HCA To Pay $215M To Settle Shareholder Class Action
Law360, New York (November 4, 2015, 3:41 PM EST) -- HCA Holdings Inc. on Wednesday said it will pay $215 million to shareholders to settle a class action in Tennessee federal court alleging that the health care company didn’t tell investors about performing unnecessary but profitable heart procedures before its initial $4.3 billion initial public offering.
The shareholders agreed to drop their claims against HCA, its officers and directors, the underwriters and a majority shareholder at the time of the offering, according to filings with the U.S. Securities and Exchange Commission.
The class action, which was certified in September 2014, claims that HCA, its directors, its controlling shareholder and the investment...
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