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In re HCA Inc., Securities Litigation
(United States District Court, Middle District of Tennessee, Nashville Division)
Securities fraud class action filed on behalf of a class of persons and entities who purchased or acquired the securities of
HCA Inc. (the "Company"), between January 12, 2005 and July 12, 2005 (the "Class Period").
On January 26, 2006, the Honorable William J. Haynes, Jr. appointed BLB&G client, the State of Louisiana Firefighters'
Retirement System as Co-Lead Plaintiff and BLB&G as Co-Lead Counsel for the Class.
BLB&G and Lead Plaintiffs Obtain $20 Million Settlement on Behalf of Class
On July 20, 2007, BLB&G, along with Lead Plaintiffs reached a settlement agreement of $20 million with defendants HCA, Inc. and 11 of the
Company’s senior officers to settle all claims against them. By Order
dated October 12, 2007, the Court granted final approval of the Settlement.
IN ORDER TO BE ELIGIBLE TO SHARE IN THE BENEFITS OF THE SETTLEMENT, CLASS MEMBERS MUST
HAVE SUBMITTED A COMPLETED AND SIGNED PROOF OF CLAIM FORM POSTMARKED NO LATER THAN NOVEMBER 26, 2007.
Click on the following links to view a copy of:
Notice of Pendency and Proposed Settlement of Class Action
Proof of Claim and Release
Background
On April 20, 2006, Lead Plaintiffs filed a Consolidated Complaint (the "Complaint") against HCA and 11 of the
Company’s senior officers arising out of HCA's financial results for the fourth quarter
of 2004 and the first quarter of 2005. The alleged false statements relate
to HCA's uninsured admission rates and provision for doubtful accounts - two key financial metrics that determined HCA's profitability and financial health. The
Complaint further alleges that as the stock price rose during the seven months from January through
July, the individual defendants sold more than 2 million
shares of HCA common stock for insider trading proceeds of $109.6 million.
Click here to view the
Complaint.
On June 27, 2006, Defendants filed motions to dismiss the Consolidated Complaint. On September 22, 2006, Lead
Plaintiffs filed their opposition to Defendants' motion to dismiss.
Firm partner Blair Nicholas
and Senior Counsel
Timothy DeLange are responsible for
prosecuting this action.
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