On January 31, 2020, Lowey announced that it had received preliminary court approval of a $53.0 million settlement with defendants Community Health Systems, Inc. (“CHS” or “the Company”) and the company’s CEO and former CFO (“Defendants”) in Norfolk Retirement Systems v. Community Health Systems, Inc., 11-cv-00433 ( M.D. Tenn.) (ETR).
The settlement, if approved at a final hearing on June 19, 2020, will resolve nearly nine years of hard-fought litigation at both the trial court and the appellate level. After the Sixth Circuit Court of Appeals reversed the dismissal of the complaint and the United States Supreme Court denied review, the case was reinstated and District Court Judge Eli Richardson certified the Class of investors in CHS common stock bringing fraud claims for the period April 11, 2006 through October 26, 2011. Lowey was appointed Class Counsel based on the Court’s findings that Lowey has “extensive experience and knowledge with securities class Actions, to say the least.” On October 23, 2019, the Court of Appeals for the Sixth Circuit denied Defendants’ application for leave to appeal the class certification ruling. Further details about the settlement may be found at https://www.CHSSecuritiesSettlement.com.