(M.D. Tenn.) (Sharp. J.) (Liaison Counsel) (record-setting $215 million settlement). This case was brought alleging claims arising out of the alleged failure of HCA to disclose material information to the public in connection with the company’s 2011 IPO. More specifically, Lead plaintiff alleged that defendants were liable for failing to disclose in IPO offering documents that HCA was experiencing and would continue to experience declines in several important revenue streams.
Mr. Miles, along with Lead Counsel, was significantly involved in all aspects of this case, most notably the discovery phase including reviewing thousands of documents after the defendants produced for than 13 million paged of document evidence produced by defendants and numerous third parties as well as participating in nearly 40 depositions. The case ultimately resulted in a settlement of $215 million which is the largest securities class action recovery ever in Tennessee and represents approximately 70% of classwide damages suffered by investors who purchased shares of HCA Holdings, Inc. (“HCA”) in connection with the company’s March 9, 2011 initial public offering (“IPO”), which as a percentage significantly exceeds the median class action recovery of 2%-3% of damages.