Practice Area: Securities Class Actions
Outcome: $215 million settlement
In 2011, our firm, along with lead counsel Robbins Geller Rudman & Dowd, commenced this action alleging that Defendant HCA violated Sections 11, 12 and 15 of the Securities Act of 1933 by omitting material adverse facts about its cardiovascular business during HCA’s March 9, 2011 initial public offering. The case involved numerous complex legal facets including an issue of first impression regarding the U.S. Securities and Exchange Commission (SEC) Regulation S-K Item 303 and the required proof under this regulation.
This $215 million settlement was, by any measure, extraordinary. Our damage models suggested that this result was over 15 times higher than the average percentage recovery compared to other securities class actions. Additionally, the $215 million settlement was a record-breaking amount, by tens of millions of dollars, over any previous securities class action recovery in the Middle District of Tennessee.
This case also has special meaning to our firm. Our founding partner, George Barrett, made his last court appearance in this case prior to his untimely death. George would have been extraordinarily proud of this result obtained on behalf of the shareholders. Our lawyers continue to strive to honor George’s legacy by passionately pursuing justice on behalf of the underdog through hard work, creativity, and determination.
To learn more about our Securities Class Action practice group, click here.