CINCINNATI, Aug. 11, 2010 (GLOBE NEWSWIRE) -- Attorney Advertising -- The law firm of Statman, Harris & Eyrich, LLC, which has significant experience in class actions, announced today that a class action lawsuit has been filed against Almost Family Inc. ("Almost Family" or the "Company") (Nasdaq:AFAM) for potential violations of state and federal law. The affected stock was purchased between August 5, 2009 and June 30, 2010.
Almost Family, together with its subsidiaries, provides home health services in the United States, operating through two segments, Visiting Nurse and Personal Care. The Company has come under intense scrutiny following an April 26, 2010 Wall Street Journal ("WSJ") report that certain home health providers intentionally increased the number of in-home therapy visits to patients to coincide with higher reimbursement rates through Medicare. According to the WSJ article, the percentage of Almost Family patients receiving 10 visits dropped by 39% from 2007 to 2008, when the 10 visit reimbursement bonus was eliminated from Medicare in January 2008.
The firm's investigation was triggered on July 1, 2010, when the Company announced that it had been notified that the Securities and Exchange Commission ("SEC") had launched a formal investigation of the Company. Almost Family also announced that it had received a subpoena from the SEC seeking documents related to the Company's "home health care services and operations, including reimbursements under the Medicare home health prospective payment system, since January 1, 2000."
As a direct result, on July 1, 2010, AFAM's stock fell to $31.05 per share, a decline of over 11% on unusually high trading volume.
If you are a member of the class, you may, no later than October 1, 2010, request that the Court appoint you as lead plaintiff of the class.
Shareholders who purchased Almost Family stock between August 5, 2009 and June 30, 2010 are encouraged to contact attorney Elizabeth Hutton for further information without any obligation or cost to you at (513) 345-8181, Ext. 3095, or by email at ehutton@statmanharris.com.
Statman, Harris & Eyrich, LLC has offices in Chicago, Illinois; Cincinnati, Ohio; Dayton, Ohio; and Sarasota, Florida. www.statmanharris.com