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DaVita Inc. faces shareholder investigation
Investigation on behalf of current long term investors in DaVita Inc. (Public, NYSE:DVA) over possible shareholder claims – Contact the Shareholders Foundation, Inc.
mail@shareholdersfoundation.com
FOR IMMEDIATE RELEASE
PR Log (Press Release) – Jan 27, 2010 – An investigation on behalf of current long term investors in shares of DaVita Inc. (Public, NYSE:DVA) over potential shareholder claims based on breach of fiduciary duty and other state law violations was announced.
If you are a current long term investor in DaVita Inc. (Public, NYSE:DVA) shares, you have certain options and you should contact the Shareholders Foundation, Inc at:
mail@shareholdersfoundation.com or at: +1 (858) 779 - 1554
The investigation by a law firm focuses on possible shareholder claims over breach of fiduciary duty by certain current and former officers and directors of DaVita Inc in connection with among other things the following events. In March 2005, DaVita Inc received a subpoena covers the period from December 1, 1996 from the U.S. Attorney’s Office for the Eastern District of Missouri in St. Louis, which requires production of a wide range of documents relating to DaVita’s operations, including documents related to, among other things, pharmaceutical and other services provided to patients, relationships with pharmaceutical companies, and financial relationships with physicians and joint ventures.
Then February 2006, DaVita Inc received an additional subpoena for documents, including certain patient records relating to the administration and billing of EPO.
In February 2007, DaVita Inc received a request for information from the OIG for records relating to EPO claims submitted to Medicare and in August 2007, a subpoena from the Office of Inspector General, U.S. Department of Health and Human Services, or OIG, seeking similar documents. In December 2008, DaVita Inc received a subpoena for documents covering a period beginning from January 2003 from the OIG relating to the pharmaceutical products Zemplar, Hectorol, Venofer, Ferrlecit and Epogen, or EPO, as well as other related matters.
DaVita Inc announced in its 10-Q for the quarterly period ended on September 30, 2009 that it has been in contact with the United States Attorney’s Office, or U.S. Attorney’s Office, for the Northern District of Georgia and the U.S. Department of Justice in Washington, DC, since November 2008 relating to this matter, and has been advised that this is a civil inquiry.
Also complaint brought pursuant to the federal False Claims Act was filed in the United States District Court for the Northern District of Georgia by individuals
According to DaVita Inc responding to the subpoena will continue to require management’s attention and significant legal expense and any negative findings could result in substantial financial penalties against us and exclusion from future participation in the Medicare and Medicaid programs.
DaVita Inc., located in El Segundo, Californai, is a provider of dialysis services in the United States for patients suffering from chronic kidney failure, also known as end stage renal disease (ESRD). As of December 31, 2008, the Company operated or provided administrative services to 1,449 outpatient dialysis centers located in 43 states and the District of Columbia, serving approximately 112,000 patients. It also provides acute inpatient dialysis services in approximately 700 hospitals and related laboratory services. DaVita Inc. reported in 2007 Total Revenue of $5.26415billion with a Net Income of $381.78million and in 2008 Total Revenue of $5.66017billion with a Net Income of $374.16million. Shares of DaVita Inc. (DVA) traded recently at $60.60 per share, down from its 52weekHigh of $63.41 per share.
Those who are current long term investors in DaVita Inc. (Public, NYSE:DVA) shares, have certain options and should contact the Shareholders Foundation, Inc at:
mail@shareholdersfoundation.com or at: +1 (858) 779 - 1554
Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North - Suite 423 -
92108 San Diego
Tel:+1-(858)-779-1554
Fax:+1-(858)-605-5739
mail@shareholdersfoundation.com
www.ShareholdersFoundation.com
_____________________________________________________________________________________
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Advertising. 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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Issued By : Shareholders Foundation, Inc.
Phone : +1-(858)-779-1554
Fax : +1-(858)-605-5739
Address : 3111 Camino Del Rio North - Suite 423 -
Zip : 92108
City/Town : San Diego
State/Province : California
Country : United States
Categories : Banking, Business, Finance
Tags : dva, davita inc, da vita, davita, nyse dva
Last Updated : Jan 26, 2010
Shortcut : http://prlog.org/10505590
http://www.prlog.org/10505590-davita-inc-faces-shareholder-investigation.html