The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the United States District Court for the Eastern District of Virginia on behalf of investors who purchased Evolent Health, Inc. (NYSE: EVH) securities between March 3, 2017 and May 28, 2019.
According to the Evolent lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) 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 Health Plan ("Passport"); (2) Passport was struggling financially, particularly after Kentucky cut its reimbursement rates, and the partnership between Evolent and Passport was becoming increasingly unsustainable; (3) Evolent was draining Passport of functions, employees, and money to such an extent that Passport was left on the verge of insolvency; (4) for several months, Passport was conducting a bidding process to sell itself to a financial buyer to prevent liquidation; and (5) as a result of the foregoing, Defendants public statements were materially false and/or misleading and/or lacked a reasonable basis.
If you suffered a loss in Evolent you have until October 7, 2019 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
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