Initial Lawsuit
First Complaint - 01/10/2022This is a class action on behalf of persons and entities that purchased or otherwise acquired Oak Street securities between August 6 2020, and November 8, 2021, inclusive.
- Filing Date
01/10/2022 - Class Period
08/06/2020 to 11/08/2021 - Transgression
Securities Violation - Filing Firms
Glancy Prongay & Murray LLP
Miller Law LLC - Case Title
Allison v. Oak Street Health, Inc. et al - Docket Number
1:22-cv-00149 - Court
Illinois Northern District Court - Free File
Complaint
Allegations
According to the complaint, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, defendants allegedly failed to disclose to investors:
(1) that Oak Street maintained relationships with third-party marketing agents likely to provoke law enforcement scrutiny;
(2) that Oak Street was providing free transportation to federal health care beneficiaries in a manner that would provoke law enforcement scrutiny;
(3) that these activities may be violations of the False Claims Act;
(4) that, as such, Oak Street was at heightened risk of investigation by the Department of Justice and/or other federal law enforcement agencies;
(5) that, as a result, Oak Street was subject to adverse impacts related to defense and settlement costs and diversion of management resources; and
(6) that, as a result of the foregoing, defendants’ positive statements about the company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Defendants
- Company
Oak Street Health, Inc. - Chief Executive Officer
Michael Pykosz - Chief Financial Officer
Timothy Cook
