The scrutiny centers on statements made by CFO Jason Clemens during an earnings call on May 5, 2026. At the time, management assured shareholders that elevated labor costs associated with capitated arrangements were already declining and would return to baseline levels within months. Based on these projections, the company reaffirmed its initial full-year adjusted EBITDA guidance of $680 million to $730 million.

Weeks after these assurances, AdaptHealth reset its guidance to a range of $490 million to $520 million. Management attributed the sudden reversal to factors including the Diabetes Health divestiture, specific capitated contracts, and manufacturer pricing. Investigators are now examining whether the company misled shareholders by failing to disclose the material impact of these headwinds during the May earnings call, potentially causing investors to purchase shares at inflated prices. Those who incurred losses are currently being evaluated for potential legal action by Levi & Korsinsky.