(CANO) DEADLINE: Did You Suffer a Substantial Loss? Contact Johnson Fistel about Leading Cano Health Class Action Lawsuit
SAN DIEGO- Globe Newswire—March 19, 2022
Shareholder rights law firm Johnson Fistel, LLP announces that a class action lawsuit has commenced on behalf of investors of Cano Health, Inc. (“Cano” or the “Company”) f/k/a Jaws Acquisition Corp. (“Jaws”) (NYSE: CANO) who purchased Cano common stock between May 18, 2020 and February 25, 2022, both dates inclusive (the “Class Period”). To serve as lead plaintiff in this class action, you must move the Court no later than May 17, 2022.
What actions may I take at this time? If you suffered a substantial loss and are interested in learning more about being a lead plaintiff, please contact Jim Baker (firstname.lastname@example.org) by email or phone at 619-814-4471. If emailing, please include a phone number. Additionally, you can:
To join this action, you can click or copy and paste the link below in a browser: https://www.cognitoforms.com/JohnsonFistel/FATBrandsInc2
There is no cost or obligation to you.
Cano was a special purpose acquisition company (“SPAC”) and operated under the name “Jaws Acquisition Corp.” On June 3, 2021, Jaws completed a merger with Primary Care (ITC) Intermediate Holdings, LLC, whereby, among other things, Jaws changed its name to “Cano Health, Inc.” and began to provide primary care medical services (the “Business Combination”).
The complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Cano overstated its due diligence efforts and expertise with respect to acquiring target businesses; (ii) accordingly, Cano performed inadequate due diligence into whether the Company, post-Business Combination, could properly account for the timing of revenue recognition as prescribed by ASC 606, particularly with respect to Medicare risk adjustments; (iii) as a result, the Company misstated its capitated revenue, direct patient expense, accounts receivable, net of unpaid service provider costs, and accounts payable and accrued expenses; (iv) accordingly, the Company was at an increased risk of failing to timely file one or more of its periodic financial reports; and (v) as a result, the Company’s public statements were materially false and misleading at all relevant times.
A lead plaintiff will act on behalf of all other class members in directing the Cano class-action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the class-action lawsuit. An investor’s ability to share any potential future recovery of the Cano class action lawsuit is not dependent upon serving as lead plaintiff.
See original press release here.
About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.