Evolent Health Securities Litigation

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Evolent Health Securities Litigation
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Notice
Notice
Claim Form
Claim Form
Court Documents
Court Documents
Institutional Electronic Filing
Institutional Electronic Filing
Contact Settlement Administration
Contact Settlement Administration

***IMPORTANT CASE UPDATE***

On June 14, 2024 residual distribution checks were mailed to Authorized Claimants who cashed their previous payments and were eligible to receive an additional payment under the Plan of Allocation.

The information contained on this web page is only a summary of information presented in more detail in the Notice of (i) proposed settlement and plan of allocation; (ii) settlement fairness hearing; and (iii) motion for an award of attorneys’ fees and reimbursement of litigation expenses (the “Notice”), which you can access by clicking here. Since this website is just a summary, you should review the Notice for additional information.

 If you are a member of the Settlement Class, your rights will be affected and you may be eligible for a payment from the Settlement, unless you timely request to be excluded. 

 The Class consists of:

“All persons and entities who purchased or otherwise acquired the publicly traded common stock of Evolent Health, Inc. (‘Evolent’ or the ‘Company’) between January 10, 2018 and May 28, 2019, inclusive (the ‘Settlement Class Period’) and were damaged thereby (the ‘Settlement Class’).”


Please read the Notice carefully.



YOUR LEGAL RIGHTS AND OPTIONS IN THE SETTLEMENT:


SUBMIT A CLAIM FORM POSTMARKED OR COMPLETED ONLINE NO LATER THAN DECEMBER 16, 2022.


The deadline to submit a claim has passedIf you have not yet submitted a claim you may still do so, but you are ecnouraged to submit your claim as soon as possible.


EXCLUDE YOURSELF FROM THE SETTLEMENT CLASS BY SUBMITTING A WRITTEN REQUEST FOR EXCLUSION SO THAT IT IS RECEIVED NO LATER THAN OCTOBER 28, 2022.

The deadline to exclude yourself from the Settlement has passed


OBJECT TO THE SETTLEMENT BY SUBMITTING A WRITTEN OBJECTION SO THAT IT IS RECEIVED NO LATER THAN OCTOBER 28, 2022.

The deadline to file an objection has passed  

DO NOTHING.

If you are a member of the Settlement Class and you do not submit a valid Claim Form, you will not be eligible to receive any payment from the Settlement Fund.  You will, however, remain a member of the Settlement Class, which means that you give up your right to sue about the claims that are resolved by the Settlement and you will be bound by any judgments or orders entered by the Court in the Action.



The Settlement Fairness Hearing

The Court held a Settlement Hearing on November 18, 2022 and approved the Settlement and Proposed Plan of Allocation and Motion Requesting Attorneys' Fees and Expenses.  Copies of the orders can be accessed in the Court Documents section of this website. 

What is this case about?

The Complaint alleged, among other things, that throughout the Settlement Class Period, Defendants made false and misleading statements regarding the partnership between Evolent, a provider of technology-enabled clinical and administrative services to health systems, and Passport Health Plan, a Kentucky Medicaid health insurance plan.  The Complaint asserted that Defendants' alleged materially false and misleading statements and omissions artificially inflated Evolent’s common stock price during the Settlement Class Period and that Evolent’s common stock price declined substantially when the truth regarding Defendants’ alleged misrepresentations was revealed.

Defendants expressly deny that the claims asserted against them in the Action have merit, and deny any and all fault, liability, wrongdoing, or damages whatsoever arising out of any of the conduct, statements, acts, or omissions alleged, or that could have been alleged, in the Action, and the Settlement and Stipulation shall in no event be construed as, or deemed to be evidence of any admission, presumption, or concession on the part of any of the Defendants.

The Settlement Benefits 

Pursuant to the Settlement, Defendants shall pay or cause their insurers to pay twenty-three million, five-hundred thousand dollars ($23,500,000.00).  The Settlement Amount will be deposited into an escrow account.  The Settlement Amount plus any and all interest earned thereon is referred to as the “Settlement Fund.”  If the Settlement is approved by the Court and the Effective Date occurs, the “Net Settlement Fund” (that is, the Settlement Fund less (a) all federal, state or local taxes on any income earned by the Settlement Fund and the reasonable costs incurred in connection with determining the amount of and paying taxes owed by the Settlement Fund (including reasonable expenses of tax attorneys and accountants); (b) the costs and expenses incurred in connection with providing notice to Settlement Class Members and administering the Settlement on behalf of Settlement Class Members; (c) any attorneys’ fees and Litigation Expenses awarded by the Court; and (d) other Court-approved deductions) will be distributed to Settlement Class Members who submit valid Claim Forms, in accordance with the proposed Plan of Allocation or such other plan of allocation as the Court may approve.

Further Information

This website and the Notice summarize the Settlement.  For more details regarding the Settlement please reference the documents filed in the case under the “Court Documents” link on the left.  You may also contact the Settlement Administrator for further information regarding the Settlement at the phone, address and email address listed below.

Settlement Administrator:

Evolent Health Securities Litigation

c/o A.B. Data, Ltd.

PO Box 173032

Milwaukee, WI 53217

(877) 354-3840

Info@EvolentSecuritiesLitigation.com


Lead Counsel:

SAXENA WHITE P.A.

Lester R. Hooker, Esq.

7777 Glades Rd., Suite 300

Boca Raton, FL 33434


 


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