NORFOLK COUNTY RETIREMENT v. COMMUNITY HEALTH SYS.

No. 16-6059.

877 F.3d 687 (2017)

NORFOLK COUNTY RETIREMENT SYSTEM, et al., Plaintiffs, New York City Employees' Retirement System; Teachers' Retirement System of the City of New York; New York City Fire Department Pension Fund; New York City Police Pension Fund; Teachers' Retirement System of the City of New York Variable Annuity Program, Plaintiffs-Appellants, v. COMMUNITY HEALTH SYSTEMS, INC.; Wayne T. Smith; W. Larry Cash, Defendants-Appellees.

United States Court of Appeals, Sixth Circuit.

Decided and Filed: December 13, 2017.


Attorney(s) appearing for the Case

ARGUED: Barbara J. Hart , LOWEY DANNENBERG COHEN & HART, P.C., White Plains, New York, for Appellants. Gary A. Orseck , ROBBINS, RUSSELL, ENGLERT, ORSECK, UNTEREINER & SAUBER LLP, Washington, D.C., for Appellees. ON BRIEF: Barbara J. Hart , David C. Harrison , Scott V. Papp , LOWEY DANNENBERG COHEN & HART, P.C., White Plains, New York, W. Michael Hamilton , PROVOST UMPHREY, LLP, Nashville, Tennessee, for Appellants. Gary A. Orseck , Michael L. Waldman , Matthew M. Madden , Daniel N. Lerman , ROBBINS, RUSSELL, ENGLERT, ORSECK, UNTEREINER & SAUBER LLP, Washington, D.C., Steven A. Riley , Milton S. McGee III , RILEY, WARNOCK & JACOBSON, PLC, Nashville, Tennessee, for Appellees.

Before: COLE, Chief Judge; SUTTON and KETHLEDGE, Circuit Judges.


OPINION

The value of shares in Community Health Systems fell immediately after a competitor, Tenet Healthcare Corporation, publicly disclosed expert analyses and other information suggesting that Community's profits depended largely on Medicare fraud. The plaintiffs here, who owned Community shares at the time...

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