Pediatrix Medical Group, a neonatal and perinatal PPM, says all plaintiffs in several class action lawsuits by shareholders against the company have voluntarily agreed to drop their cases.
Five groups of shareholders sued Fort Lauderdale, Fla.-based Pediatrix in June and July following the June 24 disclosure that an unspecified U.S. attorney was investigating the company's Medicaid billing practices nationwide. Pediatrix stock lost 23.5% of its value that day, but has more than recovered from its June 24 close at $32.20; the issue was trading above $53 Friday afternoon.
Pediatrix says in a late Thursday press release that all suits were dismissed "without prejudice."
A company spokesperson was not immediately available for further comment.