New Enterprise Associates (NEA) has led an investment in AllyAlign Health, according to a news release.
AllyAlign, based in Glen Allen, Va., is a Medicare Advantage insurance company focused on senior housing communities. Founded in 2014, the firm reports that it currently operates in 22 states.
New Enterprise Associates, based in Menlo…
Havencrest Capital Management has announced it has invested in Paradigm Health.
Paradigm Health, founded in 2013 and based in Indianapolis, Ind., is a provider of hospice and palliative care in Indiana.
Havencrest, based in Dallas, is a lower middle market private equity investment firm focused exclusively on the healthcare industry. The firm prefers…
Three McGuireWoods’ attorneys, partners Andrea Lee Linna and Michael Podberesky, and associate Amanda Ray, have co-authored an article on the likely forthcoming increase in OIG and DOJ telehealth fraud enforcement that was published in the July issue of Compliance Today. The article examines recent enforcement actions against individuals alleged to have committed telehealth…
York Private Equity has completed a strategic growth investment in AMC Health, according to a news release.
AMC Health, based in New York and founded in 2002, is a provider of telehealth and remote patient monitoring services.
York Private Equity is the private investing arm of York Capital Management. Based in New York,…
The U.S. Court of Appeals for the Sixth Circuit dismissed a relator-pharmacist’s False Claim Act (FCA) case, holding that the pharmacist claims, largely based on a stolen Medical Expenses Summary, lacked merit. In U.S. ex. rel. Sheoran v. Wal-Mart Stores East, Case No. 20-2128 (6th Cir. June 4, 2021), the court dismissed all claims brought by a pharmacist against his former employer Walmart, including alleged violations of the FCA, the Michigan Medicaid False Claims Act (MMFCA), and the retaliation provisions of the FCA. The opinion contains several key insights about the pleading standard required for FCA claims.
The Vistria Group has announced the closing of its fourth fund, Vistria Fund IV, with $2.68 billion of capital commitments.
The fund was oversubscribed, closing at its hard cap and surpassing its target of $1.5 billion.
Vistria stated that it now manages more than $6.5 billion in institutional capital across its funds and co-investment vehicles.
The Vistria Group, based…
On June 18, 2021, the United States District Court for the District of Columbia certified an interlocutory appeal in favor of Honeywell in a case involving FCA common liability. The appeal will concern the question of whether the court properly calculated Honeywell’s common damages liability in the case; Honeywell argued that its liability should be…
Abidog v. New York Life Insurance Co. was filed in the Superior Court of the State of California on June 18, 2021, seeking damages and rescission of unregistered promissory notes sold in a Ponzi scheme that deprived elderly and other unwitting investors of their life savings. The fifteen-count complaint alleges violations of California statutory and common law, as well as federal securities law.
Defendant Felix Chu is a former agent of Defendants New York Life Insurance Company and NYLIFE Securities LLC (collectively, “New York Life”) who used his role at New York Life to perpetrate the Ponzi scheme. Plaintiffs are investors in the scheme.
SEC v. The Estate of Kenneth J. Casey is a case filed by the SEC in the United States District Court for the Northern District of California on June 2, 2021, claiming that Kenneth Casey (“Casey”), the founder of Professional Financial Investors, Inc. (“PFI”), a real estate investment and management company, personally misappropriated over $10 million from investors as part of a scheme where Casey falsely told investors that their money would be used to invest in multi-unit residential and commercial real estate. Specifically, the complaint alleges that Casey violated 10(b) of the Exchange Act [15 U.S.C. § 78j(b)] and Rule 10b-5, and Section 17(a) of the Securities Act [15 U.S.C. § 77q(a)].
According to the complaint, Casey’s fraudulent scheme began to unravel shortly after his death, when questions arose about the solvency of PFI and one of Casey’s other companies, PISF. The SEC had previously filed an action against the president of PFI for his role in a fraudulent scheme to misappropriate funds from investors.
CVC Capital Partners has announced it signed an agreement to acquire a majority interest in ExamWorks.
ExamWorks, based in Atlanta, is a provider of independent medical examinations, peer reviews, document management and related services.
CVC, with U.S. offices in New York and San Francisco, is a global private equity and investment advisory firm. Founded in…
