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If you purchased or acquired Oak Street Health's publicly traded common stock between August 6, 2020, and November 8, 2021, you may be eligible to claim a portion of a class action settlement.
Oak Street Health has agreed to pay $60,000,000 to resolve a class action lawsuit alleging violations of securities laws, including making false and misleading statements to investors.
Who can file a claim?
To be eligible to file a claim, you must meet the following criteria:
- You purchased or otherwise acquired Oak Street Health publicly traded common stock between August 6, 2020, and November 8, 2021
- Your purchase was made pursuant to or traceable to the registration statements and prospectuses issued in connection with Oak Street Health’s:
- August 6, 2020 initial public offering
- or its December 2, 2020 secondary public offering
- or its February 10, 2021 secondary public offering
- You suffered losses
Class members include all individuals and entities who meet the above criteria.
If you only sold Oak Street Health common stock during the Class Period, that alone does not make you a Settlement Class Member.
How much can class members get?
The settlement provides for a $60,000,000 fund to be distributed among eligible class members. The exact amount each class member will receive depends on several factors, including the total number of valid claims submitted and the amount of stock purchased and held through an allegedly corrective disclosure.
The settlement fund will be distributed based on a Plan of Allocation (not yet available on settlement website), which considers the timing of your stock purchases and sales.
The distribution will be calculated on a pro rata basis, meaning your share will be proportional to your recognized claim compared to the total recognized claims of all class members.
What documentation is required to file a claim?
- Brokerage confirmation slips or monthly brokerage account statements.
- Authorized statements from the claimant’s broker containing transactional and holding information.
How to claim an award
To claim an award, you must submit a completed and signed Claim Form by November 21, 2024. You can file a claim online or download a PDF version of the claim form to mail it to the Claims Administrator.
Oak Street Health Securities Settlement
c/o JND Legal Administration
PO Box 91060
Seattle, WA 98111
Ensure that your claim form is postmarked or submitted online by the deadline.
Claim instructions
- Gather all necessary documentation, including brokerage statements and transaction records
- Complete the claim form with accurate information about your transactions
- Submit the form online or mail it to the address provided above
- Ensure your submission is postmarked or submitted online by November 21, 2024
$60 Million settlement fund breakdown
The settlement fund of $60,000,000 will cover various expenses, including:
- Administrative expenses for processing claims and distributing funds
- Service awards approved by the Court
- Attorneys’ fees: $17,400,000 (29% of settlement fund)
- Attorney's costs, which are not to exceed $1,000,000
- Taxes and other necessary expenses
The remaining funds will be distributed to eligible class members based on the Plan of Allocation.
Important dates
- Deadline to File a Claim: November 21, 2024
- Final Approval Hearing: December 12, 2024
When is the Oak Street Health Securities Settlement payout date?
After the final approval hearing on December 12, 2024, the Court will decide whether to approve the settlement. If approved, the Claims Administrator will begin processing payments to eligible class members.
Why is there a class action settlement?
The class action lawsuit was filed against Oak Street Health for allegedly making false and misleading statements to investors regarding their patient acquisition tactics. These tactics allegedly violated the federal Anti-Kickback Statute and/or False Claims Act.
The parties agreed to settle to avoid the cost and uncertainty of a trial.
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