you currently own Ulta Beauty common stock and are interested in discussing your rights, or have information relating to this investigation, please contact Kip B. Shuman or Rusty E. Glenn toll free at (866) 569-4531 or email Mr. Shuman at kip@shumanlawfirm.com or Mr. Glenn at rusty@shumanlawfirm.com.

OneMain Holdings, Inc.

By Rusty Glenn | May 7, 2019 | Comments Off on OneMain Holdings, Inc.

DENVER, CO May 7, 2019 – The Shuman Law Firm announces that it is investigating potential shareholder claims against certain officers and directors of OneMain Holdings, Inc. (“OneMain” or the “Company”) (NYSE: OMF). OneMain is a consumer finance and insurance company.

The Firm’s investigation relates to allegations found in a lawsuit that OneMain violated federal securities laws in relation to its merger with Springleaf Holdings, Inc. In particular, the plaintiff alleges that the defendants misstated the purported synergies achieved by the combined company. On November 7, 2016, the Company announced concerns related to the merger integration, disappointing third-quarter results and disclosed that it was lowering guidance for full-year 2016 and 2017. OneMain’s stock fell from $28.34 per share to a close of $16.90 per share (or more than 35%) following this news. The Company recently announced that it had settled these federal securities claims for $9 million.

If you currently own OneMain common stock and are interested in discussing your rights, or have information relating to this investigation, please contact Kip B. Shuman or Rusty E. Glenn toll free at (866) 569-4531 or email Mr. Shuman at kip@shumanlawfirm.com or Mr. Glenn at rusty@shumanlawfirm.com.