Latest news with #FalseClaimsAct
Yahoo
8 hours ago
- Business
- Yahoo
L3Harris Technologies price target raised to $270 from $240 at TD Cowen
TD Cowen analyst Gautam Khanna raised the firm's price target on L3Harris Technologies (LHX) to $270 from $240 and keeps a Buy rating on the shares. The firm updated its model as the company's 2026 targets seem more plausible than before as order momentum has shown improvement. Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>> See today's best-performing stocks on TipRanks >> Read More on LHX: Disclaimer & DisclosureReport an Issue L3Harris pays U.S. $62M to settle False Claims Act allegations L3Harris breaks ground on construction of five solid rocket motor facilities Trump Trade: White House announces 'Golden Dome' missile-defense shield Truist says Golden Dome concept selected, Lockheed Martin called out by name L3Harris could rally on Golden Dome briefing, says JPMorgan
Yahoo
19 hours ago
- Business
- Yahoo
All Charges Dismissed Against Dr. Kingsley R. Chin and His Companies as DOJ Case Concludes
After a multi-year DOJ investigation, all criminal charges against Dr. Kingsley R. Chin and his medical device company, SpineFrontier, have been dismissed, allowing him to focus on transforming spine care and improving patient outcomes. FORT LAUDERDALE, Fla., May 30, 2025 /PRNewswire/ -- All criminal charges have been dismissed against Dr. Kingsley R. Chin and his medical device companies, bringing an end to a multi-year investigation by the U.S. Department of Justice (DOJ). The case began in 2016 after three former employees, acting as whistleblowers under the False Claims Act, triggered a civil inquiry into Dr. Chin and SpineFrontier , the company he founded and led as CEO since 2006. That civil matter was fully resolved in November 2023. In 2021, the DOJ initiated a separate criminal investigation. In early 2025, charges against SpineFrontier were formally dismissed. By May 2025, the DOJ moved to dismiss all remaining charges against Dr. Chin. "All of the charges in the Indictment and Superseding Indictment against Dr. Chin have been or are going to be dismissed, as the case resolved for a lesser charge," stated Dr. Chin's legal counsel in a recent interview. Dr. Chin is a Harvard-trained professor and board-certified orthopedic spine surgeon and a graduate of Harvard Business School. He is widely recognized for pioneering Less Exposure Spine Surgery (LESS™), a philosophy that advances outpatient spine care and empowers physician-led medical innovation. With this legal chapter now coming to a close, Dr. Chin remains focused on transforming spine care and improving patient outcomes through continued innovation and leadership in the medical technology field. About SpineFrontier in 2006, SpineFrontier was built on a foundation of collaboration and innovation. Along with its strategic advisory board of spine surgeons, the company developed a portfolio of Less Exposure Spine Surgery (LESS) technologies designed to improve patient outcomes and simplify procedures for outpatient spine surgery. About KIC in 2013 as the venture arm of Kingsley Investment Company (KIC) LLC, KIC Ventures focuses exclusively on advancing outpatient spine surgery through its Less Exposure Spine Surgery (LESS™) philosophy. With a portfolio of innovative spine technologies and a commitment to empowering physicians, KIC Ventures has become the world's largest private equity firm with a majority-owned portfolio of differentiated spine companies focused on outpatient spine solutions. View original content to download multimedia: SOURCE KIC Ventures Sign in to access your portfolio
Malaysian Reserve
2 days ago
- Business
- Malaysian Reserve
SelectQuote (SLQT) Shares Slide Further on Disappointing Earnings Amidst DOJ Scrutiny- Hagens Berman
SLQT Investors with Losses Encouraged to Contact the Firm SAN FRANCISCO, May 29, 2025 /PRNewswire/ — SelectQuote Inc. (NYSE: SLQT) faced renewed investor pressure on Monday, May 12, 2025, as its shares tumbled another 12% following the release of quarterly results that fell short of earnings and revenue expectations. This decline compounds the over 19% drop experienced on May 1st after the U.S. Department of Justice (DOJ) announced a lawsuit alleging violations of the False Claims Act against the insurance brokerage and several major health insurers. Hagens Berman is investigating potential violations of the U.S. securities laws and encourages SelectQuote investors who suffered substantial losses to submit your losses now. The firm also urges persons with knowledge who may be able to assist in the investigation to contact its attorneys. Visit: the Firm Now: SLQT@ 844-916-0895 Earnings Miss Adds to Investor Woes For the quarter ended March 2025, SelectQuote reported earnings of $0.03 per share, missing the Zacks Consensus Estimate of $0.04 per share. The company also posted revenues of $408.16 million, falling short of the Zacks Consensus Estimate of $417.01 million by 2.12%. Mounting Troubles Weigh on Investor Confidence This financial disappointment adds to the headwinds facing SelectQuote, which is already grappling with serious legal allegations. The DOJ lawsuit, unveiled on May 1st, accuses SelectQuote, along with other brokers and health insurance giants Aetna, Anthem, and Humana, of False Claims Act violations related to the marketing of Medicare Advantage (MA) plans. The lawsuit alleges that, from 2016 through at least 2021, insurers paid significant sums to SelectQuote and other brokers for Medicare Advantage enrollments. The DOJ contends that, rather than providing unbiased guidance, SelectQuote and other brokers steered beneficiaries toward plans offering the highest commissions, potentially disregarding the suitability of those plans. The complaint further details allegations of incentivizing sales based on these commissions, establishing dedicated sales teams for specific high-commission plans, and instances of allegedly refusing to sell plans from insurers with lower commission structures. Discrimination against MA beneficiaries with disabilities is also alleged. Hagens Berman's Investigation The confluence of a weaker-than-anticipated earnings report and ongoing legal entanglements has amplified anxieties surrounding SelectQuote's financial stability and operational integrity. According to Reed Kathrein, the Hagens Berman partner spearheading an inquiry into the company, 'The recent earnings figures underscore our existing concerns about SelectQuote's alleged steering tactics in light of the DOJ's allegations.' If you invested in SelectQuote and have substantial losses, or have knowledge that may assist the firm's investigation, submit your losses now » If you'd like more information and answers to frequently asked questions about the SelectQuote investigation, read more » Whistleblowers: Persons with non-public information regarding SelectQuote should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email SLQT@ About Hagens BermanHagens Berman is a global plaintiffs' rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman's team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at Follow the firm for updates and news at @ClassActionLaw.
