NEW YORK, Jan. 26, 2017 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Aetna Inc. (“Aetna” or the “Company”) (NYSE: AET ) of the March 27, 2017 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the District of Connecticut on behalf of all those who purchased Aetna stock or options between August 15, 2016 and January 20, 2017 (the “Class Period”). The case, Westchester Putnam Counties Heavy & Highway Laborers Local 60 Benefit Funds v. Aetna Inc. et al. , No. 17-cv-00113 was filed on January 25, 2017, and has been assigned to Judge Stefan R. Underhill.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose that Aetna and its senior executives attempted to leverage Aetna's participation in the Public Exchanges for favorable treatment from regulators regarding the Humana acquisition.
Specifically, January 23, 2017, Judge John D. Bates of the U.S. District Court for the District of Columbia entered a Memorandum Opinion enjoining the proposed merger between Aetna and Humana. Based on the evidence presented at trial, the court concluded that “Aetna withdrew from the 17 complaint counties for 2017 at least in part for the purpose of improving its litigation position.”
The court also found significant evidence, primarily in the form of emails exchanged among senior Aetna executives, that Aetna did not withdraw from certain public health insurance exchanges for business reasons, as the Company claimed, but to follow through on its threat of leaving the marketplace once the DOJ filed suit in order improve its litigation position.
After the court issued its opinion, Aetna’s share price declined, causing damage to investors.
Request more information now by clicking here: www.faruqilaw.com/AET . There is no cost or obligation to you.
Take Action
If you invested in Aetna stock or options between August 15, 2016 and January 20, 2017 and would like to discuss your legal rights, visit www.faruqilaw.com/AET . You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com . Faruqi & Faruqi, LLP also encourages anyone with information regarding Aetna’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff. Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP ( www.faruqilaw.com ). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
FARUQI & FARUQI, LLP 685 Third Avenue, 26th Floor New York, NY 10017 Attn: Richard Gonnello, Esq. rgonnello@faruqilaw.com Telephone: (877) 247-4292 or (212) 983-9330
