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MarketScreener Homepage  >  Equities  >  Nyse  >  Evolent Health Inc    EVH

EVOLENT HEALTH INC

(EVH)
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Glancy Prongay & Murray LLP : Announces the Filing of a Securities Class Action on Behalf of Evolent Health, Inc. Investors

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08/14/2019 | 08:01pm EDT

Glancy Prongay & Murray LLP (“GPM”), a national investors rights law firm, announces that a class action lawsuit has been filed on behalf of investors that acquired Evolent Health, Inc. (“Evolent” or the “Company”) (NYSE: EVH) common stock between March 3, 2017 and May 28, 2019 , inclusive (the “Class Period”). Evolent investors have until October 7, 2019 to file a lead plaintiff motion.

If you are a shareholder who suffered a loss, click here to participate.

If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, at 310-201-9150, Toll-Free at 888-773-9224, or by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com.

On May 29, 2019, Evolent announced that it had agreed to purchase a controlling interest in University Health Care, Inc., d/b/a/ Passport Health Plan (“Passport”), despite prior statements that acquiring health plans was not part of the Company’s strategic focus.

On this news, Evolent’s share price fell $4.14 per share, nearly 30%, to close at $10.01 per share on May 29, 2019, thereby injuring investors.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that Evolent's partnership model was not aligned with its partners, as it was designed to parasitically increase its own revenue by extracting enormous administrative and management fees at the expense of its partners such as Passport; (2) that Passport was struggling financially, particularly after Kentucky cut its reimbursement rates, and the partnership between Evolent and Passport was becoming increasingly unsustainable; (3) that Evolent was draining Passport of functions, employees, and money to such an extent that Passport was left on the verge of insolvency; (4) that for several months, Passport was conducting a bidding process to sell itself to a financial buyer to prevent liquidation; and (5) that as a result of the foregoing, Defendants' public statements were materially false and/or misleading and/or lacked a reasonable basis.

Follow us for updates on Twitter: twitter.com/GPM_LLP.

If you purchased shares of Evolent during the Class Period you may move the Court no later than October 7, 2019 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.


© Business Wire 2019
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Financials (USD)
Sales 2019 837 M
EBIT 2019 -44,1 M
Net income 2019 -112 M
Finance 2019 102 M
Yield 2019 -
P/E ratio 2019 -5,30x
P/E ratio 2020 -10,9x
EV / Sales2019 0,61x
EV / Sales2020 0,56x
Capitalization 612 M
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Mean consensus BUY
Number of Analysts 14
Average target price 17,08  $
Last Close Price 7,30  $
Spread / Highest target 242%
Spread / Average Target 134%
Spread / Lowest Target 37,0%
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Managers
NameTitle
Frank J. Williams Chairman & Chief Executive Officer
Seth B. Blackley President & Director
Tom Peterson Chief Operating Officer
Nicholas McGrane Chief Financial Officer
Chad Pomeroy Chief Technology Officer
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