Schiffrin Barroway Topaz & Kessler File Class Action Suit Against Healthways (HWAY)
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The law firm of Schiffrin Barroway Topaz & Kessler has filed a class action lawsuit in the United States District Court for the Middle District of Tennessee on behalf of all purchasers of securities of Healthways Inc. (Nasdaq: HWAY) from October 17, 2007 through February 26, 2008, inclusive.
The Complaint charges Healthways and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Healthways is a health and care support provider. More specifically, the Complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that the Company was not meeting certain requirements, including the savings target, set by the Centers for Medicare & Medicaid Services ("CMS"); (2) that due to this fact, it would be necessary for the Company to reimburse CMS for fees it had received through the Medicare Health Support pilot program ("MHS"); (3) that the Company was vulnerable to losing two key existing contracts; (4) that due to a reduced need for the Company's services, it was experiencing slower enrollment in an existing contract; (5) that the Company lacked adequate internal and financial controls; and (6) that, as a result of the foregoing, the Company's statements about its financial well-being and future business prospects were lacking in any reasonable basis when made.
Healthways, Inc. provides specialized, Health and Care Support solutions to help people maintain or improve their health, and as a result, reduce overall healthcare costs. [SM]
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