SHERMAN – Siebman, Forrest, Burg & Smith recently helped a group of investors secure a $44 million settlement in a securities lawsuit against Texas-based healthcare provider Adeptus Health Inc., the company’s executives, and its private equity backer.
The settlement followed investors’ claims that the defendants mislead shareholders about Adeptus’ business practices and financial stability before a pair of securities offerings that raised $586 million for the company in 2015 and 2016.
Siebman Forrest co-founder Clyde Siebman and firm partner Elizabeth Forrest served as liaison counsel for the investor plaintiffs and the settlement class along with George McWilliams of Texarkana’s Law Offices of George L. McWilliams PC.
The U.S. District Court for the Eastern District of Texas in Sherman signed off on the settlement and awarded $11 million in attorneys’ fees to Mr. Siebman, Ms. Forrest and the other attorneys who represented the plaintiffs.
In his order, Eastern District Judge Amos L. Mazzant III noted the “skill, perseverance and diligent advocacy” provided by the plaintiff’s counsel during the more than 40,000 combined hours they worked on the case. Judge Mazzant also noted that if the settlement had not been reached, then the plaintiffs “may have recovered less or nothing from defendants.”
The court additionally granted approximately $1.4 million in expenses that were paid by the plaintiffs’ attorneys to prepare the case.