***IMPORTANT CASE UPDATE***
On August 10, 2023 settlement checks were mailed to Authorized Claimants. Please contact the Claims Administrator with questions regarding your payment.
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.
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YOUR
LEGAL RIGHTS AND OPTIONS IN THE SETTLEMENT:
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SUBMIT
A CLAIM FORM POSTMARKED OR COMPLETED ONLINE NO LATER THAN DECEMBER 16, 2022.
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The deadline to submit a claim has passed. If you have not yet submitted a claim you may still do so, but you are ecnouraged to submit your claim as soon as possible. |
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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. |
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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 |
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DO NOTHING.
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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.
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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