Navigation Links
Shareholder Class Action Filed Against Aetna Inc. by the Law Firm of Schiffrin Barroway Topaz & Kessler, LLP
Date:10/24/2007

RADNOR, Pa., Oct. 24 /PRNewswire/ -- The following statement was issued today by the law firm of Schiffrin Barroway Topaz & Kessler, LLP:

Notice is hereby given that a class action lawsuit was filed in the United States District Court for the Eastern District of Pennsylvania on behalf of all securities purchasers of Aetna Inc. (NYSE: AET) ("Aetna" or the "Company") from October 27, 2005 through April 27, 2006, inclusive (the "Class Period").

If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Schiffrin Barroway Topaz & Kessler, LLP (Darren J. Check, Esq. or Richard A. Maniskas, Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at info@sbtklaw.com.

The Complaint charges Aetna and certain of its officers and directors with violations of sections 10(b), 18, and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder. Specifically, the Complaint alleges that during the second half of 2005, Aetna touted its expanding membership rolls as a primary reason for a growth in operating income.

The Company's Medical Cost Ratio ("MCR") is the percentage of dollars a company spends on health care, including physician reimbursement, and is the key number for health plans in terms of their level of profitability. For six months, defendants misrepresented or failed to disclose the rise in Aetna's MCR. Unbeknownst to investors, however, from at least as early as September 2005, defendants had in their possession information that contradicted or rendered statements made by the defendants throughout the Class Period false.

On April 27, 2006, the Company shocked the market when it disclosed a rise in its MCR relative to the prior year. This higher MCR, coupled with large membership growth, meant that the Company was under-pricing its health plans in order to speed up enrollment. This fact, which the defendants knew by September 2005, was conspicuously absent from defendants' public disclosures between October 27, 2005 and April 27, 2006. From April 26, 2006 to April 27, 2006, Aetna's shares fell from $46.43 per share to $37.00 per share, a decline of $9.43 per share, or over 20 percent, representing a loss in market capitalization of $5.4 billion.

Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin Barroway Topaz & Kessler which prosecutes class actions in both state and federal courts throughout the country. Schiffrin Barroway Topaz & Kessler is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world.

For more information about Schiffrin Barroway Topaz & Kessler or to sign up to participate in this action online, please visit http://www.sbtklaw.com.

If you are a member of the class described above, you may, not later than December 24, 2007, move the Court to serve as lead plaintiff of the class, if you so choose. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Schiffrin Barroway Topaz & Kessler or other counsel of your choice, to serve as your counsel in this action.

CONTACT: Schiffrin Barroway Topaz & Kessler, LLP

Darren J. Check, Esq.

Richard A. Maniskas, Esq.

280 King of Prussia Road

Radnor, PA 19087

1-888-299-7706 (toll free) or 1-610-667-7706

Or by e-mail at info@sbtklaw.com


'/>"/>
SOURCE Schiffrin Barroway Topaz & Kessler, LLP
Copyright©2007 PR Newswire.
All rights reserved

Related medicine news :

1. “ Economy Class Syndrome
2. Latest Tumor Classification More Informative
3. Ultrasound may mean end to classic stethoscope
4. Self-Applied Acupressure May Reduce Sleepiness And Increase Alertness During Class Hours
5. Madhya Pradesh Cops to attend Yoga classes to reduce stress and weight
6. Sunflowers Could Hold the Key to New Class of AIDS Drugs
7. Campaigners Say No To Cannabis Reclassification
8. Kolkata To Get World-Class Cancer Hospital Soon
9. Peer Rejection Leads To Reduced Participation In Classroom Activities
10. East London Receives World Class New Private Hospital Facility
11. Welcome to ‘Stand Only’ Classrooms That Exercise The Brain And The Bod!
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:5/27/2016)... ... May 27, 2016 , ... Two director-level employees of ... Tribute to Women and Industry (TWIN) 2016 honorees. The award recognizes businesswomen who ... this year, Geri Boone, Director of the MLTSS (Managed Long-Term Services and Supports) Program ...
(Date:5/27/2016)... ... 27, 2016 , ... This campaign aims to provide a path to improved ... can control and change. , As nearly 795,000 Americans suffering from a new or ... States. Plus, with an estimated 129,000 of these people dying from stroke, it’s become ...
(Date:5/27/2016)... ... May 27, 2016 , ... Aimed at nurses ... human interest stories, courtesy of leaders in the nursing and health care industry. ... from leading advocates and associations—namely Jones & Bartlett Learning. , Jones & Bartlett ...
(Date:5/26/2016)... (PRWEB) , ... May 26, 2016 , ... Despite last ... meeting, expect Janet Yellen and company to wait until March 2017 for an interest ... University’s J. Mack Robinson College of Business. , “The Federal Open Market Committee (FOMC) ...
(Date:5/26/2016)... ... May 26, 2016 , ... ... hosted members and suppliers for its inaugural Member Conference at the Paris Hotel ... of elevating the operational health of America’s healthcare providers. , The conference was ...
Breaking Medicine News(10 mins):
(Date:5/26/2016)... A key trend that will ... of new treatments. Cardax, a development stage life sciences ... therapy is expected to fulfil large unmet medical needs ... studies to develop new treatments for osteoarthritis. One such ... in osteoarthritis are being investigated, and early trials of ...
(Date:5/25/2016)... FDA 510(k) clearance covers Confocal Miniprobes ... and surgical applications Mauna Kea Technologies ... multidisciplinary confocal laser endomicroscopy (CLE) platform, today announced ... the 12 th 510(k) clearance from United ... FDA clearance covers Confocal Miniprobes indicated for use ...
(Date:5/25/2016)...  Zymo Research Corp. announced today the final ... that help researchers obtain the most accurate and ... rapid growth of the study of microbiomes has ... methods to improve the reproducibility and quality of ... every step of the measurement process including collection ...
Breaking Medicine Technology: