The Shareholders Foundation announces that an investigation on behalf of investors of Addus Homecare Corporation (NASDAQ:ADUS) shares was initiated over potential securities laws violations by Addus Homecare and certain of its directors and officers in connection certain financial statements.
Investors who purchased shares of Addus Homecare Corporation (NASDAQ:ADUS) have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 – 1554.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Addus Homecare Corporation (NASDAQ:ADUS) concerning whether a series of statements by Addus Homecare. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Addus Homecare Corporation reported that its annual Total Revenue rose from $230.10 million in 2011 to $244.31 million in 2012 and that its Net Loss of $1.98 million turned into a Net Income of $7.63 million in 2012.
Shares of Addus Homecare Corporation (NASDAQ:ADUS) grew from $3.75 per share in May 2012 to as high as $32.17 per share in October 2013, respectively $29.33 per share on March 4, 2014.
On March 3, 2014, Addus Homecare Corporation that, “as a result of the Corporation’s increased stock price and overall market value as of the end of the second quarter of 2013, the Corporation became subject to the requirements of Section 404 of the Sarbanes-Oxley Act of 2002. Accordingly, the Corporation is now required to have an audit of its internal controls over financial reporting. The Corporation believes material weaknesses in internal controls over financial reporting existed as of December 31, 2013, principally related to general controls over its information technology, including user access and change management activities and to overall controls related to its payroll system and related processes.”
On March 12, 2014, Addus Homecare Corporation reported its financial results for the fourth quarter and year ended December 31, 2013. Addus Homecare Corporation reported that its annual Total Revenue rose to $265.9 million in 2013 and that its Net Income rose to $11.16 million.
Shares of Addus Homecare Corporation declined to $21.93 per share on March 25, 2014.
Those who purchased shares of Addus Homecare Corporation have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com