Envision
Settlement of In re Envision Healthcare Corporation Securities Litigation
No. 3:17-cv-01112
The parties have reached a settlement of this action, pending in the United States District Court for the Middle District of Tennessee, Nashville Division. The settlement provides for the payment of $177,500,000 for the benefit of eligible Class Members. Plaintiffs Laborers Pension Trust Fund for Northern California, LIUNA National (Industrial) Pension Fund and LIUNA Staff & Affiliates Pension Fund, Central Laborers’ Pension Fund, and United Food and Commercial Workers Union Local 655 Food Employers Joint Pension Fund alleged that throughout the Class Period, Envision Healthcare Corporation (“Envision”) concealed from investors the extent of their reliance on unsustainable out-of-network revenues that were allegedly the key drivers of Envision’s profits and growth. Plaintiffs further alleged that Defendants’ allegedly fraudulent misconduct and false and misleading statements caused Envision common stock to trade at artificially inflated prices during the Class Period until the true nature of Defendants’ alleged wrongdoing was disclosed, and the price of Envision common stock fell, causing damages to Plaintiffs and other Class Members.
The Class consists of all Persons who purchased or otherwise acquired the common stock of Envision and/or Envision Healthcare Holdings, Inc. (“EHH”) between February 3, 2014 and October 31, 2017, inclusive (the “Class Period”), including common stock purchased or otherwise acquired in or traceable to the December 1, 2016 merger between AmSurg Corp. and EHH (the “Merger”). Excluded from the Class are: (i) Defendants; (ii) members of the immediate families of each Individual Defendant; (iii) Envision’s subsidiaries or other entities owned or controlled by Envision; (iv) any entity in which any Defendant has a controlling interest; (v) the legal representatives, heirs, successors, administrators, executors, and assigns of each Defendant; and (vi) any Person who properly excluded themselves by submitting a valid and timely request for exclusion. To the extent that an entity in which a Defendant has a controlling interest purchased or acquired Envision common stock in a fiduciary capacity or otherwise on behalf of any third-party client, account, fund, trust, employee or employee benefit plan that otherwise falls within the Class, neither that entity nor the third-party client, account, fund, trust, employee or employee benefit plan shall be excluded from the Class. To the extent any Envision employee benefit plan receives a distribution from the Net Settlement Fund, no portion shall be allocated to any person or entity who is excluded from the Class by definition.
The settlement was approved by the Court on March 21, 2024.
If you have any questions about the settlement or the litigation, please contact the Shareholder Relations Department at 1-800-449-4900.
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