TBA Law Blog


Posted by: Brittany Sims on Sep 24, 2014

Plaintiffs who filed a securities fraud case against HCA Holdings Inc., the Nashville-based hospital giant, on Monday were granted class-action status in a suit stemming from the company’s $4.3 billion initial public offering in 2011, the Tennessean reports. The claim, brought by New England Teamsters & Trucking Industry Pension Fund as lead plaintiff, alleges HCA failed to disclose the company was experiencing a decline in Medicare and Medicaid revenues and had improperly accounted for previous reorganizations in a “false and misleading” initial public offering registration statement. The list of defendants includes HCA’s top executives as well as several high-profile investment banks and a private equity group.