DEADLINE: Investors in Cano Health, Inc. f/k/a Jaws Acquisition Corp. with substantial losses have the opportunity to pursue a class action – CANO; CANO/WS; JWS; JWS.U; JWSWS

SAN DIEGO–(BUSINESS WIRE)–The law firm Robbins Geller Rudman & Dowd LLP announces that purchasers of Cano Health, Inc. f/k/a Jaws Acquisition Corp. (NYSE: CANO; CANO/WS; JWS; JWS.U; JWS WS) between May 18, 2020 and February 25, 2022, both dates inclusive (the “Class Period”) has until May 17, 2022 to seek appointment as lead applicant in González c. Cano Health, Inc. f/k/a Jaws Acquisition Corp., no. 22-cv-20827 (SD Fla.). Started on March 18, 2022, the Canoe Health The class action charges Cano Health and some of its top executives with violations of the Securities Exchange Act of 1934.

If you have suffered significant losses and wish to act as the lead plaintiff of the Canoe Health class action, please provide your information by clicking here. You can also contact attorney JC Sanchez of Robbins Geller by calling 800/449-4900 or emailing jsanchez@rgrdlaw.com. Principal Applicant’s Requests for Canoe Health the class action must be filed with the court no later than May 17, 2022.

CASE ALLEGATIONS: Cano Health provides primary care medical services to its members in the United States and Puerto Rico. Cano Health was formerly a Special Purpose Acquisition Company (“SPAC” or Blank Check Company) and operated as “Jaws Acquisition Corp”. On June 3, 2021, Jaws merged with Primary Care (ITC) Intermediate Holdings, LLC, changed its name to “Cano Health, Inc.” and began providing primary care medical services.

the Canoe Health The Class Action alleges that, throughout the Class Period, the Defendants made false and misleading statements and failed to disclose that: (i) Cano Health overstated its due diligence efforts and expertise in acquisition of target companies; (ii) as a result, Cano Health exercised inadequate due diligence to determine whether Cano Health, post-business combination, could properly account for the timing of revenue recognition as required by ASC 606, particularly with respect to regarding Medicare risk adjustments; (iii) as a result, Cano Health misrepresented its capitation revenues, direct patient expenses, accounts receivable, net of unpaid service provider costs, and accounts payable and accrued liabilities; (iv) as a result, Cano Health was at increased risk of not filing one or more of its periodic financial reports on a timely basis; and (v) therefore, Cano Health’s public statements were materially false and misleading at all relevant times.

On February 28, 2022, Cano Health issued a press release “announcing[ing] it will delay the release of fourth quarter and full year 2021 results, conference call and guidance updates for 2022, originally scheduled for Monday, February 28, 2022.” In explaining the delay, Cano Health indicated that ” as part of the finalization of its audit of the financial statements for the year ended December 31, 2021, [Cano Health] and its independent auditor. . . identified certain potential non-cash adjustments to account for revenue recognition under ASC 606 accounting standard.” Specifically, Cano Health stated that “[t]Adjustments relate to how and when [Cano Health] generates revenue related to Medicare risk adjustments” and that “[t]The adjustments are expected to impact the timing of revenue recognition, by delaying the recognition of certain amounts related to the Medicare risk adjustment to later periods. On this news, the price of Cano Health’s Class A common stock fell more than 6%, hurting investors.

On March 14, 2022, Cano Health filed its annual report for the three months and year ended December 31, 2021 (the “2021 10-K”). This filing stated, among other things, that “[t]The correction in the timing of revenue recognition under ASC 606 resulted in adjustments to capitation revenue, direct patient expenses, accounts receivable, net of unpaid service provider costs, and accounts payable and accrued liabilities. pay”, and that Cano Health has therefore “restated its financial statements for each of the quarterly periods ended March 31, 2021, June 30, 2021 and September 30, 2021 in [2021 10-K].”

Robbins Geller launched a dedicated SPAC working group to protect investors in blank check companies and seek redress for corporate wrongdoing. Comprised of experienced litigators, investigators and forensic accountants, the SPAC Task Force is dedicated to rooting out and prosecuting fraud on behalf of aggrieved SPAC investors. The rise of blank check funding presents unique risks for investors. Robbins Geller’s SPAC Task Force represents the forefront of ensuring integrity, honesty and fairness in this rapidly developing area of ​​investment.

THE PRINCIPAL APPLICANT PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased securities of Cano Health during the Class Period to seek appointment as lead plaintiff in the Canoe Health class action. A principal plaintiff is generally the plaintiff with the greatest financial interest in the remedy sought by the putative class that is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members by directing the class action. The lead plaintiff may select a law firm of their choice to litigate the class action. The ability of an investor to share in any potential future rally in the class legal action does not depend on the status of principal plaintiff.

ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The firm is ranked No. 1 in the 2021 ISS Securities Class Action Services Top 50 report for recovering nearly $2 billion for investors last year alone, more than triple the amount recovered by any other firm from plaintiffs. With 200 attorneys in 9 offices, Robbins Geller attorneys have secured many of the largest securities class action recoveries in history, including the largest securities class action recovery on record – $7.2 billion dollars – in In re Enron Corp. Dry. Litigation Please visit http://www.rgrdlaw.com for more information.

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