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, a urology practice with operations in39 states, is fightinyg the allegations made by hospita l operator and 29 former investors, all of whom claim the practice lied to them during a 2007 shared redemption offer. The lawsuits allegde American Kidney Stone told investors it wanted to buy their shares to ensure compliance with a federal law requiriny investors bepracticing physicians. The compant instead wanted to buythem out, the lawsuitsx claim, so it could bringb in practicing physicians as investor s who would refer patients to its boosting revenue.
“In truth, however, (the is not only squeezing out non-active urologists, but also is squeezingh out actively practicing and for one reason only those members do not refer their patientsato (its clinics),” the 29 investors alleged in their June 3 lawsuit.
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