PHILADELPHIA, March 29, 2022 (GLOBE NEWSWIRE) -- Investor protection law firm Kaskela Law LLC announces that it is investigating Oak Street Health, Inc. (“Oak Street” or the “Company”) (NYSE: OSH) on behalf of the Company’s long-term shareholders.
Recently a securities fraud complaint was filed against Oak Street on behalf of investors who purchased shares of the Company’s common stock between August 6, 2020 and November 8, 2021. According to the complaint, during that time period Oak Street made a series of materially false and misleading statements, and failed to disclose material adverse facts, concerning the Company’s business, operations, and prospects.
On November 8, 2021, Oak Street disclosed that it had received a civil investigative demand (“CID”) from the U.S. Department of Justice. According to the Company’s disclosure: (i) “the Department of Justice is investigating whether the Company may have violated the False Claims Act,” and (ii) the CID “requests certain documents and information related to the Company’s relationships with third-party marketing agents and related to the Company’s provision of free transportation to federal health care beneficiaries and requests information and documents related to such matters.” Following this disclosure, shares of Oak Street’s common stock declined $9.75 per share, or 21% in value, to close on November 9, 2021 at $37.14 per share.
The investigation seeks to determine whether the members of Oak Street’s board of...
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