PDF

Oak Street Health, Inc. Class Action Lawsuit - OSH

Company Name
Oak Street Health, Inc.
Stock Symbol
OSH
Class Period
August 6, 2020 to November 8, 2021
Motion Deadline
March 12, 2022
Court
Northern District of Illinois
50 days left to seek lead plaintiff status

Case Summary

The Oak Street Health class action lawsuit seeks to represent purchasers of Oak Street Health, Inc. (NYSE: OSH) securities between August 6, 2020 and November 8, 2021, inclusive (the “Class Period”) and charges Oak Street Health as well as certain of its top executives with violations of the Securities Exchange Act of 1934.  The Oak Street Health class action lawsuit was commenced on January 10, 2022 in the Northern District of Illinois and is captioned Allison v. Oak Street Health, Inc., No. 22-cv-00149.

If you suffered significant losses and wish to serve as lead plaintiff of the Oak Street Health class action lawsuit, please provide your information by clicking here.  You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at jsanchez@rgrdlaw.com.  Lead plaintiff motions for the Oak Street Health class action lawsuit must be filed with the court no later than March 14, 2022.

CASE ALLEGATIONS: Oak Street Health purportedly operates primary care centers within the United States.  Oak Street Health claims that it “engages Medicare eligible patients through the use of an innovative community outreach approach.”

The Oak Street Health class action lawsuit alleges that, throughout the Class Period, defendants made false and misleading statements and failed to disclose that: (i) Oak Street Health maintained relationships with third-party marketing agents likely to provoke law enforcement scrutiny; (ii) Oak Street Health was providing free transportation to federal health care beneficiaries in a manner that would provoke law enforcement scrutiny; (iii) these activities may be violations of the False Claims Act; (iv) as such, Oak Street Health was at heightened risk of investigation by the U.S. Department of Justice (“DOJ”) and/or other federal law enforcement agencies; (v) as a result, Oak Street Health was subject to adverse impacts related to defense and settlement costs and diversion of management resources; and (vi) consequently, defendants’ positive statements about Oak Street Health’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

On November 8, 2021, Oak Street Health disclosed that it received on November 1, 2021 a civil investigative demand (“CID”) from the DOJ.  According to the CID, the DOJ was investigating whether Oak Street Health violated the False Claims Act.  The CID also requested documents and information related to Oak Street Health’s relationships with “third-party marketing agents” and Oak Street Health’s “provision of free transportation to federal health care beneficiaries.”  On this news, Oak Street Health’s share price fell by more than 20%, damaging investors.

THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Oak Street Health securities during the Class Period to seek appointment as lead plaintiff in the Oak Street Health class action lawsuit.  A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class.  A lead plaintiff acts on behalf of all other class members in directing the Oak Street Health class action lawsuit.  The lead plaintiff can select a law firm of its choice to litigate the Oak Street Health class action lawsuit.  An investor’s ability to share in any potential future recovery of the Oak Street Health class action lawsuit is not dependent upon serving as lead plaintiff.

ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: With 200 lawyers in 9 offices nationwide, Robbins Geller Rudman & Dowd LLP is the largest U.S. law firm representing investors in securities class actions.  Robbins Geller attorneys have obtained many of the largest shareholder recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.  The 2020 ISS Securities Class Action Services Top 50 Report ranked Robbins Geller first for recovering $1.6 billion for investors that year, more than double the amount recovered by any other securities plaintiffs’ firm.

Main Menu