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SANTA MARIA, Calif.--(BUSINESS WIRE)--Nov 1, 2022--
Stephens & Stephens informs investors that it is investigating whether the officers and directors of Oak Street Health, Inc. (OSH" href="/company/OSH" onmouseover="handlePagePreview('company','OSH')" style="color:#4007a2 !important; text-decoration:underline !important; font-weight:bold;">NYSE: OSHOSH-pp">) violated securities laws or breached fiduciary duties to shareholders. Oak Street purportedly operates primary care centers in the U.S.
For more information about our investigation into Oak Street Health, Inc.'s misconduct, contact us here.
Oak Street Health, Inc. (OSH) is Being Investigated for Violating the False Claims Act
According to a class action complaint filed against the Company, on November 8, 2021, Oak Street disclosed that on November 1, 2021, the Company received a civil investigative demand ("CID") from the U.S. Department of Justice ("DOJ"). According to the CID, the DOJ was investigating whether the Company violated the False Claims Act. The CID also requests documents and information related to Oak Street's relationships with "third-party marketing agents" and Oak Street's "provision of free transportation to federal health care beneficiaries." On this news, the Company's stock price fell $9.75, or more than 20%, to close at $37.14 per share on November 9, 2021.
The class action complaint alleges that during the class period, defendants failed to disclose facts about Oak Street's business, including that it maintained relationships with third-party marketing agents likely to provoke law enforcement scrutiny and was providing free transportation to federal health care beneficiaries in a manner that would provoke law enforcement scrutiny. Because these activities may be violations of the False Claims Act, Oak Street was at a heightened risk of investigation by the DOJ and/or other federal law enforcements agencies and was subject to adverse impacts related to defense and settlement costs and diversion of management resources.
Next Steps: If you own shares of Oak Street Health, Inc. (OSH), you may have legal options. Contact us for more information.
Conrad Stephens
(805) 922-1951
info@stephensfirm.com
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
Attorney Advertising. Past results do not guarantee a similar outcome.
View source version on businesswire.com:https://www.businesswire.com/news/home/20221101006078/en/
CONTACT: Conrad Stephens
Stephens & Stephens
518 E. Main Street
Santa Maria, CA 93454
(805) 922-1951
info@stephensfirm.com
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: CLASS ACTION LAWSUIT PROFESSIONAL SERVICES LEGAL
SOURCE: Stephens & Stephens
Copyright Business Wire 2022.
PUB: 11/01/2022 12:25 PM/DISC: 11/01/2022 12:26 PM
http://www.businesswire.com/news/home/20221101006078/en