Business Wire
2 days ago
- Business
- Business Wire
Rosen Law Firm Encourages Semler Scientific, Inc. Investors to Inquire About Securities Class Action Investigation
NEW YORK--(BUSINESS WIRE)--Why: Rosen Law Firm, a global investor rights law firm, announces an investigation of potential securities claims on behalf of shareholders of Semler Scientific, Inc. (NASDAQ: SMLR) resulting from allegations that Semler Scientific may have issued materially misleading business information to the investing public. So What: If you purchased Semler Scientific securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses. What to do next: To join the prospective class action, go to or call Phillip Kim, Esq. toll-free at 866-767-3653 or email case@ for information on the class action. What is this about: After trading hours on February 28, 2025, Semler Scientific filed with the SEC its 2024 annual report on Form 10-K. The annual report disclosed that on February 11, 2025, Semler Scientific 'began initial settlement discussions with DOJ [(the United States Department of Justice)], but ceased initial discussions on that date. Accordingly, there is a risk that DOJ will file a complaint or complaint in intervention in a civil False Claims Act lawsuit seeking damages. [Semler Scientific] does not believe the amount of loss can be reasonably estimated.' On this news, Semler Scientific stock fell over 9% on the next trading day. Why Rosen Law: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm achieved the largest ever securities class action settlement against a Chinese Company at the time. At the time Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers. Follow us for updates on LinkedIn: on Twitter: or on Facebook: Attorney Advertising. Prior results do not guarantee a similar outcome.
Yahoo
2 days ago
- Business
- Yahoo
Donald Trump is creating a ‘civil rights' initiative to target DEI programs in the private sector
Good morning! The Trump administration took aim earlier this year at diversity, equity and inclusion programs in the private sector. And last week, it took another step towards creating a way to crack down on federal contractors with DEI programs. On May 19, the Department of Justice (DOJ) announced the establishment of the Civil Rights Fraud Initiative, which will use the False Claims Act to 'investigate and, as appropriate, pursue claims against any recipient of federal funds that knowingly violates federal civil rights laws.' The initiative will be co-led by the DOJ's Civil Division's Fraud Section and the Civil Rights Division, and each group will be tasked with identifying a team of attorneys to 'aggressively pursue this work.' 'America has watched a tidal wave of anti-Semitism sweep our universities and seen public institutions codify inherently divisive policies like DEI at an unprecedented rate,' Deputy Attorney General Todd Blanche wrote in a statement. 'The days of using federal funds to further discrimination are over.' Traditionally, the False Claims Act is used to combat fraud, such as the misuse of federal funds in billing, procurement, or administration, according to Kate Driscoll, a lawyer and partner at Morrison Foerster's investigations and white collar defense practice group, who previously served as Assistant U.S. Attorney in the office for the Eastern District of Pennsylvania. For example, if a manufacturing company said they would provide a certain number of products to the government and underdelivers, or a health care provider bills Medicare for services it never provided. Using the law as a way to target companies over their DEI programs, according to Driscoll, is unprecedented. 'This really is a novel extension of the False Claims Act to address an enforcement priority for this new administration, and address what it views as unlawful DEI,' says Driscoll. 'The DOJ bases investigations on a preponderance of evidence, so these claims are easy to prove and the damages are tremendous.' Trump's missives from earlier this year, as well as a May memorandum, make it clear that the DOJ is looking for the public's help in calling out institutions over their DEI practices. Any individual with knowledge of discrimination by federal funding recipients are 'strongly encouraged' by the department to file whistleblower claims against an organization for their DEI programs. These individuals are even financially incentivized to do so. Penalties for violating the False Claims Act include both civil penalties and potential for damages of up to three times the government's losses. The DOJ says it obtained close to $3 billion in settlements and judgments from general claims during the 2024 fiscal year. Whistleblowers can receive up to 30% of what the government recovers. It's important to note, however, that the Trump administration is targeting 'illegal' DEI programs, which would have already been a liability long before any presidential missives. And many companies have spent the fast few months making sure their DEI initiatives are airtight. But companies that receive federal funds will have to figure out in advance how they may handle a DEI 'fraud' claim, should it arise, says Vanessa Matsis-McCready, associate general counsel and vice president of human resources for Engage PEO, an HR outsourcing platform. 'Best practice is to routinely evaluate corporate programs to ensure they are not disparately impacting any particular groups, and that they are applied consistently in a business neutral manner,' she says. 'It is also recommended that employers reiterate reporting procedures, review all complaints or concerns that are raised and investigate further when appropriate.' Brit This story was originally featured on
