ModivCare Inc. management were freed from a shareholder lawsuit alleging they hid certain contracts in its non-emergency medical transportation business that were deteriorating its free cash flow, a measure of a company’s profitability.
Shareholder Zane Whitfield told the US District Court for the District of Colorado on Wednesday that he was dropping his shareholder derivative complaint in a joint stipulation with current and former ModivCare board members and executives. The medical transportation company filed for Chapter 11 bankruptcy protection in August.
- A proposed class action alleging similar issues against ModivCare and three executives who had been at the company during ...