NEW YORK, Aug. 10, 2017 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been filed in the United States District Court for the Eastern District of Virginia on behalf of investors who purchased Maximus, Inc. (“Maximus” or the “Company”) (NYSE: MMS ) securities between October 30, 2014 and February 3, 2016, inclusive (the “Class Period”).
Investors who have incurred losses in Maximus, Inc . are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website, www.whafh.com .
If you have purchased shares of Maximus, Inc. and would like to assist with the litigation process as a lead plaintiff, you may, no later than October 6, 2017 , request that the Court appoint you lead plaintiff of the proposed class.
The filed Complaint alleges that during the Class Period, Maximus assured investors that they were meeting targets concerning the Health Assessment Advisory Service (HAAS) contract. A contract aimed to carry out health and disability benefits over a period of three and a half years.
Specifically, the complaint alleges that during the Class Period, Maximus made false and/or misleading statements and/or failed to disclose that:
- in obtaining the HAAS contract, Maximus set an unattainable target number of healthcare professionals to recruit and an unattainable target number of assessments;
- throughout the HAAS contract, Maximus was struggling to recruit, train and ramp-up new health care staff to perform the assessments;
- the inability to meet its target number of healthcare recruits and target number of assessments, meant Maximus would not earn the performance based incentive fees from the HAAS contract; and;
- consequently, Maximus’ statements about the Company, its financial condition, and the outlook for its business, including statements about the HAAS contract and the amount of revenue the Company expected the contract to contribute, lacked a reasonable basis when made.
On February 4, 2016, Maximus shocked investors and issued a press release announcing its earnings for the first quarter of fiscal 2016, again missing expectations and confirming its inability to meet HAAS contract assessment targets. The reduced earnings were based in part on weak performance of the HAAS contract, which “tempered operating margin.”
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com , or visit our website at www.whafh.com .
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Contact: Wolf Haldenstein Adler Freeman & Herz LLP Kevin Cooper, Esq. Gregory Stone, Director of Case and Financial Analysis Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com Tel: (800) 575-0735 or (212) 545-4774
