SAN DIEGO, March 19, 2022 (GLOBE NEWSWIRE) — Shareholder rights law firm Johnson Fistel, LLP announces that a class action lawsuit has been filed on behalf of investors in Cano Health, Inc. (“Cano” or the “Company”) f /k/a Jaws Acquisition Corp. (“Jaws”) CANO who purchased shares of Cano common stock between May 18, 2020 and February 25, 2022, both dates inclusive (the “Class Period”). To serve as lead plaintiff in this class action, you must move the Court no later than May 17, 2022.
What actions can I take at this time? If you have suffered a significant loss and would like to find out more about the lead plaintiff role, please contact Jim Baker ([email protected]) by email or by phone at 619-814-4471. If emailing, please include a phone number. Additionally, you can:
To join this action, you can click or copy and paste the link below into a browser: https://www.cognitoforms.com/JohnsonFistel/FATBrandsInc2
There is no cost or obligation for you.
Cano was a Special Purpose Acquisition Company (“SPAC”) and operated as “Jaws Acquisition Corp.” On June 3, 2021, Jaws completed a merger with Primary Care (ITC) Intermediate Holdings, LLC, whereby, among other things, Jaws changed its name to “Cano Health, Inc.” and began providing primary care medical services (the “Business Combination”).
The Complaint alleges that, throughout the Class Period, the Defendants made materially false and misleading statements regarding the company’s business, operations and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Cano overstated its due diligence efforts and expertise in acquiring target businesses; (ii) as a result, Cano performed inadequate due diligence to determine whether the Company, post-business combination, could properly account for the timing of revenue recognition as prescribed by ASC 606, particularly with respect to relates to Medicare risk adjustments; (iii) as a result, the Company misreported its capitation revenues, direct patient expenses, accounts receivable, net of unpaid service provider costs, and accounts payable and accrued liabilities; (iv) as a result, the Company was at increased risk of not filing one or more of its periodic financial reports on time; and (v) as a result, the Company’s public statements were materially false and misleading at all material times.
A lead plaintiff will act on behalf of all other class members to lead Cano’s class action. The lead plaintiff may select a law firm of their choice to litigate the class action. An investor’s ability to share in any potential future recovery from the Cano class action does not depend on its status as lead plaintiff.
About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivatives and securities class actions. For more information about the firm and its lawyers, visit http://www.johnsonfistel.com. Lawyer advertisement. Past results do not guarantee future results.
Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
[email protected]
