did you lose money on investments in cano health if so please visit cano health inc shareholder class action lawsuit or contact peter allocco at 212 9512030 or palloccobernliebcom to discuss your rights new york ny  accesswire  april 19 2022  bernstein liebhard llp a nationally acclaimed investor rights law firm reminds investors of the deadline to file a lead plaintiff motion in a securities class action lawsuit that has been filed on behalf of investors who purchased or acquired the securities of cano health inc cano or the company fka jaws acquisition corp jaws cano between may 18 2020 and february 25 2022 inclusive the class period the lawsuit was filed in the united states district court for the southern district of florida and alleges violations of the securities exchange act of 1934 cano provides primary care medical services to its members in the us and puerto rico the company owns and operates medical centers as well as operates pharmacies cano used to be a special purpose acquisition company spac and operated under the name jaws acquisition corp on june 3 2021 jaws consummated a merger with primary care itc intermediate holdings llc pcih whereby among other things jaws changed its name to cano health inc and began to provide primary care medical services the business combination throughout the class period defendants made materially false and misleading statements regarding the companys business operations and compliance policies specifically defendants made false andor misleading statements andor failed to disclose that i cano overstated its due diligence efforts and expertise with respect to acquiring target businesses ii accordingly cano performed inadequate due diligence into whether the company postbusiness combination could properly account for the timing of revenue recognition as prescribed by asc 606 particularly with respect to medicare risk adjustments iii as a result the company misstated its capitated revenue direct patient expense accounts receivable net of unpaid service provider costs and accounts payable and accrued expenses iv accordingly the company was at an increased risk of failing to timely file one or more of its periodic financial reports and v as a result the companys public statements were materially false and misleading at all relevant times on february 28 2022 cano issued a press release announcing it will delay its fourth quarter and full year 2021 earnings release conference call and 2022 guidance updates previously scheduled for monday february 28 2022 in explaining the delay cano advised that in the course of finalizing its audit of the financial statements for the year ended december 31 2021 the company and its independent auditor    identified certain potential noncash adjustments to account for revenue recognition under accounting standard asc 606 specifically cano advised that the adjustments relate to how and when the company accrues revenue related to medicare risk adjustments and that the adjustments are expected to impact the timing of revenue recognition by delaying recognition of certain amounts related to the medicare risk adjustment to subsequent periods on this news canos class a common stock price fell 032 per share or 617 to close at 487 per share on february 28 2022 on march 14 2022 cano filed its annual report for the quarter and year ended december 31 2021 the 2021 10k that filing stated inter alia that the correction in the timing of revenue recognition under asc 606 resulted in adjustments to capitated revenue direct patient expense accounts receivable net of unpaid service provider costs and accounts payable and accrued expenses and that the company therefore restated its financial statements for each of the quarterly periods ended march 31 2021 june 30 2021 and september 30 2021 in the 2021 10k for example the 2021 10k reported that as restated capitated revenue decreased 213 for the three months ended march 31 2021 1311 for the three months ended june 30 2021 and 558 for the three months ended september 30 2021 if you wish to serve as lead plaintiff you must move the court no later than  a lead plaintiff is a representative party acting on behalf of other class members in directing the litigation your ability to share in any recovery doesnt require that you serve as lead plaintiff if you choose to take no action you may remain an absent class member if you purchased cano securities andor would like to discuss your legal rights and options please visit cano health inc shareholder class action lawsuit or contact peter allocco at 212 9512030 or palloccobernliebcom since 1993 bernstein liebhard llp has recovered over 35 billion for its clients in addition to representing individual investors the firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf as a result of its success litigating hundreds of lawsuits and class actions the firm has been named to the national law journals plaintiffs hot list thirteen times and listed in the legal 500 for ten consecutive years attorney advertising © 2022 bernstein liebhard llp the law firm responsible for this advertisement is bernstein liebhard llp 10 east 40th street new york new york 10016 212 7791414 prior results do not guarantee or predict a similar outcome with respect to any future matter