The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of MEDNAX, Inc. (NYSE: MD) who purchased shares between February 4, 2016 and July 27, 2017. The action, which was filed in the United States District Court for the Southern District of Florida, alleges that the Company violated federal securities laws.
In particular, the MD lawsuit alleges that (1) the Company's business model was not sustainable; and (2) Mednax's growth was in fact based upon suppressing physician compensation and enforcing non-compete agreements to deter physician defections. On April 20, 2017, Mednax announced negative financial results for the first quarter of 2017. Then on July 28, 2017, during an earnings call, Mednax announced that the Company failed to complete any acquisitions of anesthesiologist practices during the second quarter and disclosed that any future acquisitions were unlikely. Following this news, shares of Mednax fell from a close of $56.49 on July 27, 2017, to a close of $47.73 per share the following day.
Shareholders have until September 10, 2018 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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