RADNOR, Pa., April 8, 2008 /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 Western District of Kentucky at Louisville, on behalf of all purchasers of securities of Humana Inc. (NYSE: HUM) ("Humana" or the "Company") between February 4, 2008 and March 11, 2008, 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 firstname.lastname@example.org.
The Complaint charges Humana and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Humana is a health and supplemental benefits company, with approximately 11.5 million medical members. Humana is a full-service benefits solutions company, offering health and supplementary benefit plans for employer groups, government programs and individuals.
The Complaint alleges that, throughout the Class Period, defendants failed to disclose material adverse facts about the Company's financial well-being and prospects. Specifically, defendants failed to disclose or indicate the following: (1) that the Company's prescription drug plan costs had increased significantly; (2) that the Company was unable to accurately calculate the prescription drug costs of new members; and (3) that, as a result of the foregoing, the Company's statements about its financial well-being and future business prospects were lacking in any reasonable basis when made.
On March 12, 2008, the Company shocked investors when it announced that it was revising the earnings guidance that it had issued a month earlier. The Company stated that its first quarter 2008 diluted earnings per common share ("EPS") was now expected to be $0.44 to $0.46, as compared to the previous guidance of $0.80 to $0.85 per share. Moreover, the Company stated that it expected EPS for full year 2008 to be $4.00 to $4.25 per share, as compared to the previous guidance of $5.35 to $5.55 per share. The Company attributed these revisions to an analysis of pharmacy claims through February 2008, stating that there were higher than expected volumes for stand-alone Prescription Drug Plans.
Upon the release of this news, the Company's shares declined $6.50 per share, or 13.72 percent, to close on March 12, 2008 at $40.88 per share, on unusually heavy trading volume.
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 May 27, 2008, 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. Your ability to share in any
recovery is not, however, affected by the decision whether or not to serve
as a lead plaintiff. Any member of the purported class may move the court
to serve as lead plaintiff through counsel of their choice, or may choose
to do nothing and remain an absent class member.
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 email@example.com
|SOURCE Schiffrin Barroway Topaz & Kessler, LLP|
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